Relevance: GS II: Government schemes
Context
Under the guise of the government-run SAMRIDH plan for startups, two individuals, including a chartered accountant, have been detained for allegedly defrauding the Ministry of Electronics and Information Technology (MeitY) of more than Rs 3 crore.
What is the SAMRIDH Scheme?
Under the National Policy on Software Products–2019, the Ministry of Electronics and Information Technology (MeitY) has a flagship program for startup acceleration called the Startup Accelerator for Product Innovation, Development, and Growth (SAMRIDH).
Objective of the Scheme
Its goal is to assist current and future Accelerators in choosing and accelerating the growth of possible IT-based companies. The program’s main goal is to help businesses grow faster by connecting them with investors, customers, and global marketplaces, among other things.
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Key Features of the SAMRIDH Scheme
Through specific accelerators, a start-up will receive an investment of up to Rs 40 lakh, depending on its present valuation and stage of growth. Additionally, it will enable the accelerator to make equal matching investments. MeitY Start-up Hub (MSH), Digital India Corporation (DIC), is carrying out the program.
How the Accelerator Ecosystem Works
After a tiered screening procedure, 175 businesses are being supported by 22 Accelerators in 12 states during the cohort’s first phase. The list of accelerators includes early-stage start-up funding platforms, academic institutions, the corporate sector, and government-backed groups. A multi-level screening procedure is then employed by these accelerators to choose 5–10 startups each in the targeted sectors of health-tech, ed-tech, agri-tech, consumer-tech, fin-tech, Software as a Service (SaaS), and sustainability.
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Support Services Provided by Accelerators
The following are among the services that the accelerators must offer to start-ups:
- Professional diagnostics for product positioning and market research.
- mentoring new businesses with tech-related professionals
- Legal support for everything: Among other things, IP and incorporation
Co-learning is a shared platform that facilitates networking and connected learning. All startup founders meet once a week. presentation to angel investors and venture capitalists (VCs). support for new businesses in negotiating and finalizing investment agreements with angel and venture capitalists.
Q. Consider the following statements about the SAMRIDH Scheme:
Which of the statements given above is/are correct? (a) 1 and 2 only (b) 2 and 3 only (c) 1 and 3 only (d) 1, 2 and 3 Answer: (b) 2 and 3 only |
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