In news– Recently, the Ministry of Electronics & Information Technology (Meity) launched “Start-up Accelerators of MeitY for pRoduct Innovation, Development and growtH (SAMRIDH)” programme.
About SAMRIDH programme
- It seeks to create a conducive platform for Indian software product star-ups to help them scale up their businesses.
- The programme is being implemented by MeitY Start-up Hub (MSH).
- The initiative will not only provide the funding support to the startups but will also help in bringing skill sets together which will help them to become successful.
- SAMRIDH scheme will pick up startups that are ready for the acceleration stage and will provide them with funding support, mentorship and a lot of other support that is required by startups at this stage.
- It will focus on accelerating the 300 start-ups by providing customer connect, investor connect, and international immersion in the next three years.
- Also, an investment of up to Rs. 40 lakh to the start-up based on current valuation and growth stage of the Start-Up will be provided through selected accelerators.
- It will also facilitate equal matching investment by the accelerator / investor.
- The programme aims 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 168 Bn USD.
MeitY Start-up Hub (MSH)
- In order to facilitate MeitY’s vision of promoting technology innovation, start-ups and creation of Intellectual Properties, a nodal entity called ‘MeitY Start-up Hub’ (MSH) has been set up under its aegis.
- 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.