Startup Odisha

IED ODISHA as Startup Secretariat of Govt of Odisha

Vision

  • To emerge amongst the top 3 “Startup Hubs” in India by 2020 through strategic partnership, conducive ecosystem, investment and policy intervention.
  • To unleash the potential of women entrepreneurship in Odisha by encouraging at least 33% of the Startups with Founders/Co-Founders as women.

Mission

  • Build a holistic Startup ecosystem in Odisha to enable the State to become one of the top three Startup destinations in the country
  • Implement a supportive regulatory framework and robust governance structure that enables hassle-free, time bound statutory clearances and monitoring

Objective

  • Develop a world class “Startup Hub” in Odisha by 2020
  • Encourage incubators including sector specific ones aligning with the State’s strengths and requirements
  • Create enabling environment and supporting eco-system that facilitates at least 1,000 Startups in next five years in the state
  • Create a strong institutional framework for effective implementation, monitoring and evaluation of this initiatives

A ’recognized Startup entity’ may apply for any of the following monetary benefits available under the Startup Odisha initiative:

Monthly allowance of Rs.20,000 (Rs.22,000/-, if the startup Founder (s)/Co-Founder (s) are Women or transgender or from Social Categories such as SC/ST/SEBC/PH. In such a case, Woman or transgender or SC/ST/SEBC/PH should have at least 50% equity in the startup entity.), which may be provided to a 'recognized Startup entity’ for a period of one year, if it fulfills any of the following conditions:

  • The startup has got total equity financing by SEBI registered AIF Category 1 & 2 fund or Angel Networks in the range of (at least) Rs. 5 Lakh to Rs. 1.00 crore; or
  • The startup has a patent filed in the entity name and published in the Journal by the India Patent Office in areas affiliated with the nature of the business being promoted; or
  • Sanction letter of funding/grant to the entity by Government of India or any State Government; or
  • The startup has got a revenue run rate of Rs. 50 thousand to Rs. 10 Lakh per month over the last three months at least.

Product Development and Marketing/ Publicity assistance up to Rs. 15 lakh (Up to Rs.16 lakhs, if the startup Founder (s)/Co-Founder (s) is Woman or transgender or from Social Categories such as SC/ST/SEBC/PH. In such a case, Woman or transgender or SC/ST/SEBC/PH should have at least 50% equity in the startup entity.), which may be given to a 'recognized' Startup entity for the introduction of the innovated product in the market, if it fulfills any of the following conditions :

  • The startup has got total equity financing by SEBI registered AIF Category 1 & 2 fund or Angel Networks of at least Rs. 25 Lakh; or
  • Sanction Letter of funding/grant to the entity by Government of India or any State Government of at least Rs. 5 Lakh; or
  • The startup has got a revenue run rate of Rs. 2.5 Lakh per month over last six months at least.
  • Need-based assistance, which may be considered on a case to case basis to a ‘recognized Startup entity’ towards the cost of raw material/components and other related equipment required for the innovative process for new product development / existing product improvement.
However, this assistance will be provided only in case(s) where innovation is dependent on specific raw material/equipment and subject to approval by the Startup Council.
  • Financial support to state-recognized Startups for participating in the reputed national and international events, where they are representing the state.
  • The support may include economy class airfare or 3 tier AC train fare for travel & free space in the stall if set up by State Government.
(Click here for the above-provided details) Startup Odisha Portal Link: www.startupodisha.gov.in