The Ministry of Electronics & Information Technology (MeitY) has recently made headlines with its launch of the ‘Start-up Accelerators of MeitY for pRoduct Innovation, Development and growth (SAMRIDH)’ programme. This new initiative is sparking interest across industries as it aims to create a supportive environment for Indian Software Product start-ups, encouraging innovation and growth.
About SAMRIDH Programme
The core focus of the SAMRIDH programme is to offer a propitious platform for Indian Software Product start-ups. The aim is to amplify their products and secure investments that will further propel their business scaling operations.
The goal over the next three years is to expedite the development of 300 start-ups. This will be carried out by offering valuable connections with customers and investors, in addition to providing opportunities for international immersion.
Investment Provisions under SAMRIDH
The scheme, under selected accelerators, is designed to provide an investment of up to Rs 40 lakh to the start-ups. The amount will be determined based on the current valuation and growth stage of the start-up.
Implementation by MeitY Start-up Hub
This programme is being administered by MeitY Start-up Hub (MSH). The MSH serves a vital role as a national coordination, facilitation, and monitoring center. Its primary function is to amalgamate all incubation centers, start-ups, and innovation-related activities under the umbrella of MeitY.
Impact on Indian Start-up Growth
The scheme is set to stimulate the growth of Indian start-ups, already witnessing the emergence of 63 unicorns, and becoming the third-highest unicorn hub globally with a total valuation of USD 168 billion. The term “unicorn” is widely used in the venture capitalist industry, referring to privately held start-up companies valued at over $1 billion.
Related Initiatives Boosting Start-ups
Along with the SAMRIDH, several other initiatives provide a significant boost to start-ups, and they include the Start-Up India Fund, start-up Cells, National Startup Advisory Council, Atmanirbhar Bharat, ARISE-Atal New India Challenge, and AIM-iCREST. These initiatives are playing a dominant role in fostering a robust start-up ecosystem in India.
To conclude, the recent launch of the SAMRIDH programme by MeitY underscores the government’s commitment to bolster innovation, growth, and investment in Indian Software Product start-ups. These efforts align with the broader goal of making India a global start-up hub.
