On Wednesday, the newly appointed Minister of Electronics and Information Technology (MeitY) Ashwini Vaishnaw said the government will support startups and entrepreneurs in their initial phase, where they face most challenges, he launched “Startup Accelerators of MeitY for Product Innovation, Development and Growth” (SAMRIDH) programme.
The SAMRIDH will create a conducive platform for Indian software product startups to enhance their products and secure investments for scaling their business. The programme is being implemented by ‘MeitY Startup Hub’ (MSH).
The government will support startups and entrepreneurs in the most challenging phase, which is the initial risk phase, Vaishnaw had said earlier.
SAMRIDH initiative will not only provide funding support to startups but will also help in bringing skill sets together which will help them become successful, Vaishnaw said on Wednesday.
“Employment in traditional as well as new-age industries is a stated mission of our government and is also the vision of Prime Minister Shri Narendra Modi. Initiatives and schemes like SAMRIDH will help accelerate the implementation of that vision,” he added.
Technology can play a role in accelerating and in taking a quantum jump in reaching out to people, which would have otherwise taken many years. Using the energy of startups these areas can be reached within months, the minister said.
Speaking at the launch event, MeitY Secretary Ajay Prakash Sawhney said the SAMRIDH scheme will pick up startups that are ready for the acceleration stage and will provide them with funding support, mentorship and a lot of other support that is required by startups at this stage.
The SAMRIDH programme will focus on accelerating 300 startups by providing customer connect, investor connect, and international expansion opportunities in the next three years.
Also, an investment of up to Rs 40 lakh to startups, based on their current valuation and growth stage will be provided through selected accelerators. It will also facilitate equal matching investment by the accelerator or investor. The programme aims to further Indian Startupgrowth which has seen the emergence of 63 unicorns, making India the third-largest unicorn hub globally with a total valuation of $168 billion.