State Government of Rajasthan has announced new initiatives in the ‘Rajasthan Startup Festival’ to strengthen and foster the startup ecosystem in the state.
The State Government aims to create 50 incubators and 500 startups. To encourage startups, the Government also plans to mobilize Rs 500 crores from Angel and Venture Capitals.
The key highlights are:
- The Science and Technology Department and the State Government in association with RIICO and Start-up Oasis, is planning to create Rajasthan Start-up Village and e-Platform.
- The Government of Rajasthan will provide Assistance for Startups at Idea/Prototype Stage, under which Rs. 10,000 per month will be provided to the startup as sustenance allowance for one year, post approval by the Committee and Nodal Institution.
- Incubator will provide support to the startups by providing mentoring services, access to their labs, facilities etc on a free-of-cost (FOC) basis.
- Will allow selected startups to get free access to state infrastructure like University/Libraries/ Govt. Laboratories etc
- Will provide Assistance for Startups at the Pilot Stage, under which marketing assistance of maximum Rs. 10 lacs will be provided to the startup to launch its product.
- The policy also provides for scope for financial assistance wherein the startup can source Venture Capital from Angel Investors/Venture Capital Funds.
- The policy provides for students/student teams who have been accepted to be given grace marks and attendance in educational institutions. Further, their project may also count towards their degree completion credits.
- Special incentives have been listed for educational institutions that promote entrepreneurship.
- Special incentives have also been listed for private players supporting the Incubation Centre. Incentives, including grants, have also been extended to angel investors.
- The policy also provides for routine Startup Festivals to be held in the State.
- The policy suggests the creation of a Startup Council to be setup with representatives from the industry to play an advisory role.
However, the focus areas of the startups should be Social and Cleantech which includes rural infrastructure, sanitation, renewable energy etc. Other areas are mobile and IT, IoT and disruptive ideas or technology in any sector.