All about Sidbi Startup Mitra Government Portal
SIDBI Startup Mitra, an online-based startup state-of-the-art ecosystem and ‘entrepreneurial engine booster’ fueled by the government, was developed with an objective to give a boost to entrepreneurship efforts in India.
An initiative by the central government, Sidbi Start-up Mitra, is developed by the state-owned funding institution as part of its objective to push the entrepreneurial initiatives in the country.
Launched by the ex-president of India Pranab Mukherjee, the start-up booster portal is in line with the objective of the government to build innovation-led growth through several measures such as Atal innovation mission and start-up national plan of the government.
The impact of this initiative is such that today there are over 8000 startups, 116 incubators and 87 investors registered with Sidbi Start-up Mitra Portal; and the numbers are only growing.
Well, a number of start-ups have already been funded including Absentia, which has received a funding of 8 crores plus from a venture capitalist and already, SIDBI has added to the corpus of 88 funding reserves which has catalyzed speculation of more than Rs. 5600 crore to 470+ ventures.
The advantage of registering your start-up on Sidbi Start-up Mitra Portal is that you get tremendous support and promotional assistance from the government.
Even under the MSME Act, you will get the similar support with the MSME Registration but this startup Mitra portal is specially only for the innovative startups.
Well, there is an approval process involved, and the registration process is as simple as ‘filling a job application’; just log into the website, go to registration page, and fill all the details pertaining to your start-up.
As the portal was launched to boost the startup-up eco-system in India, it is not only meant for fresh start-ups.
Even private equity firms, incubators, and angel investors can take a plunge into it, and invest in any start-up of their choice and understanding by scanning across startups registered with Sidbi Startup Mitra Portal.
There are 50+ startup schemes and policies laid down by the government to ensure sustainability in and, support to start-ups and other stakeholders of the start-up eco-system.
Let us understand the various policies laid down by the government for the effective development of start-up ecosystem in India.
- Haryana State IT & ESDM Policy
- Bihar State Startup Policy
- Andhra Pradesh innovation policy to incubate 1000 startups with 1000 Cr. INR venture funding.
- The government of Kerala declared the ‘startup policy’ with an aim to accelerate the growth of student entrepreneurs.
- Rajasthan Startup policy to incubate 500 startups over next 5 years with 500 Cr. INR venture funding.
- Karnataka startup support policy – New Age Incubation Network (NAIN) Encouraging strong partnership between R&D institutions, providing early-stage funding and creating incubators through PPP model.
- Constitution of Inter-Ministerial Board of GOI for issuing eligibility certificate to Startups.
- Startup India Initiatives at Office of the Controller General of Patents, Designs, and Trademarks
- Startup development ecosystem of Telangana.
- Startup development ecosystem of Kerala.
- Startup development ecosystem of Rajasthan.
- Startup development ecosystem of Gujrat.
Each of the above policies was laid out keeping in view the ‘developmental state’ of different states in India.
While the objective is to promote entrepreneurship across all states in India, separate policies were drafted for different states to ensure that they meet the benchmark set by the government and holistic development of all states.
The need to ensure ‘Ease of Business’ for emerging start-ups gave birth to SIDBI Startup Mitra portal which is serving the purpose in line with the objectives of ‘Make in India’ initiatives taken by the government.
Since a start-up needs to be funded heavily at the budding stage, the government has provided a platform to venture capitalists, angel investors as well as incubators to participate in their efforts, and become a part of the growth story.
A startup booster like SIDBI Startup Mitra can really convert the vision of the government into a reality by becoming a part of the Indian growth story.
In the past, we have seen FDI and FII coming to India as a result of these initiatives along with several promises taken and made by the government, which acts as a catalyst in making this vision a reality.
That day is not too far when India will be among top 3 economies in the world after US and China.
The country has immense potential to grow because of its strengths being the demographic dividend; and unity in diversity.
If you are planning to start your own startup, please register with SIDBI Startup Mitra to get several government benefits, and support from investors.
Most startups fail due to lack of mentorship support, lack of funding, and without proper planning. So, to help these startups, the government has come up with a solution- SIDBI Startup Mitra Portal.
The startups will get mentorship by experts, funds from various Private Equity firms, angel investors and incubators from both institutions and companies.
So, never let your ‘DREAM STARTUP’ die.
About the author: Devyash Patel is CEO, Founder at myonlineca , an Online legal service provider company deals in company registration and GST Registration across India.