Yogi boost for startups
UP grants seed capital to four startups to launch a minimum-viable product in the market
Is startup boom here to stay? Are we heading a journey from Unicorn to Decacorn?
Lucknow: As part of the 'Start in UP' programme, the policy implementation unit in the State, has approved marketing assistance of Rs 5 lakh each to four startups, including one that aims to use artificial intelligence for face recognition to provide safety for women and children.
Alok Kumar, additional chief secretary (IT and electronics), who heads the unit, said that the funds would be released to the four startups over a period of a year to allow them to launch a 'minimum-viable product' in the market.
The four startups, which have been granted approval, include G Systems of Prayagraj for farming, Enray Solutions LLP of Ghaziabad for solar power, Bhurak Technologies of Saharanpur for a face recognition project and Matfusion Weld Pvt. Ltd. of Lucknow for a project in the biofuel sector.
Alok Kumar said that the objective of facilitation and incentives in the early stages of product development was to encourage innovators to stimulate commercialisation of their inventions.
He said that under the new startup policy, seed capital in the form of marketing assistance up to Rs 5 lakh per startup will be given to 10 startups, per incubator per year to launch a minimum viable product in the market.
"Under this provision, seed capital will be disbursed in milestone-based instalments in three tranches, 40 per cent as advance and 30 per cent in two instalments on the completion of milestones," he said. The Yogi Adityanath government will also launch the 'Udyam Sarathi App' on January 24 which will provide every information related to self-employment and the job industry at one click. The Chief Minister will unveil a high-tech platform for the youth on the occasion of the 'UP Diwas'.
The app, prepared under the ODOP scheme, is said to be a master-key for exploring self-employment opportunities for the youth.
Through the Udyam Sarathi app, youth will easily be able to get a varied range of business opportunities in different departments and sectors which will even include the state and Central governments, anywhere and at any time.
The app will also provide assistance by the state government, opinion of experts as well as the entire process of loan availability for the youth to start self-employment.
