START-UP ACCELERATORS OF MEITY FOR PRODUCT INNOVATION, DEVELOPMENT AND GROWTH

Recently, the Ministry of Electronics & Information Technology (MeitY) has launched the ‘Start-up Accelerators of MeitY for pRoduct Innovation, Development and growth (SAMRIDH)’ programme.

  • Important points:
  • To create a conducive platform to Indian Software Product start-ups to enhance their products and secure investments for scaling their business.
  • Focuses on accelerating the 300 start-ups by providing customer connect, investor connect, and international immersion in the next three years.
  • To provide investment of up to Rs 40 lakh to the start-up based on current valuation and growth stage of the Start-Up through selected accelerators.
  • Being implemented by MeitY Start-up Hub (MSH).
  • MSH acts as a national coordination, facilitation and monitoring centre that will integrate all the incubation centres, start-ups and innovation related activities of MeitY.
  • To further the Indian start-up growth which has seen the emergence of 63 unicorns and is now the third largest unicorn hub globally with a total valuation of USD 168 billion.
  • “Unicorn” is a term used in the venture capital industry to describe a privately held startup company with a value of over $1 billion.

SOURCE: THE HINDU,THE ECONOMIC TIMES,MINT

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