To support the start-up industry, researchers at the Indian Institute of Technology Madras (IIT Madras) have developed an innovative platform. The portal was unveiled by Amitabh Kant, India's G20 Sherpa, on Wednesday, October 25, with the aim of strengthening the startup sector by providing entrepreneurs with a comprehensive overview of government funding opportunities. The government funding information platform for start-ups contains comprehensive details on more than 100 schemes from various ministries and departments. The schemes have already benefited nearly 10,000 start-ups.
Many of these start-ups undergo rigorous verification and due diligence before receiving government support. The prominent showcasing of these government-supported start-ups also serves to attract private sector investors, such as angel investors and venture capitalists, for subsequent funding rounds. By consolidating information from all government schemes, the platform effectively communicates the collective impact of these initiatives.
In an endeavour to boost the start-up sector, the Centre for Research on Start-ups and Risk Financing (CREST), @iitmadras, has developed an ‘Intelligence Platform on Government Funding Schemes for Start-ups'. It is developed in partnership with @YnosIn, #IITM-incubated start-up. pic.twitter.com/tX9m9CJtD0
— IIT Madras (@iitmadras) October 25, 2023
According to an official release, a collaborative effort with YNOS, a start-up incubated at IIT Madras, led to the development and implementation of a government funding platform. This platform conveniently centralises various government-sponsored start-up schemes, making them easily accessible to entrepreneurs.
Mr Kant highlighted the platform's capabilities, noting that entrepreneurs can now effortlessly access information on all government schemes with a simple mouse click. Additionally, the platform offers in-depth analytics, such as details on the start-ups that have benefited from these schemes, the average financial investments received, the age of start-ups at the time of funding, the number of founders in the start-up, and the age of the founders when they received financial support.
