Startup Accelerator of MeitY for Product Innovation, Development, and Growth (SAMRIDH)
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Context:
2nd Cohort of Startup Accelerators of MeitY for Product Innovation, Development and Growth (SAMRIDH) scheme was launched recently.
Startup Accelerator of MeitY for Product Innovation, Development, and Growth (SAMRIDH)
- It is a flagship programme of the Ministry of Electronics & IT (MeitY) under the National Policy on Software Products of 2019.
- It is a comprehensive initiative to foster innovation and support start-ups through its SAMRIDH program.
- It addresses the need for an accelerator program that drives social impact and scales solutions for India's challenges.
Aim:
- The program aims to support 300 tech Startups in a 3-year duration with a cohort size of 5-10 Startups.
- It aims to provide support to existing and upcoming Accelerators to select and accelerate potential IT-based startups to scale.
- It has a budget outlay of 99 crores for 3 years.
Implementing agency:
- The scheme is being implemented by MeitY Start-up Hub (MSH) and Digital India Corporation (DIC).
Support:
- The Program will provide support to selected accelerators for extending acceleration services to start-ups.
- It will provide one-to-one matching funding support of up to ₹40 lakh.
- In the first round of cohort, 22 Accelerators spread across 12 states are supporting 175 startups, selected through a multilevel screening process.
Major Objective:
- The SAMRIDH scheme aims to support existing and upcoming Accelerators to select and accelerate potential IT-based startups to scale.
- Among others, the program focuses on accelerating startups by providing customer connections, investors connect and connect to international markets.
Eligibility
- The Accelerator should be a registered Section 8 company with operations in India. This means it is a Not-for-Profit Company with eligibility to hold equity.
- The Accelerator is required to have 3 years or more than 3 years of startup experience.
- They should also have supported more than 50 start-ups of which at least 10 startups should have received investment from external Investors
- They should also have prior experience running startup program cohorts in activities listed as desirable under the SAMRIDH program.
Salient Features of the Scheme:
Startup Accelerators:
Startup Incubators:
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Important links
Source
https://pib.gov.in/PressReleasePage.aspx?PRID=2052139
https://msh.meity.gov.in/samridh/acceleratorlist
PRACTICE QUESTION Q) Consider the following statements about the “Startup Accelerator of MeitY for Product Innovation, Development, and Growth (SAMRIDH) Scheme”:
The accelerator should be a registered Section 8 company for its eligibility.How many of the above statements is/are correct?A.Only oneB. Only twoC. All ThreeD. NoneAnswer: AExplanation:Statement 1 is incorrect:
Statement 2 is incorrect:
It aims to provide support to existing and upcoming Accelerators to select and accelerate potential IT-based startups to scale.
Implementing agency:
Statement 3 is correct:The accelerator should be a registered Section 8 company with operations in India. This means it is a Not-for-Profit Company with eligibility to hold equity. |