In the last decade, India spent less than 1% of the GDP for R&D and Innovation. R&D in India is still largely financed by the government sources. There are around 5,000 Startups world over, in which 2000 are in United States and 1000 are in China. India has only 65 incubators. Countries like Netherlands, Singapore, Sweden, etc. have been giving more importance to R&D and Innovation. India is poised to become the youngest country by 2020 with an average age of 29 years, accounting 28% of the world's work force. In view of this, the State needs to explore scientific and technology ecosystems through Startups & incubators that would further empower the youth.
More than 60% of Gujarat Population is in the age group of 15-59. A young population means a young workforce, which, in turn, implies a more innovative and entrepreneurial mind set. The Government is focussed strongly not just on the employability but also on initiating the Startups Incubators/ Centers for developing entrepreneurial skills in the youth.
Startups in an economy's technology sectors is an important indicator of technological performance for several reasons: first, the formation of new firms that focus on the development and introduction of new technology is a major source of innovation and technological advance. Many of these Startups transfer new knowledge or new ideas into products and processes into commercial applications. Startups are likely to bring in new solutions and challenge established by individuals/ companies that enter these new markets.
In view of the strategy under New Industrial Policy the Government is pleased to introduce a "Scheme for Assistance for Startups / Innovation" which will come into force from the date 1.1.2015 and will remain in operation for a period of five years.
Assistance to Startups/Innovation scheme’s operative period is 01 January, 2015 to 31 December, 2019
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.