MeitY Startup Hub Schemes: Shaping Tech Startups with GENESIS, SAMRIDH, & TIDE

In a dynamic push towards fostering entrepreneurship in India, the Government of India has spearheaded several transformative initiatives. At the forefront stands the Startup India Programme, a flagship endeavour by the Ministry of Commerce and Industries. This initiative is meticulously crafted to cultivate a robust ecosystem that nurtures innovation and startups. The ultimate goal is to propel sustainable economic growth and unleash a wave of extensive employment opportunities across the nation.

Since its inception, the Startup India Programme has emerged as the pivotal agency driving startup promotion in the country. India, with over 1,15,000 startups and an impressive count of 110 unicorns, proudly holds the position as the third-largest ecosystem globally.

The Ministry of Electronics and Information Technology (MeitY) is actively contributing to this entrepreneurial wave by implementing various schemes and programs, each designed to propel technology-oriented startups to new heights.

TIDE 2.0 Making Waves: MeitY's Innovation Incubation Centers Transforming Tech Landscape

MeitY initiated the TIDE 2.0 Scheme in 2019 with an outlay of Rs 264.62 Crores over five years. This scheme extends financial and technical support to institutes of higher learning and premier research and development organisations dedicated to supporting ICT startups utilising emerging technologies. The results are impressive, with 51 TIDE 2.0 Incubation Centers operational, onboarding 820+ startups. Among these startups, 74 have acquired customers, 150+ attracted investments exceeding 300 Crore, 339 products developed, 280+ patents filed, 170+ copyrights/trademarks registered, and a staggering 2900+ employments generated. The startups have also received 70+ awards, prizes, and recognitions.

From Unicorns to CoEs: MeitY Startup Hub is Weaving a Tapestry of Success for India's Deep Tech Startups

Under the MeitY Startup Hub  (MSH), a nodal entity has been established to interconnect deep tech startup infrastructure across India. MSH acts as a catalyst, aiding incubators and startups in enhancing scalability and market outreach. With over 3365 startups, 482 incubators, 424 mentors, and 22 state-of-the-art Centers of Excellence (CoEs), MSH is facilitating an innovative economy. It has successfully conducted 143 challenges, encouraging the development of products and services to address contemporary challenges.

MeitY's Visionary Startup Programmes: Accelerating Growth with SAMRIDH and GENESIS

The SAMRIDH Scheme, or 'Start-up Accelerator of MeitY for Product, Innovation, Development, and Growth,' focuses on supporting accelerators to select and propel potential product-based startups to scale. This scheme provides avenues for customer connect, investor connect, international immersion, and matching funding for accelerated startups, with MeitY investing up to 40 lakhs per startup. In the first cohort, 22 accelerators supporting 175 startups have been selected.

MeitY's visionary GENESIS Scheme (Gen-Next Support for Innovative Startups) program, with a budget of 490 Cr for five years, aims to discover, support, grow, and make startups successful in Tier-II and Tier-III cities. GENESIS envisions impacting and consolidating 10,000+ tech startups, fostering an inclusive startup ecosystem.

MeitY's CoEs: Driving Innovation, Fostering Startups, and Shaping a Digital Future

The establishment of 42 domain-specific Centers of Excellence (CoEs) by MeitY serves as a significant step toward driving self-sufficiency and capturing emerging technology areas. These CoEs, covering FinTech, EdTech, MedTech, AgriTech, Blockchain, IoT, AI/ML, AR/VR, Gaming/VFX, have supported over 500 startups, raised funding for 130+, filed 100+ patents, and organised 15+ challenges.

To bolster innovation in electronic system design manufacturing, Entrepreneur Parks have been established in strategic locations, including STPI New Delhi, Makers Village in Cochin Kerala, IIIT Patna, and a Fabless chip design incubation center at IIT Hyderabad. These initiatives have supported over 260 startups, with 70+ now in the revenue generation stage, contributing a cumulative revenue of Rs. 140 Crore, and generating 1400+ employments.

SIP-EIT Scheme: Empowering Indian Startups on the Global Patent Stage

For SMEs and startups in the Information and Communication Technology (ICT) domain, the Support for International Patent Protection in E&IT (SIP-EIT) Scheme provides financial assistance, reimbursing up to Rs 15.0 Lakhs per invention or 50% of the total expenses incurred in filing and processing patent applications. Notably, 67 applications from startups and MSMEs have already availed themselves of this support.

India's entrepreneurial landscape is witnessing a transformative journey, thanks to the strategic initiatives undertaken by the Government. With a focus on inclusivity, accessibility, and affordability, these programs are propelling India into a new era of innovation-led economic growth and global competitiveness.