Government has launched a programme to support 300 IT startups. Under this program it would be providing seed funding, mentorship and market access with the goal of creating 100 unicorns out of the selected 300.
This Startup Accelerator initiative of Ministry of Electronics and Information Technology (MeitY) for Product Innovation, Development & Growth (SAMRIDH) has been developed on the lines of silicon valley based accelerator YCombinator.
On the occasion of the launch, IT and Telecom Minister Ashwini Vaishnaw mentioned that since he has mentored over 20 start-ups earlier, he understands the need of mentoring them during their early stages – when their idea is getting converted into products. He also mentioned that lack of funds for startups is not a big issue, rather it is the lack of getting the idea into a real product or lack of collecting the skill sets which are needed to convert an idea into an enterprise. He further said that If we are able to start up with the correct mindset then our value addition could be huge.
Under this Samridh programme, the selected 300 startups would be getting seed funds of up to Rs 40 lakhs and mentorship for six months by MeitY.