Tag: Startups in India

Categories
MSME Startup

Piyush Goyal Tells BIS To Cut Quality Testing Charges for MSMEs, Startups and Women Entrepreneurs in India To Encourage Ease of Doing Business

Women Entrepreneurship (Photo Credits: Pexels)

In a bid to encourage MSMEs, startups, and women entrepreneurs in India, the charges for testing quality of products should be reduced, Food and Consumer Affairs Minister Piyush Goyal said. The Minister said that once the charges are minimised, it will help them to get their products certified and meet standard norms. Goyal said this at the 3rd Governing Council meeting of the Bureau of Indian Standards (BIS). During his address, Goyal said that there is a need to change the approach of the country towards standardisation and instructed BIS to create a customer charter to usher in highest transparency in its certification process and inspections.

The Minister added saying that the fee for testing of standards should be reduced drastically ‘throughout’ for the MSMEs and in the initial years for the startups and for women entrepreneurs. Goyal said that this will encourage them to get their products certified and also encourage the ease of doing business. During his address, Goyal said that it is a challenge for BIS to fast track the standard setting processes, especially for these programmes of national priority.

BIS must therefore ensure that its technical Committees develop the required new standards in the quickest possible time for products where presently none exist, or review and revise existing standards whenever required, the minister said. Goyal reviewed the process of making Indian Standards and their implementation with officials from BIS, different ministries and regulators, among others.

Goyal directed the BIS to go in for massive expansion and modernisation of testing labs so that entrepreneurs don’t have to travel far to get the testing and certification of standards. Talking about PM Narendra Modi’s mantras for economic development, Goyal said, “Prime Minister Shri Narendra Modi has given the three mantra for faster economic development i.e. Speed, Skill and Scale. Now it is time to add fourth dimension of ”Standard” in to this”.

Categories
Startup

Startups in Mobility Sector Get Major Boost As Maruti Suzuki Partners With IIM Bangalore To Encourage Innovative Startups in India

With an aim to nurture and enhance the overall startup ecosystem in the mobility sector, India’s largest carmaker Maruti Suzuki India has inked a pact with the Indian Institute of Management Bangalore (IIMB). Under the pact, as many as 26 startups will gain guidance under a 9-month extensive incubation program.

The company, in partnership with Nadathur S Raghavan Centre for Entrepreneurial Learning (NSRCEL), the startup hub at IIMB, has shortlisted 26 mobility startups for a 9-month extensive incubation program, Maruti Suzuki India said in a statement on Friday. Reports inform that the incubation program will help the startups become large-scale businesses. It also aims at helping industry with practical and technology-led solutions that bring efficiency and value to business functions.

Here’s how the startups would benefit:

  1. The 26 startups have been shortlisted from over 400 applications received across the country.
  2. A selection panel comprising experts from Maruti Suzuki and NSRCEL evaluated the applicants and interviewed over 120 entrepreneurs.
  3. The incubation program will help the startups become large-scale businesses.
  4. It will also help industry with practical and technology-led solutions that bring efficiency and value to business functions.
  5. Under the programme, the selected startups will undergo a 3-month pre-incubation journey during which they will be engaged in various sessions, workshops, peer-to-peer learning activities and will receive regular one-on-one mentoring and advisory sessions, Maruti Suzuki India said.
  6. Networking events, mock-pitches and interaction with investors will be major highlights of the initiative. Post this, the ventures will be allowed to pitch for incubation and funding and the selected ventures will be taken forward for a further six-months incubation journey.

Maruti Suzuki has a vast experience and market leadership in the automotive industry. The collaboration will be able to significantly contribute to the development of the ventures at NSRCEL, IIM Bangalore. NSRCEL Chairperson Venkatesh Panchapagesan said that the collaboration would be really beneficial as the mobility is evolving at a rapid pace in India and is projected to reach 90 billion by 2030, with significant growth expected in ride hailing, shared mobility and more.

Maruti Suzuki India Managing Director and CEO Kenichi Ayukawa said that through our partnership with IIM Bangalore, Maruti India is excited to foster and encourage some of the most innovative startups in the country.

Categories
Business motivation

Indian SMEs Plan To Expand Businesses As Economy Revives, Restoration of Business Activities Likely To Gain Momentum Post COVID-19 Era: Survey

Evaluation of Business Performance
एंटरप्रेन्योर

The small and medium enterprises (SMEs) in India are coming back to action besides new opportunities unlocking in numerous upcoming segments. As the economy in India limps back to normalcy, a number of small and medium enterprises (SME) in the country are now planning to expand their businesses. The SME Leasing & Business Sentiment Survey by 360 Realtors’ commercial division, shows that business activities in the country are reviving amid increasing confidence in the overall economic outlook of India with the growth trajectory of the country expected to be in the range of 8-10 percent in FY 22.

In a statement, the 360 Realtors noted that business activities are reviving amid increasing confidence in the overall economic outlook of India with the growth trajectory of the country expected to be in the range of 8-10 percent in FY 22. “Echoing this sentiment, a whopping 69 percent of the respondents in the survey have demonstrated their plans to expand their business. As the economy is expected to expand, there will be significant growth in demand and consumption which is egging on industry players,” the Survey stated.

Moreover, around 49 percent of the respondents said that they will launch new verticals, whereas slightly over 12 percent have suggested functional team reallocation. A report by IANS quotes the survey saying that the respondents are spread across numerous cities in India including Delhi-NCR, Kolkata, the MMR, Bengaluru, Hyderabad, Chennai, among other.

The COVID-19 pandemic has impacted the momentum of growth in the SME sector. Ankit Kansal, Founder & MD, 360 Realtors believed that the post-COVID-19 era will see the emergence of new opportunities and business proliferation driven by a consistent restoration of business activities.

Categories
Startup

Startup Ecosystem and Entrepreneurship in Jammu and Kashmir To Get Major Boost As JKEDI Inks Pact With HED and We HUB To Promote Startup Culture

why indian startup fails

In a bid to promote the culture of entrepreneurship and innovation in Jammu and Kashmir, a memorandum of understanding (MoU) was signed by Jammu and Kashmir Entrepreneurship Development Institute (JKEDI) on Friday. Separately, JKEDI also signed an MoU with ‘WE HUB’, India’s first and only state-led incubator of the government of Telangana to promote women entrepreneurship and startup culture, the spokesman said.

The pact between JKEDI and HED will lend expertise and evolve the ecosystem of entrepreneurship and startup environment in the colleges of the Union Territory. The MoU was signed in presence of Commissioner Secretary, Industries and Commerce (I&C), Manoj Kumar Dwivedi and Commissioner Secretary, HED, Talat Parvez Rohella.

Here’s how the MoU will enhance the startup ecosystem in ecosystem in Jammu and Kashmir:

  1. The MoU will boost the entrepreneurship and startup ecosystem in J&K. It will help to establish entrepreneurship development cells, innovation and incubation centers in colleges besides a module of entrepreneurship course will also be offered in colleges with other degree programs.
  2. Under the pact, both the departments can share our expertise and build capacities among the stakeholders. “This will benefit the students across the Union Territory. There is no dearth of talent and this partnership will provide ample exposure and the students will face no difficulty in creating their own enterprises,” the official said.
  3. In his address, Rohella said JKEDI has a mandate of creating entrepreneurship avenues in Jammu and Kashmir and by this collaboration between JKEDI and HED entrepreneurship courses will be started in colleges for the young generation who will be job creators rather than job seekers in coming times.
  4. This MoU will provide a platform for budding entrepreneurs and will create end to end solutions. They will be exposed to options of angel funding, technical expertise to create prototypes and help in up scaling and launching of the final product of startups.

Initially, the programme will start with 14 colleges in the cities of Srinagar and Jammu and will subsequently expand to other regions of the Union Territory. The second MoU was inked virtually between Principal Secretary (IT, E&C), Government of Telangana, Jayesh Ranjan and Dwivedi.

“Apart from the pre-incubation, incubation and startup exchange programs between JKEDI and WE HUB of Telangana, certain aspects of Progressive Innovation Startup Policy of Telangana government can be replicated in J&K for promotion of culture of startups and entrepreneurship,” Ranjan said.

According to reports, JKEDI is starting a pre-incubation programme that would focus on women founders and co-founders, with 30 start-ups from Jammu and Kashmir and 30 from Telangana.

Categories
Startup

Startups and MSMEs in India Get Major Boost As Indian Bank Signs MoU With SID of IISc for Extending Exclusive Credit Facility to Businesses

Startup
Startup (Photo Credits: Pixabay)

New Delhi, February 20: In a bid to extend the exclusive credit facility to Startups and MSMEs in India, state-owned Indian Bank has inked an MOU with the Society for Innovation and Development (SID), an initiative of the Indian Institute of Science. Under the pact, the Indian Bank will extend loans of up to Rs 50 crore to these startups for their working capital requirements or for the purchase of machinery, equipment among other things.

This initiative is a part of the Banks scheme Ind Spring Board for financing Startups and will empower Startups and MSMEs to realise their research efforts powered by financial support from the Bank and backed by incubation facilities offered by SID, it said in a release.

In its statement, the Bank said that SID is the forerunner in setting up joint R&D with industries and supporting start-up incubation, the bank said, it provides support to the MSME sector by providing joint research and development arrangements and technical and financial support for incubation and acceleration of high-end technology products under its department named TIME2. (Technology Innovation for Midsized Enterprises).

Under the MOU, SID will identify the start-ups and MSMEs based on their credentials and past experience and will refer the list of such members who require financial assistance to the Bank, it added.

Categories
Startup

Maharashtra To Create Incubation Centre for Startups Near Mumbai To Give Major Boost to New-Age Enterprises

startup ipo india

Mumbai, February 20: Maharashtra is planning to set up a large incubation centre for startups near Mumbai- then financial capital of India, soon, Chief Minister Uddhav Thackeray said on Friday. The setting up of an incubation centre for startups will give a boost to new-age enterprises. While speaking at the annual NTLF event of IT industry lobby Nasscom, Thackeray said that the state is also determined to make Mumbai as one of the fintech hubs in Asia. The Chief Minister added saying that in the last three years since launching the Nasscom 10,000 startups programme, which has a warehouse in nearby Navi Mumbai, over 50 new companies have benefitted and over 1,300 jobs have been created.

“Encouraged by this success, we are planning to set up a large incubation centre near Mumbai with Nasscom in the near future,” Thackeray said. After the success with the 2015 IT Policy, Thackeray said the state is now creating an IT/ITes (IT enabled services) promotion policy for 2021 which will have a focus on creating the right ecosystem for technology companies, incentives for innovation and research and development, and a close working relationship with the state. Maharashtra is already using tech inputs for governance and extending services to the public, including blockchain, internet of things and artificial intelligence-based solutions, he said.

The Chief Minister added saying that besides the traditional hubs of Mumbai and Pune, Thane, Raigad, Nashik and Nagpur are also getting traction and tech investments lately. He said in the last five years, the state has received Rs 65,000 crore in investments from IT companies which have helped create 8.5 lakh jobs in the state. Reiterating his predecessor Devendra Fadnavis” target, Thackeray said the state is on its way to becoming a USD 1 trillion GSDP state by 2025.

At present, its GSDP is close to USD 500 billion or 16 per cent of the national GDP, he said, adding that a third of the foreign direct investment received by the country comes to the state. Thackeray said the pandemic period was a testing time for all and the tech industry helped in ensuring that people stay connected through audio and visual modes and said COVID-19 helped hasten the pace of technology adoption. He also noted the sacrifices of emergency services rendering personnel including those from the police and medical fraternity to ensure the city keeps moving.

Categories
Startup

4 Startup Ideas That Housewives and Moms at Home Can Consider and Earn a Good Amount

Startup Ideas for Housewives (Photo Credits: Pexels)

Work from home businesses are really a blessing for housewives and stay-at-home moms. These businesses can be started easily with low investment and most importantly, require less time as compared to a routine 9-5 job. Apart from housewives and moms, if anyone is unable to commute to work or you are facing other constraint that prevents you from finding a full-time job, don’t waste your earning potential.

The world is full of opportunities, all you need to do is just surf online for things that you are interested in. Housewives and moms can take up these options and spend more time with their family and side by side they can earn a good amount too.

Here are a few options you can consider.

Makeup artist or open a Beauty Parlour

If you are really fond of makeup and you have a good knowledge of cosmetics, this can prove really a blessing for housewives and home moms. This can be one of the profitable home business as the craze for makeup will never fade, come what may! All you need to do it get a specialized beautician training. There are many training institutes that might be available in your area, which can impart with crash course.

Selling Home-made Foods

If you have been passionate about cooking and giving the taste buds a good treat, selling the homemade delicacies will fetch you a great deal of money. While some prefer junk, majority of the working class today prefer homemade food. You can try your hands on selling home-made foods and earn a good amount by just sitting at home. Let your cooking skills do the job!

Translating

Working as a translator or an interpreter seems like one of the best jobs for people wanting to work from home. With the high number of online jobs available and taking into consideration the market growth, this can help you earn based on how skilled you are and what languages you know. There is a thin line between translators and interpreters. The latter translates verbally in real time from one language to another. Being a good translator is basically working from a foreign language they speak fluently and translating back in to the local language, regional language or mother tongue. Translators are different from interpreters, as the latter translates verbally in real time from one language to another.

Teaching: Online or Offline

If you are good in handling kids and have always been wishing to put your teaching skills into practice but haven’t had a chance, here is the opportunity coming knocking your way! If you have your expertise in any subject, this can be the best option that housewives and home moms can try. You can pick the subject that interests you and you have knowledge about and start teaching kids of lower grades. You can also take up home tuitions if you are not comfortable in online classes.

Categories
Business motivation Startup

Startups in India To Get Major Boost As HDFC Bank’s SmartUp Grants Aims To Empower Social Sector Startups; Here’s How To Apply

Business Ideas

Mumbai, February 10: With an aim to help and empowering social sector startups in India, HDFC Bank has launched an initiative and has invited applications for the same. We are aware that India is home to one of the largest startup ecosystems in the world.The HDFC Bank has invited applications from startups across all sectors and solo entrepreneurs for its SmartUp grants.

The SmartUp grants by HDFC Bank under #Parivartan –the bank’s umbrella CSR brand. It is aimed at finding and deploying long-term, sustainable solutions at scale, to address social issues and contribute to the economic and social development of the country, the bank said in a statement.

This year, the HDFC bank informed that it will focus on start-ups creating social impact at scale in sectors such as Education – technology (ed-tech) and skill development, among others. Reports inform that the startups will be evaluated basis their market reach, penetration and scalability of the product, degree of social impact in beneficiaries’ lives and economic viability of product at scale.

The HDFC Bank has partnered with nine start-up incubators registered with Govt of India’s MeitY platform to screen, mentor, and monitor start-ups.  The nine incubators are from premier institutes and include IIT – Delhi, IIT – BHU, AIC BIMTECH Noida, IIM Kashipur, GUSEC Gujarat, C-CAMP Bangalore, Banasthali University – Jaipur, Villgro Incubation – Chennai, and T-HUB Hyderabad.

Here’s how startups can apply for the HDFC Bank’s SmartUp grants:

  1. The startups in India can apply for the HDFC Bank’s SmartUp grants on February 16.
  2. After the application process, the bank and incubators will jointly reach out and engage with them through the SmartUp portal hosted on Ministry of Electronics and Information Technology’s website.
  3. The incubator partners will then screen and shortlist applications and the SmartUp team will select finalists.
  4. Thereafter, finalists will pitch their startups to a jury comprising the senior management of the bank.
  5. It must be noted that the startups will be evaluated basis their market reach, penetration and scalability of the product, degree of social impact in beneficiaries’ lives and economic viability of product at scale.

Smita Bhagat, Country Head – Government, E-commerce and Start-ups, HDFC Bank, said: “Enterprises working in the social sector are doing commendable work in changing the lives of millions of Indians. SmartUp grants is one way of offering our support and encouragement in this journey. We want to be a pillar of support for social entrepreneurs who want to bring a positive change to the society.”

Categories
Startup

Startup Ecosystem in India Has Capability To Create Sustainable Jobs, Holistic Plan Needed To Spur Domestic Funding: Nasscom

Startup

New Delhi, February 9: With an aim to help startups grow in India, IT industry body Nasscom said that a holistic plan is needed to spur domestic funding for startups in the country. India must increase its pipeline for domestic funding which will fuel innovation for India and help create sustainable jobs. At a panel discussion on IT initiatives announced in Budget 2021-22, Debjani Ghosh, President of software association NASSCOM said that Indian companies and domestic investors need to be encouraged to invest in startups.

The startups in India are competing at a global level, and their competitiveness and success, to some extent, hinges on attracting and retaining good talent, she said and added that ESOPs (employee stock ownership plan) was one such tool used by startups.

Indian startups are competing at a global level, and their competitiveness and success, to some extent, hinges on attracting and retaining good talent, she said and added that ESOPs (employee stock ownership plan) was one such tool used by startups.

The top official added saying that a level-playing-field must be ensured between them and foreign investors The measures announced in the Budget for startups are steps “in the right direction”, given the importance of this ecosystem and its vital role in fuelling innovation and sustainable jobs, she said.

In the Union Budget 2021, the government has proposed to incentivise incorporation of one-person companies (OPCs) and extend certain tax exemptions by a year for startups, steps that will promote entrepreneurship and encourage NRIs to invest.

Categories
Startup

New Rules for OPCs To Directly Benefit Startups, Small Companies and Innovators in India; Check List of Amended Rules for One Person Companies

startup ipo india

New Delhi, February 6: In a bid to directly benefit Startups in India, especially those who are supplying products & services on e-commerce platforms, the incorporation of  is being incentivized by amending the Companies (Incorporation) Rules. This would benefit the startups and innovators in the country to bring in more unincorporated businesses into the organized corporate sector.

This is being done to allow OPCs to grow without any restrictions on paid up capital and turnover, allowing their conversion into any other type of company at any time, reducing the residency limit for an Indian citizen to set up an OPC from 182 days to 120 days and also allow Non-Resident Indians (NRIs) to incorporate OPCs in India.

In addition, the fast track process for mergers under the Companies Act, 2013 has also been now extended to also include mergers of Startups with other Startups and with Small companies, so that the process of mergers & amalgamations is completed faster for such companies.

The amendment notification was issued on February 1, 2021. The amendments to the Rules governing OPCs will cover the following, from April 1, 2021:

  1. Previously NRIs were not allowed to incorporate OPCs. Now any natural person, who is an Indian citizen, whether resident in India or otherwise would be allowed to form an OPC.
  2. For being considered as a resident in India, the residency period has been proposed to be reduced to 120 days from 182 days for NRIs.
  3. Rule relating to voluntary conversion unless OPC has completed two years from the date of incorporated is proposed to be omitted and with effect from 01.04.2021, Conversion of One Person Company into a Public company or a Private company shall be permitted anytime. A One Person company may be converted into a Private or Public Company other than a company registered under section 8 of the Act, after increasing the minimum number of members and directors to two or minimum of seven members and three directors as the case may be,
  4. Similarly the limitation of Paid up capital & turnover presently applicable for OPCs (paid up share capital of fifty lakhs rupees and average annual turnover during the relevant period of two crore rupees) is being done away with so that there are no restrictions on the growth of OPCs in terms of their paid up capital & turnover.
  5. Rationalization of e-forms applicable for OPCs by omitting e-Form No. INC-5 and modification of e-form INC-6 (application for conversion from OPC to a Private company or a Public company and also Private company to OPC.