26/08/2016
Hi Entrepreneurs ,
The snap shots of OSP(Odisha Startup Policy)--
Odisha Startup Policy (OSP) 2016 targets setting up of at least 1000 Startups in the next five years attracting substantial venture and angle capital to the State with sizeable attractive employment opportunity for the educated youth.
The State Cabinet, which approved the new OSP today, envisages Odisha to be amongst the top three Startup Hubs in the country by 2020 through strategic partnership, conducive ecosystem, investment and policy intervention.
Briefing Media Men after the Cabinet meeting, Chief Secretary Aditya Prasad Padhi said that the Policy will be implemented for a period of five years.
The Implementation of the Policy would be monitored by a State level Implementation Committee (Startup Council) headed by Chief Secretary and a Review Committee headed by Principal Secretary MSME, said he.
Giving out details Mr.Padhi said that the Policy envisages to usher in an innovation and Startup Eco System through creation of world class incubation centers, funding and a supporting incentive structure at par with other states of the country.
Mr.Padhi said that a Startup Capital Infrastructure Fund up to Rs.25 Crore will be provided by the State Government to the Department of MSME through Budgetary Provision.
Besides the State Government would participate in the Private State Specific Funds for Startups to set up Operations in the State, such as Seed/Venture Capital Funds, limited to 1/4th of the total size, provided there is a firm commitment from the Private State Specific Fund Manager of bringing in 3/4th money to the State.
University/ Colleges would be eligible for one time Capital Grant of 50 Percent of Capital Cost excluding the cost of building up to a maximum of Rs.1 Crore to set up Incubation Facility.
Rs.10,000 Per Month will be provided to a Startup for a period of 1 year only if the Startup has got the seed round funding approval.
Reimbursement up to Rs.1Lac per year for three years shall be provided to Institutions/Incubators/Industry for providing free internet, free electricity and mentoring services.
The approved incubators shall be eligible for a performance Capital Grant of Rs.5 Lac for each successful Startup they incubate.
Marketing/Publicity Assistance up to Rs.5 lac shall be reimbursed for introduction of innovated product in the market after Series “A” Funding.
Need based assistance would be considered on case to case basis to certified Startup for reimbursement of the cost of raw material/ components and other related equipment basing on recommendation of the Startup Council.
"The Policy Document will be launched by the Chief Minister Naveen Patnaik in the ensuing Odisha Invest Meet at Bangalore on 26 august 2016", said L N Gupta Principal Secretary.
