Prime Minister Narendra Modi on Saturday unveiled the Action Plan for his pet project Start-Up India with a slew of incentives for startups in the country. One of the key areas that came from the action plan was the proposal to establish a Startup India Hub.
The main objective to establish a Startup India Hub is to create a single point of contact for the entire Startup eco-system of the country and to help facilitate knowledge exchange and access to funding.
According to a NASSCOM report– ‘Start-up India – Momentous Rise of the Indian Start-up Ecosystem’, India ranks third in the world with the number of startups crossing over 4,200 just behind US and UK. India is also the fastest growing base for startups worldwide. India, as the Prime Minister pointed out, has a millions of problems but she also has a billion minds to invent something new. In today’s completion frenzy world, young Indian minds are doing exceptionally well with maximum of them starting out a ventures on innovation or solving social-civic problems and according to many top-notch players of the game, this is the start of a great Startup Revolution.
However, due to lack of proper guidance and financial assistance, many startups fail to reach their full potential. So, the centre brought in the Startup Hub– a single point contact for startups.
How will the startup India Hub work?
The Startup India Hub will be a key stakeholder in the startup ecosystem to boost entrepreneurship.
The hub will also have direct tie-up with Central and State governments, Indian and foreign Venture Capitalists, angel networks, financial institutions (public and private banks as well), legal stakeholders, consultants, Research and Development institutions and Universities to facilitate startups (especially early-stage startups).
The Hub will also assist startups with giving specific focus on important aspects like getting financial supports for startups, feasibility testing, structuring their business models, advising them, enhancing their marketing skills, technology commercialization as well as management evaluation. At the same time, the Hub will also organize mentorship programmes in collaboration with government organizations, incubation centres, educational institutions and private organizations who aspire to foster innovation.
It surely looks like that the Startup India Hub will mentor and guide thee startups to let them be the future of the business industry.