State Government’s Student Startup and Innovation Policy Boosts Entrepreneurship
According to a recent press release, the Student Startup and Innovation Policy (SSIP) 2.0 has successfully supported 1,543 startups over the past four years through financial assistance from the state government.
“An allocation of ₹300 crore has been earmarked for SSIP 2.0 spanning five years, with an annual provision of ₹60 crore. This includes ₹30 crore dedicated to technical education, ₹12 crore to i-Hub, ₹10 crore for higher education, and ₹8 crore allocated for schools.
Under this initiative, 5,684 innovations have been fostered, leading to the development of Proofs of Concept (PoCs)/prototypes and assisting 2,296 startups in filing Intellectual Property Rights (IPRs) through 339 institutions across the state.
Moreover, over ₹32.38 crore has been disbursed specifically for PoC/funding support,” the state government asserted in the announcement.
Additionally, the Gujarat Startup and Innovation Hub, commonly known as i-Hub, located in Ahmedabad, has provided direct assistance to 620 startups. Established under the SSIP policy, i-Hub serves as a vital resource for early-stage innovators and startups by facilitating the transition from concept to successful enterprise.
Reflecting on her entrepreneurial journey, Manan Bateriwala, founder of Keepsake Automation, noted, “I commenced my career as a freelancer. Upon deciding to establish a company, i-Hub was instrumental at every juncture, from company formation to scaling, compliance, and legal support.
The center further aided in developing our brand identity and offered us opportunities to showcase our work at exhibitions. Today, our team comprises 37 individuals, and we’ve received a total grant of ₹15 lakh from the Gujarat government, significantly contributing to my success as an entrepreneur.”
Startups nurtured at i-Hub have generated approximately 1,400 skilled jobs throughout the state, with their collective market valuation now standing at around ₹3,569 crore. “Through i-Hub, startups have attracted over ₹416 crore in private funding from various venture capital firms.
Moreover, the i-Hub has expanded its outreach across more than 20 districts via a hub-and-spoke model, raising awareness about startups and innovation among over 400,000 youth,” the government statement emphasized.
To foster women’s involvement in the startup ecosystem, the WEstart initiative has lent support to 196 women-led startups, which constitute nearly 30 percent of the total number of supported startups.
Additionally, in efforts to bolster the startup and innovation landscape in the state, four new centers are set to be inaugurated in Vadodara, Surat, Rajkot, and Mehsana within the next year, complementing the existing i-Hub in Ahmedabad.
Source link: Indianexpress.com.
