SAMRIDH (Startup Accelerator of MeitY for product innovation, development, and growth)

The foundation of startups starts with the development of some unique product or service in the initial phase by some young company and then that product or service is introduced in the market. The basic ingredient of a startup is innovation. There are various challenges in society that require some innovative solution and here comes the role of startups which can make a difference. There are various ways through which startups are funded –

• Bootstrapping - Preliminary round of funding where founders, family, relatives, and friends invest in the business.

• Seed Funding - Angel Investors who are high net worth Individuals investing in the company in the early stages.

• Series round of Fundings - By venture capital firms who invest huge amounts of money into the companies. It may be series A round, B round, C round, etc.

• Public Company - Floating of IPO and the startup may become a public company/listing on the stock exchange

There are Various schemes run by the Government of India that supports startups and besides schemes, there are various relaxed regulatory norms and guidelines which are very friendly to startups like –

• Startup India Scheme

• Standup India Scheme

• The single point registration scheme 

• Venture capital scheme etc.

The Ministry of electronics and information technology (MeitY) has also started this new scheme to create a favorable platform for Indian startups which are involved in software products. This program is being administered by MeitY START-UP HUB. Some of the main objectives of the SAMRIDH scheme are as follows –

• Focal point is to expedite the 300 startups in the next 3 years

• To give investment of around Rs 40 lakh to the startup based on current valuation

• To advance the growth of Indian startups and take it to the global level 

The SAMRIDH scheme will provide investment support to the startups as well as it will bring skill sets together. This scheme will also assist the existing as well as the forthcoming accelerators to choose and accelerate potential information technology-related startups to scale up for solving various challenges and creating a healthy social impact on society.

Program Management Unit will be created to oversee the entire implementation of the program.

This scheme will be implemented on the basis of YCombinator, a successful startup accelerator initiative in the USA and it will boost the startup ecosystem in the country.  

Conclusion:

This program aims to augment the Indian start-up's growth which has seen the rise of 63 unicorns (Start-ups with over $1 billion valuations), making India the third-largest unicorn hub globally with a total valuation of $168 billion and we at eStartIndia are helping the start-ups in their compliances and regulatory oversight. We have an expert team of legal members who are always available to assist with the challenges faced by the start-ups.

Author:

Shefali Srivastav
Uttar Pradesh
L.LM from Amity University, Noida