August 15, 2015 saw Prime Minister Narendra Modi urging India to stand up through 'Startup India', truly denoting the beginning of the age of startups. On January 16, this rather transcended when entrepreneurs, small and big, walked into Vigyan Bhavan, New Delhi, eager to know whether their expectations have been mapped by the government.
The Action Plan stood across three pillars of Simplification and Handholding; Funding Support and Incentives; as well as Industry-Academia Partnership and Incubation.
From making compliances based on self-certification simpler and inspections more meaningful to rolling out a mobile app and portal for registration of your startup, it all happened in just one day.
Simplifying the process of patent examination and making it easier to wind up a business was discussed and reinstated by the Prime Minister. This is a clear move by the government or rather a first step to understand and address the different nuances startups need to spread their business fast and far.
With clearly the need for disruptors, the government chose to fast track the process by introducing a fund of funds with a corpus of Rs 10,000 crore, a credit guarantee fund for startups and tax exemptions on capital gains and well as on investments above Fair Market Value. This is clearly to bolster the entrepreneurship spree in the country.
For the longest time research and innovation was put at the back burner for startups, with business models taking the limelight. But the government chose to address that through the professional management of government-sponsored incubators, innovation centres at national institutes, innovation-based programmes and promoting startups in the biotechnology sector. Although many including Masayoshi Son were rooting for Artificial Intelligence to be the leader in focus.
But with so much introduced by the government, one wonders if the expectations of an entrepreneur was really met during the launch.
We caught up with a couple of them to hear their views on the subject, while mapping their expectations of the policies introduced. Take a look.
Camera Person: Manoj Upadhyaya
Video Editor: Anand