The Government of India releases various schemes to advocate entrepreneurship and empower startup ventures. This write-up will discuss the MeitY SAMRIDH Scheme that serves the same purpose.
An Overview of the SAMRIDH Scheme 2022
The Government of India facilitates many benefits in the form of financial aid and initiative to give momentum to the startup ecosystem. MeitY SAMRIDH Scheme is a part of the government’s initiative to encourage software startups with ground-breaking solutions via required fiscal support. Ministry Of Electronics And Information Technology releases this Scheme.
The Scheme can be of great help for startups looking to improve their product and scale their business. The prevailing and upcoming accelerators shall be provided bolster for augmenting their services. The GOI is going to facilitate funding up to forty lacs rupees under this Scheme as per their ongoing valuation and growth stage via accelerators.
The accelerators can register on the web portal to become partners with MeitY and facilitate a startup accelerator program for the duration of 6 months every year. This Scheme shall bolster around 300 tech startups via 40 cohorts.
Objectives of SAMRIDH Scheme
It is well-known that most startups fail to continue their business journey in the initial phase owing to a lack of required funding and an under developed skill set. MeitY SAMRIDH Scheme seeks to restore the same issues.
The fundamental object of this Scheme is to facilitate financial aid to the startups so that they can keep their business affairs with ease. Apart from the funding support, the said Scheme aims to facilitate the required skillsets for the entrepreneurs.
Acceleration shall be facilitated to startups by rendering customer connect, international connect and international connect services.
This Scheme can give required momentum to the startup ecosystem. Now the startups will have access to funding that will help them grow their business.
Benefits and Features Of the SAMRIDH Scheme
- MeitY SAMRIDH scheme aims at providing financial aid to software startups in India. Through this Scheme, the GOI is going to stimulate the startup ecosystem’s growth.
- This Scheme shall encourage a lot of people to commence their business journey. The Ministry of electronics and information technology administers all the affairs related to this Scheme.
- The Scheme ensures that the worthy startups get the required funding to improve their product and scale their business. Under this Scheme, the prevailing and imminent accelerators shall be provided bolster for augmenting their services.
- The financial support of up to Rs 40 lacs shall be available to startups based on their ongoing valuation and growth stage to accelerators. The accelerators can apply online to peg a partnership MeitY with and provide a startup accelerator program for six months duration every year.
Implementing Agency Of SAMRIDH Scheme
- SAMRIDH Scheme shall come to effect via MeitY startup Hub
- Implementing agencies shall constitute a project management unit.
- This unit shall be liable for this screen’s implementation.
- MeitY startup hub shall acquire equity in a startup for government contribution via safe or promissory note as an accelerator which shall use for the self-sustainability of the program.
- Scheme Management Committee shall administer all aspects relating to the Scheme’s implementation.
- The scheme management committee shall be liable for evaluating the progress of the program in terms of its goal from time to time.
This committee is also liable for rendering;
Guidance for the improvement of the program
Eligibility Criteria underpins under the SAMRIDH Scheme
The accelerator should have an association with the incubation business for more than three years. Accelerator must have assisted a minimum of 50 startups, of which at least ten have pegged non-public investment or having targeted accelerator with a track record of running at least three cohorts with undertakings as prescribed.
The accelerators much have;
- Adequate space and infrastructure to perform activities of startup
- demonstration capability relating to;
- Structure cohort for boosting deep-tech software product startup
- Association with a prominent business mentor
- Network/connect with Angel investor/ venture capitalist[1]
- Supporting startups for local and global market immersion
Required Documents to apply for the Scheme
- Certificate of residence
- Income certificate
- Passport size photograph
- Bank account details
- Phone number
An overview of Accelerators selection criteria
- The implementing agencies will allow eligible accelerators to share their expression of interest.
- An expert committee shall be liable for choosing the accelerators and comprising officials of GOI, industry and investors.
- Those accelerators having experience in operating cohorts shall top the priority list.
Selection Procedure of Accelerators
- The implementing avenues shall expression of invite interest from the worthy accelerators.
- The expert committee shall be liable for choosing the accelerators and comprising officials from government, industry and investors.
- Accelerators with experience in running cohorts shall be prioritized, among others.
Services and Activities of Accelerator
To fit the requirements of each startup, the accelerator shall be assigned the task of developing customized acceleration programs in the cohort and facilitating services that range from consumer connect, investor connect, product enhancement, capacity enhancement, etc.
The budget assigned to aforesaid undertakings is 2 lakh/startup to a maximum of Rs 20 lac/cohort.
In each of the accelerator-shortlisted cohorts, a max of 10 startups and a mini of 5 startups can be supported if they are serving the prescribed area of domain.
Given are the services which shall be provided to the startups:
- Expert analysis for market research & product positioning
- Co learning
- Expert tracking of startups on the basis of tech vertical
- Legal aid for all concerns: IP, in cooperation and other subject matters
- Connected learning, networking via a shared platform
- Weekly based meeting of startups founders
- Demo day: presentation to Venture capitalists and Angel investors
- Aid startups in closing deals with VCs and Angel investors
Conclusion
SAMRIDH Scheme targets various pain points that act as a deterrent for startups in the software domain. From experts’ facilitation for market study to the availability of funding sources, SAMRIDH Scheme serves as a comprehensive aid for startups that are willing to thrive and explore market opportunities.
Read our Article:IREDA NCEF Refinance Scheme (Revised Version)
