i Start - A government of Rajasthan's program for encouraging innovation, development, or improvement of products and services

  I START

(A government of Rajasthan's program for encouraging innovation, development, or improvement of products and services)

Rajasthan has been the cradle entrepreneurship and the birth place of some of the most successful business men and large industrial houses of India and the world.

Startups – “Startup is an entity that develops a business model based on some innovation and makes it scalable for achieving commercial success”.

Startups under I start - According to Department of Industrial Policy and Promotion (DIPP), under the Union Ministry for Commerce and Industry, an entity shall be considered as a start-up up to a period of seven years from the date of incorporation/registration, if it is incorporated as a private limited company (as defined in the Companies Act, 2013) or registered as a partnership firm (registered under Section 59 of the Partnership Act, 1932) or a limited liability partnership (under the Limited Liability Partnership Act, 2008) in India. In the case of start-ups in the biotechnology sector, the period shall be up to 10 years from the date of its incorporation/ registration. The turnover of the entity shall not exceed Rs.25 Crore. The entity should be 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. However, an entity formed by splitting up or reconstruction of an existing business shall not be considered a ‘start-up’.

Aims and objectives of I start, Rajasthan:-

Fund allocation to startups and process to start- Startups who want to work in Rajasthan can visit the iStart portal (istart.rajasthan.gov.in) and all the requirements with respect to the startup ecosystem like registering, approval or applying for funds can be accomplished via this platform This platform also facilitates the startup to connect with thousands plus investors which are already on-boarded on the platform In order to have the right mix in its startup portfolio, and as a part of the iStart initiative, the Government of Rajasthan has announced Bhamashah Startup Promotion Fund of INR 500 crore, which will include components for women-led and green solutions startups and has earmarked INR 100 crore and INR 50 crore for both respectively. The funds for green startups will be payable from the funds available with Rajasthan State Pollution Control Board. The funding has been capped at 25 lakhs per startup.

Stages- There are 3 major stages of this program:-

1) Qrate

2) Challenge for change

3) Rajasthan stack

-> Qrate: it is a rating mechanism recognized all over India by leading investors and VCs.

All the startups are evaluated by this mechanism and are provided with a detailed

assessment report on the startup’s potential and investment worthiness. the scorecard and

assessment report gives startup founders actionable insights to help you strengthen your

business plan, and improve their chances of getting funded. Then they receive mentorship

and training to help them evolve, and finally help them gain access to new markets,

investors, customers .The fund alloted is based on the Qrate rankings which is based on

the Qrate Assessment Framework.

-> Challenge for change: after the assessment by qrate the startups make contact directly

with the govt. it accelerates the process as they can collaborate with the government

without following the traditional tendering process, they are neither required to furnish

any EMD, nor have any minimum years of prior experience or minimum turnover In this

one of its kind initiative in India, the entrepreneurs can directly apply to the program for

specific opportunities, showcasing their idea.The participants will be able to connect with

investors and potential customers via the iStart platform. Startups graduating from the

programme will then be offered opportunities to pitch their ideas for grants and

investments from the Rajasthan government.

-> Rajasthan stack: Each service, resource, application, and infrastructure offered by the

Government of Rajasthan can be accessed for free. Startups graduating from the

programme will then be offered opportunities to pitch their ideas for grants and investments

from the Rajasthan government . When the government of Rajasthan’s Department of IT

initiated startup promotion activities in August 2017, a single-window platform was introduced

for the startups.

By registering Startups in iStart Rajasthan, the entrepreneur will avail the following benefits:-

• Avail multiple state government services.
• Pitch to investors
• Scale up your business
• Marketing allowance*
• Subsistence allowance*
• Tax benefits
• Minimum interest on loans
• Special schemes for woman’s startups

(*At current these two allowance is not provided under I start otherwise Rs. 10000 will be provided to each startup)

PROCEDURE