Draft Sagarmala Innovation and Start-up Policy

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About the draft policy-

• It aims at nurturing start-ups and other entities to co-create the future of India’s growing maritime sector. 
• This entails intensive collaboration of the organizations to build a strong eco-system facilitating innovation and Startups in the country that will drive sustainable growth and generate large scale employment opportunities. 
• Draft policy has identified several key areas for the startup to flourish including decarbonization, optimizing processes through data, maritime education, multi-modal transportation, manufacturing, alternate/ advance materials, maritime cybersecurity, smart communication and marine electronics.

Key highlights of the Draft policy-

• Digital Portal based selection of startups ensuring a transparent process.
• Grants to create a minimum viable product/ services (MVP), commercialization of proprietary technology including market entry or scaling up.
• Creation of ‘Launch pads’ at Ports for carrying out trials, facilitating pilot projects, establishing working space and adopting products and solutions.
• Annual Start-up Awards in the maritime sector recognizing distinguished efforts of innovation.
• Organizing Buyer-Seller Meetings and providing Technical Knowledge Support for VCs.
• Guidance to Non Registered Start-ups and Individuals with promising ideas in Maritime Sector including registration of start-up and availing Department for Promotion of Industry and Internal Trade (DPIIT) recognition.
• Regulatory support in Tenders and Subcontracting.
• Legal and accountancy back up to start-ups for IP-Patent filing, Company registration, annual filings and closures.

The promotion of start-ups shall be through development of Maritime Innovation Hubs (MIH) which shall perform the following functions:

• Develop incubators and accelerators with state of the art facilities to cover all aspects of the startup journey from idea to scaled product.
• Develop centralized repository containing all pertinent information to assist emerging entrepreneurs
• Attract investment for eligible start-up businesses and innovative maritime technology
• Entrepreneur development through ‘know-how’ sessions about the various aspects of the maritime industry and launching of innovation focused programs
• Collaborate with national & international stakeholders for mentorship, knowledge sharing and facilitate access to global subject matter experts, serial entrepreneurs, business leaders, and investors with the potential to get their entry and scaling in the India.

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