Govt launches SAMRIDH scheme to help startups in their initial phase
SAMRIDH will create a conducive platform for Indian software product startups to enhance their products and secure investments for scaling their business
Just a week after Electronics and Information Technology (MeitY) Minister Ashwini Vaishnaw said government would support startups and entrepreneurs in their first phase, where they face many challenges, launching Startup Accelerators of MeitY for Product Innovation, Development and Growth Program (SAMRIDH) on Wednesday.
SAMRIDH will build an appropriate platform for Indian software product launches to develop their products and secure investments to grow their business. The system is used by MeitY Startup Hub (MSH).
The government will support beginners and entrepreneurs in the most difficult phase which is the first dangerous phase, Vaishnaw said earlier.
The SAMRIDH initiative will not only fund start-ups, but will also help put together skills sets that will help them succeed, Vaishnaw said on Wednesday.
“Employment in traditional and new industries is a responsibility of our government and is the vision of the Prime Minister Shri Narendra Modi. Efforts and programs like SAMRIDH will help speed up the implementation of that vision, ”he added.
Technology could play a role in speeding up and taking the quantum jump to reach people, which could have taken years otherwise. It is using force to start these areas can be reached within months, the minister said.
Speaking at the launch event, MeitY Secretary Ajay Prakash Sawhney said the SAMRIDH program will pick up startups ready for the acceleration phase and will provide them with the financial support, training and other support needed by beginners at this time.
The SAMRIDH program will focus on accelerating the start of the 300 by providing customer connections, investor connections, and opportunities to expand internationally over the next three years.
Also, there will be an investment of up to Rs 40 lakh on startups, depending on the current rate of growth and development. It will also help equally equitable investments by an accelerator or investor.
The program aims to boost Indian growth which has seen the emergence of 63 unicorns, making India the third largest place in the world with a total value of $ 168 billion.
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