Startup is an entity that develops a business model based on either product innovation or service innovation and makes it scalable and replicable so as to be self-reliant. Startup may also be an entity that satisfies the requirements of the Department of Industrial Policy and Promotion (DIPP),Government of India, notification dated 17.02.2016 as specified in the G.S.R. 180 (E).
STARTUP DEFINITION (AS DEFINED BY DIPP)
Startup means an entity, incorporated or registered in India :
Upto a period of seven years from the date of incorporation/registration or upto ten years in case of Startups in Biotechnology sector
As a private limited company or registered as a partnership firm or a limited liability partnership
With an annual turnover not exceeding Rs. 25 crore for any of the financial years since incorporation/registration
Working towards innovation, development or improvement of products or processes or services, or if it is a scalable business model with a high potential of employment generation or wealth creation Provided that an entity formed by splitting up or reconstruction of an existing business shall not be considered a â€˜Startupâ€™.
An entity shall cease to be a Startup:
On completion of seven years from the date of its incorporation/registration, ten years in case of Startups in Biotechnology sector, or
Student Startup is any student-led innovation based startup that has been founded by the efforts of one or more student(s) and / or alumni (not more than 5 years from graduation), from any university / educational institute in the state, with or without the help of faculty guides and external support agents. Recently, AICTE has developed a national roadmap for student startup support system.
Conceptually, any innovation implies substantial improvement in the ways of doing things, producing goods or providing services. It may involve a new use of an existing resource or producing or delivering existing goods or services through new methods or new instruments/materials.
Innovation can be defined simply as a "new idea, device or method". However, innovation is often also viewed[by whom?] as the application of better solutions that meet new requirements, unarticulated needs, or existing market needs. Such innovation takes place through the provision of more-effective products, processes, services, technologies, or business models that are made available to markets, governments and society. The term "innovation" can be defined[by whom?] as something original and more effective and, as a consequence, new, that "breaks into" the market or society. Innovation is related to, but not the same as, invention, as innovation is more apt to involve the practical implementation of an invention (i.e. new/improved ability) to make a meaningful impact in the market or society, and not all innovations require an invention. Innovation often[quantify] manifests itself via the engineering process, when the problem being solved is of a technical or scientific nature.
Benefit to Student Innovators & Start-ups
Exposure: SSIP is going to provide detailed exposure to all students, early stage innovators and allied stakeholders through regular programs, workshops, conferences and seminars. Each SSIP grantee university, institute has been given specific mandate and resources to facilitate large scale exposure programs keeping early stage student innovators in mind.
Capacity building: SSIP is allocating dedicated resources for capacity building of innovators and student start-ups involving domain experts of national and international repute.
Support for Prototyping: SSIP has created mechanism through which students, innovators, start-ups can be given up to 2 lac INR for developing prototype. Through State SSIP grant committee deserving teams can even fetch grant more than 2 lac per project as per the need. SSIP is one of the very few scheme through which innovators are being supported through seed level grant at nascent stage.
Support for IPR: Through SSIP, innovators can avail average 25 lac INR grant for domestic IPR filing. SSIP also mandate to support student innovators for IPR protection beyond India and give incentives for them.
Pre Incubation Support: SSIP has short listed various colleges and universities and given grant to create a robust pre incubation process and infrastructure in their respective campuses. Innovators from respective campuses and around the region can fetch benefits through these nodal centers of SSSIP. Innovators can approach to any of the SSIP grantee through web portal and approach to avail SSIP benefits.
Co working and Pre incubation Support at I Hub: SSIP is setting up a state level innovation hub which will be linked with all university level innovation & start-up centers. In this center early stage student innovators and start-ups can benefit of coworking space, mentoring, access to various programs and allied benefits. SSIP is going to host different sectoral incubators in this hub so that innovators and start-ups across domain and stage of their innovation, enterprise can benefit from this.
Regional Innovation & Start-up Centers: SSIP will extend facilities to innovators and students of even remote places through its 4 regional centers at Ahmedabad, Surat, and Vadodara & Rajkot. Institutes & their students in the nearby region can benefit hugely benefit out of these centers. Makers lab and similar prototyping facilities will be built in these centers to let innovators access to world class facilities.