Commerce & Industry Minister launches the Startup India Hub

Source: IBEF.com, June 20, 2017

New Delhi: The Commerce & Industry Minister Smt. Nirmala Sitharaman today launched theStartup India Virtual Hub, an online platform for all stakeholders of the entrepreneurial ecosystem in India to discover, connect and engage with each other.

Speaking about the need to bring the entire ecosystem together on one platform, Smt. Nirmala Sitharaman mentioned that Startup India Virtual Hub is an effort to create a marketplace where all the stakeholders can interact, exchange knowledge, and enable each other to grow. It will streamline the lifecycle of existing and potential startups, helping them access the right resources at the right time. She also encouraged all entrepreneurs in India to utilize this portal and all enabling stakeholders to contribute to the platform as much as possible. The Minister also announced a new initiative, wherein a Startup exchange program amongst the SAARC nations would be organized.

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Good news for start-ups, faster insolvency resolution on anvil

Source: Financial Express, Apr 18, 2017

New Delhi: The Insolvency and Bankruptcy Board of India (IBBI) is considering a proposal to expedite the resolution of smaller and less complicated cases, and those involving start-ups within 90 days.“We are putting out a draft on this issue in a day or two,” IBBI chairman MS Sahoo told FE. A final decision will be made in due course. The Insolvency and Bankruptcy Code, under which the IBBI was set up, provides for wrapping up the insolvency resolution process in 180 days from the date of the admission of an application for initiating the resolution process by the adjudicating authority. The IBBI came into force from December 1, 2016. Read the rest of this entry »

Start-ups to get more money as Cabinet gievs nod to Rs 1k cr fund

Source: Business Standard, Mar 23, 2017

New Delhi: The Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday approved Rs 1,000-crore initial corpus for the Fund of Funds for Start-ups (FFS), which was established in June last year.According to the Cabinet decision, Alternate Investment Funds (AIFs) supported by FFS shall invest at least twice the amount of contribution received from FFS in start-ups.

It was also decided that operating expenses for carrying out due diligence, legal and technical appraisals and convening meeting of Venture Capital Investment Committee, among others, would be met out of the FFS to the extent of 0.50 per cent of the commitments made to AIFs.

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The Indian presence among world’s 50 most promising start-ups

Source: LiveMint.com, Mar 08, 2017

Bengaluru: Indian artificial intelligence (AI) start-ups, Bengaluru-based Mihup Communications Pvt. Ltd and Chennai-based Mad Street Den Systems Pvt. Ltd, are among three early-stage local ventures that are on the list of some of the most low-key, yet promising start-ups around the world, according to a Bloomberg report.

Mihup, Mad Street Den and Omapal Technologies Pvt. Ltd, which operates online fashion rental venture Flyrobe, have been listed in a report titled These Are the 50 Most Promising Startups You’ve Never Heard Of. The report was prepared by market researcher Quid.

Other promising global start-ups on that list include California, US-based commercial drones start-up Airware, cloud security firm Distil, Palo Alto-based AI start-up Kahuna and Silicon Valley-based Quanergy Systems, which is working on self-driving car technology and has raised $134.5 million so far from investors such as Samsung Ventures and Daimler.

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Government to give a leg up to start-ups

Source: The Hindu Business Line, Mar 06, 2017

New Delhi: To give further impetus to the start-up ecosystem, the government will before the end of this month re-look the definition of start-ups, revisit the tax benefit eligibility of 200-odd start-ups, and work towards enabling incorporation of companies within six days.

“Just as we are re-looking the definition of MSME, we would like to re-look at the definition of start-ups to be more inclusive of the ground realities,” said Ramesh Abhishek, Secretary, Department of Industrial Policy and Promotion (DIPP).Speaking at IVCA’s Annual India Alternatives Conclave 2017 here on Monday, he said the government is committed to strengthening the start-up ecosystem and was not hung-up on the definition aspect.

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The needle has moved for Start-up India

Source: The Hindu Business Line, Jan 15, 2017

New Delhi: This day last year Delhi was awash with slogans promoting Start up India, Stand up India. The mood was euphoric, the feeling there would be a major acceleration in entrepreneurship, and even talk about surpassing Silicon Valley.

A year on, the mood is slightly muted, the momentum slowed a bit and the talk shifted from bombastic projections of crossing Silicon Valley to more realistic targets of making India an innovation hub. But entrepreneurs and investors acknowledge that after the January 16 event last year, the needle on entrepreneurship has certainly dramatically moved. “The cheese has moved. Before start up India initiative, there was nothing happening. Over the last year there was lot of out-of the box thinking and a sense of direction given,” says Padmaja Ruparel, President, Indian Angel Network.

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Start-ups in India set to get Narendra Modi govt tax holiday booster shot

Source: Financial Express, Dec 29, 2016

The government is considering a proposal to raise the tax holiday for start-ups from the current three years, aimed at further boosting an eco-system for budding entrepreneurs and job seekers, which could be announced in the coming Budget. Although the Department of Industrial Policy and Promotion (DIPP) has recommended a seven-year tax holiday, the finance ministry may agree to give a tax breather for four-five years on profits made by the start-ups, an official source told FE. “The proposal to offer greater tax relief to start-ups is under consideration,” confirmed another source.

According to the Finance Act, 2016, start-ups are eligible to get income tax exemption for three years in a block of five years, if they are incorporated between April 1, 2016 and March 31, 2019. To get these benefits, a start-up needs to obtain a certificate of eligibility from the inter-ministerial board of the DIPP.

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