The Department for Promotion of Industry and Internal Trade has announced the institution of first-ever National Start-up Awards. The Awards seek to understand and reward exceptional startups and ecosystem enablers which are creating solutions or products innovative and scalable enterprises, with good possibility of employment development or maybe wealth development, demonstrating measurable cultural impact.
Commerce and Industry Minister Piyush Goyal stated, the degree of success won’t just be the financial profits for the investors but additionally the contribution to the social good. The application for the awards are available until the 31st of December.
The Awards are going to recognize outstanding start-ups across different types which are providing innovative solutions to resolve real challenges and problems for India, developing modern technologies, solutions, and products from India to the world, creating companies that are delivering, responsible, sustainable, and scalable measurable developmental gains.
The Awards will even reward outstanding Incubators and Accelerators as crucial building blocks of a strong startup ecosystem. They’ll be provided in 35 areas, classified into 12 large sectors like farming, education, enterprise engineering, power, finance, meals, health and fitness, Industry 4.0, safety measures, tourism, and then urbanized services. Additionally, there are 3 special awards for start-ups from academic institutions, making an impact in rural areas and females entrepreneurs.
A cash prize of 5 lakh rupees every will be given to the winning startup for each category. The winner and 4 runners up will also be provided opportunities to present the solutions to appropriate public authorities and corporates for prospective pilot projects and work orders. They’ll additionally be provided with priority for participation in different national and international startup functions. A cash prize of 15 lakh rupees every will be given to one winning Incubator and one winning Accelerator also.
12 National Startup Awards are as follows:
- Enterprise technology
- Industry 4.0
- Urban Services
Awards for the winning Start-up:
- A cash prize of Rs. 5 lakhs shall be awarded to one winning Startup in all the categories.
- The winner and 4 runners up will also be provided opportunities to present the solutions to appropriate public authorities and corporates for prospective pilot projects and work orders.
- The Winners and Runners up shall receive priority for participation in different National and International Start-up events sponsored by DPIIT.
- A cash prize of Rs. 15 lakh shall be awarded to one winning Incubator and one winning Accelerator.
- The participant should be a DPIIT-recognized startup. The participant must submit their certificate of incorporation or partnership deed.
- The participant must have hardware or software product or a process solution that is present in the market.
- The participant must have all applicable trade trade-specific registrations (example: CE, FSSAI, MSME, GST Registration, etc).
- There should have a clean sheet in the last three years (FY 2016-17, 17-18, 18-19) by the participant or any of its promoters or any of their group members.
- The participant must submit Audited Financial Statements (Balance Sheet, Profit & Loss Account) for the last three financial years (FY 2016-17, 17-18, 18-19).
- The Incubator must be structured as an independent entity a Company, a Public trust or a Society.
- The Incubator must be operational at least for 2 years as of January 1, 2020.
- A minimum of 15 start-ups must be graduated from the incubator.
- The Accelerator must be structured as an independent entity a Company, Public trust or a Society.
- The Accelerator must be operational at least for 2 years as on January 1, 2020.
- A minimum of 10 start-ups must be graduated from the accelerator.
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