Serving AlwaysAbout Startup/Innovation

Scheme Introduction

In order to turn the educated youth from job seeker to job creator and in order to give support to the ‘Startup’ and ‘innovative projects’ in the state and to provide skills to the youth and potential investors to develop entrepreneurship “Chief Minister’s Startup/Innovation Project/New Industries Scheme” has been formulated. The scheme envisages various incentives for startups so as to enable the entrepreneur’s success in their venture. The scheme also makes provision of creation of incubation Centers in the host institution in the State in order to build capacities, develop networking, establish necessary infrastructure and generate awareness. The basic objective of this scheme is creation of self- employment and employment generation, upgrading the skills of entrepreneurs and to provide them support to set up their units under professional guidance, promotion of innovation in focus areas, setting up of incubation centers, creating working space for start- ups and innovation projects, providing incentives, etc. This Scheme also aims at helping and hand-holding entrepreneurs to select viable projects in the potential areas in manufacturing and service sectors and train them to set up startups and subsequently manage and run their enterprises professionally.

Aims & Objectives

  • Self-employment/employment generation and income generation.

  • To promote new ideas/ products and processes suitable for commercialization through startups.

  • Set up Incubators/Incubation Centers in the state.

  • Handhold new enterprises and entrepreneurs.

  • Help entrepreneurs gain knowledge, expertise and avail assistance as provided under various schemes been implemented by State/Central Govt. /Other institutions.

  • Facilitate and promote innovation.

  • Facilitate startups and Innovation Projects.

  • To Facilitate creation of incubation space.

  • Facilitate adequate investment to startups.

  • Facilitate venture capital funding.

  • Promote Human Capital.

  • To promote Industrial development in the State.

Scheme Eligibility

Eligibility of Applicants

Any individual/group of individuals having innovative idea/Concept will be eligible.

Eligibility for Institutions

Universities/education institutions, Incubation Centre/PSUs/R&D Institutions/Private and other establishments will be eligible as an institution to support and mentor to innovators as approved by Committee.

Focus Areas

  • Technology driven innovation in any sector

  • Rural infrastructure and facilities, crafts, arts, water and sanitation, renewable energy, healthcare, etc.

  • Clean technology

  • Agriculture, Horticulture and the related areas

  • Food Processing

  • Retail

  • Tourism and Hospitality

  • Mobile, IT and ITes including hardware

  • Biotechnology

Incentives

Support to Innovation Projects

The Incentives under this schemes to the Innovation Projects will be as under:-

  • Rs. 25,000/- per month will be provided to the innovation projects as sustenance allowance for one year whose project is recommended by the Host Institution and approved by the Empowered Committee.

  • Incubation center will provide support to the startups and innovation projects by providing mentoring services, access to their labs, facilities, etc. on a free-of- cost (FOC) basis.

Roles & Responsibilities

The roles and responsibilities of the Incubators availing support from the Government are :-

  • The incubator shall nurture new ideas/New Industries to support them in their entire life cycle till the same is turned into a commercial enterprise. The incubator shall also establish tie up with appropriate industries so that new ideas/New Industries get nurtured in an appropriate environment.

  • The incubator shall act as a hub with other academic institutes in the district actin as spokes driving the innovation ecosystem in the geography. They shall be mandated to incubate projects through competitive selection process among students, alumni as well as local entrepreneurs. Students of such institutions will also be encouraged tointern with startup incubators recognized by state government to do their main- projects or summer/winter projects or internships that are done during vacations. The incubators may be mandated to run selections programs throughout the state to ensure that students have access from any college in Himachal Pradesh. Such projects can then also be converted to final year Projects where the academic institutes /University and college must involve an external project guide /mentor as identified by such incubators.

  • Establishing Support Eco-Systems, Capital Asset Management and Resources as required for the Incubator.

  • Private Partner in a PPP incubator will be responsible for creating a selfsustaining business model needed foe the execution of the Incubator after the support period given to incubated startups which is maximum of 3 years in case of service startups and 5 years in case of product startups from the date of their entry into the incubator.

  • Liaise with Angel and Venture Capital investors to provide funding assistance to the incubated startups.

  • Shortfalls if any in revenue generation will be met by Private Partner, post the support period.

  • Private Partner will be responsible to find, nurture and support Incubatee companies with a flexible framework base on the changing incubate requirements in the Sector.

  • Ensure pro-active participation of other Private Sector companies for the Incubator in terms of raising funds for incubator and angel investment for starups.