Business News | Over 1700 Startups Supported Under Technology Incubation and Development of Entrepreneurs 2.0 Scheme: Ashwini Vaishnaw
Get latest articles and stories on Business at LatestLY. As many as 1,706 startups have been supported so far by the government under the Technology Incubation and Development of Entrepreneurs 2.0 (TIDE 2.0) scheme, Union Minister for Electronics and Information Technology Ashwini Vaishnaw informed Rajya Sabha.
New Delhi [India], December 20 (ANI): As many as 1,706 startups have been supported so far by the government under the Technology Incubation and Development of Entrepreneurs 2.0 (TIDE 2.0) scheme, Union Minister for Electronics and Information Technology Ashwini Vaishnaw informed Rajya Sabha.
The Government of India follows a lifecycle-based approach to support the startup ecosystem. The startups are supported across the entire journey - from idea and proof of concept to prototype development, product development and testing.
As part of this approach, Government of India started the "Technology Incubation and Development of Entrepreneurs 2.0 (TIDE 2.0)" Scheme in the year 2019. It promotes technology-based entrepreneurship by providing financial & technical support to incubators.
"Startups are supported through 51 selected incubators located in the Institutes of Higher Learning and premier R&D organizations across the country. A total outlay of Rs. 264.62 crore is approved over a period of 5 years, to support approximately 2000 tech start-ups," Minister Vaishnaw submitted this information in the Rajya Sabha on Friday.
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These incubators provide startups with requisite expertise, industry linkages and ecosystem partnerships etc.
"Under the scheme, 1,706 startups have been supported till now, and these startups continue to progress well," the minister said.
As startups eventually operate in a competitive market, their engagement with incubators also evolve based on business realities. These include, inter alia, achieving product-market fit, specialised laboratory requirements, technological challenges, fundraising needs, strategic pivots by founders, and overall financial sustainability.
In many cases, incubators have facilitated quick idea validation and effective pivoting for the startups, helping entrepreneurs shift to more viable ideas.
The overall performance of the supported startups remains encouraging, with many startups demonstrating revenue growth, increased valuations, raised external funding and IP filings.
Further, a total of 1672 IP/patents have been filed by 638 startups.
Under TIDE 2.0, Centres of Excellence in Intellectual Property Rights (CoE-IP) are also established to encourage or support Startups/SMEs/academia/inventors in Electronics and IT domain. These CoE provide various IP related services, awareness creation and training.
TIDE 2.0 centres adopt multiple revenue models including equity exits to enhance long-term sustainability. Further, TIDE 2.0 centres have helped more than 150 incubated startups go global for scaling their business.
Overall, TIDE 2.0 complements other Government initiatives such as GENESIS, SAMRIDH, Startup India and sector-specific innovation programmes. Together, these initiatives reflect a whole-of-the government effort to build a strong startup ecosystem in the country, Minister Vaishnaw said. (ANI)
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