The concept of entrepreneurship and startups became a new addition to our textbooks and academic syllabus ever since the time the government realized it as an idea of utmost importance that needs to be nurtured and developed right from the schools.
Just like every innovation, the concept of entrepreneurship cannot be taught fully.
It is all about the ideas and the risks one willing to take to set up their own business empire.
Productive innovations have the ability to bring a positive transformation to society and also promises an enhancement in living standards.
The number of successful startups is also considered as a sign of economic and internal development of a nation on the global map, and therefore, a different state and the central government has put forward a number of initiatives to aid and guide the promising startups to success.
The initiatives range from providing mere assistance and mentorship to providing crucial capital funding and tax cuts.
The piece aims to cover one of the ambitious initiatives of the central government, which is targeted towards the upbringing of startups in 2021 – The Startup India Seed Fund.
Startup India Seed Fund
The Startup India Seed Fund was a part of the action plan of one of the most appraised initiative of the central government – The Startup India of 2016.
The initiative aims at providing all kinds of assistance to the budding entrepreneurs once their idea is recognized.
Furthermore, it nurtures innovation and aids brilliant minds in taking the idea forward.
Startup India initiative, within its five-year run, has achieved a significant improvement in India’s startup ecosystem by launching and managing a number of initiatives that target the welfare of the startups.
The Startup India Seed Fund is one of their recently launched initiatives, which managed to gain a lot of praise and attention in no time.
Falling short of capital funding and limited or no access to capital has been killing a lot of innovations and dreams.
The Startup India Seed Fund hits right at the spot of this problem by assisting the budding entrepreneurs in gaining access to the capital funds that their ideas and efforts deserve.
The angel investors, venture capitalists and most importantly, banks were the major sources of raising funds for the aspiring entrepreneurs, which had no guarantee as the entire funding depended upon the profitability over the years.
Startup India Seed Fund, which has been allotted with 945cr, intends to invest this in the transformative and marketable ideas with a societal welfare concern.
As per the reports, by 2025, Startup India Seed Fund will be able to assist more than 3,600 entrepreneurs through its 300 startup incubators, set all over the country.
An Experts Advisory Committee has been authorized to take control of the operations of Startup India Seed Fund.
They will be looking into the idea or prototype, make the funding decisions, and measure the progress.
Reportedly, the innovations that are anticipated to be highly beneficial for society as a whole will be prioritized for seed funding.
The Startup India initiative of the central government has a hugely successful run ever since its launch in 2016; within a span of five years, it has recognized more than 41,000 startups.
This has even led to a huge jump in the employment rate as these startups generated nearly 5 lakh jobs in the economy.
More than 300 significant and elite startups are fully exempted from all kinds of taxes, and above all, nearly 38 Indian startups entered the unicorn club, which is considered a highly impressive feat accomplished.
Space for improvement
The shortfalls in planning and execution strategies stand as one of the primary reasons behind the failure of even the most promising startup ideas.
The entrepreneurial education being added to the curriculum right from the schools can be viewed as an effort targeted towards instilling all the essentials associated with the act of carrying the idea of a startup forward.
Entrepreneurship is not always about generating huge profits but stabilizing the business with minimal losses and gains until it reaches a point of steady growth.
With the brewing of such aiding schemes and initiatives aimed at fertilizing the startups, it will make way for more and more of them to contribute towards strengthening the economy as a whole.