Last Updated on 10 months by eternityweb
The process of recognition as a ‘start-up’ shall be through mobile app portal of the Department of Industrial Policy and Promotion. Startups will be required to submit a simple application with any of following documents:
a) Recommendation (with regard to innovative nature of business), in a format specified by Department of Industrial Policy and Promotion, from any Incubator established in a postgraduate college in India; or
b) a letter of support by any incubator which is funded (in relation to the project) from Government of India or any State Government as part of any specified scheme to promote innovation; or
c) a recommendation (with regard to innovative nature of business), in a format specified by Department of Industrial Policy and Promotion, from any incubator recognized by Government of India ;or
d) a letter of funding of not less than 20 per cent in equity by any Incubation Fund,/Angel Fund/Private Equity Fund/Accelerator/Angel Network duly registered with Securities and Exchange Board of India that endorses innovative nature of the business. Department of Industrial Policy and Promotion may include any such fund in a negative list for such reasons as it may deem fit; or
e) a letter of funding by Government of India or any State Government as part of any specified scheme to promote innovation; or
f) a patent filed and published in the Journal by the Indian Patent Office in areas affiliated with the nature of business being promoted.
Department of Industrial Policy and Promotion may, until such mobile app/portal is launched make alternative arrangement of recognizing a ‘startup’. Once such application with relevant document is uploaded a real-time recognition number will be issued to the startup. If on subsequent verification, such recognition is found to be obtained without uploading the document or uploading any other document or a forged document, the concerned applicant shall be liable to a fine which shall be fifty percent of paid up capital of the startup but shall not be less than Rupees 25,000.