Start up in Goa: 10 things you should know about the Goa startup ecosystem
What does Goa offer beyond sun, sand, siestas and sundowners? The answers vary from an ideal work-life balance to the perfect environment for innovation. Add to that, rapidly improving connectivity and physical infrastructure, and a supportive state government that’s cutting out the red tape; and what you have is a startup paradise.
Goa has always been a keen champion of entrepreneurship. It was one of the first four states in India to implement a startup policy. And today, with a fresh Startup Policy in place, the state is looking to foster entrepreneurship with a slew of incentives. Here are 10 things about the startup ecosystem you should know about:
1. IT Infrastructure reimbursements of Rs 1,00,000 per quarter
For start-ups that operate from their own premises or rented premises, and do not use the Government developed facilities, cost towards internet connectivity, software license fees, and cloud services fee, will be reimbursed subject to a maximum limit of Rs. 1,00,000 per quarter.
2. The aim to feature among Asia's top 25 startup destinations
The Government of Goa is driven to making the state one of the most preferred startup destinations in India and Asia at large. By powering entrepreneurship through its Startup Policy, Goa aims to encourage 100 early-stage ventures to succeed in the next five years.
3. A great mix of business and leisure
Nestled in close proximity to both rural and urban attractions, Goa’s startups enjoy a unique setting that affords a great mix of business and leisure. Scoring high on work-life harmony, Goa is unmatched when it comes to culture, weather, infrastructure and quality of life.
4. Doing business is easy-breezy
Goa now has an Internet-based single-window portal exclusively for start-ups enabling registration and access to the repository of information on all state-level as well as national regulatory compliances.
5. Single point of contact for the Startup Promotion Cell
Startups will have a senior Nodal Officer, to serve as the single point of contact in respect of all permissions/grievances/queries pertaining to the department concerned.
6. Well-connected and centrally located
Perfectly located with easy access to all the major metros of the country, Goa also has a great blend both urban and rural population. Being perfectly located, Goa is a hotspot for people from all around the world. So you can find all the Human resource you’ll need in Goa.
7. Capital incentives from the government
The Government of Goa will reimburse 50% of R&D expenses, including the salary of PhD holders for a period of two years, subject to a cap of Rs 5 lakhs per annum. For registered startups hiring local talent, 50% of salary for freshers will be reimbursed, subject to a cap of Rs 10,000 per recruit, per month. Furthermore, 25% of the salary of the local workforce will be reimbursed, for registered startups with 60% of local workforce.
8. World-class infrastructure, subsidised
The state is building state-of-the-art, fully-equipped plug-and-play innovation and incubation centres with high-speed internet connectivity and shared IT infrastructure at subsidised rates.
9. A talent pool at your doorstep
Goa hosts several premier institutes including IIT, NIT, BITS Pilani, Goa Institute of Management and several private engineering colleges that provide access to readily-available talent. There’s also a strong Industry-Academia connect that fosters innovation and entrepreneurship.
10. Digital skilling plans for the state
One of the key objectives of the Startup Policy is to build an ecosystem where every Goan student can easily acquire technical skills and grow professionally in the startup space. This means every startup will have an abundant amount of fresh talent who are ready to work efficiently and effectively.