Indian Institute of Technology Madras (IIT Madras) researchers at the Centre for Research on Start-ups and Risk Financing (CREST) developed an ‘Intelligence Platform on Government Funding Schemes for Start-ups’ to boost the start-up sector.
According to a press release by IIT Madras, the government funding platform which was developed and implemented in partnership with YNOS, an IIT Madras-incubated start-up, brings together the entire spectrum of start-up schemes from the government to the doorsteps of the entrepreneur. It has been developed based on several years of research and data collected by a team led by Prof Thillai Rajan, Principal Investigator of CREST, and faculty, Department of Management Studies, IIT Madras.
The portal will help entrepreneurs to get an understanding of the government funding landscape for start-ups. The product integrates information on the various central government schemes, central public sector companies, and also that of various state governments. There are more than 100 different schemes by different agencies. The platform was launched by Amitabh Kant, India’s G20 Sherpa, informed IIT Madras.
“At the click of a mouse, the entrepreneur can get to know about all the government schemes in a single location. Furthermore, the platform also provides detailed analytics such as the start-ups that have benefitted from the scheme, average financial investment received, age of the start-up at the time of getting funded, number of founders in the start-up and the age of founders at the time of getting financial support,” said Amitabh Kant, India’s G20 Sherpa.
“The information platform on government funding for start-ups contains comprehensive information on more than 100 schemes of various ministries and departments. Close to 10,000 start-ups have benefited from these schemes. Many of the start-ups that receive government support undergo rigorous verification and diligence. Prominently showcasing the start-ups that have received government support, also helps to get the attention of private sector investors such as Angels and VCs, for subsequent funding. Consolidating information of all government schemes helps to communicate the aggregate impact of these schemes in a very powerful manner,” he added.
According to the press release, the platform also gives the contact details and the social media links of the respective schemes. This enables the entrepreneurs to get more information about the scheme if they are interested. The entrepreneur can also download a detailed report on each and every scheme through a simple click.
“The motivation for developing this platform was driven by the information challenges faced by entrepreneurs and other stakeholders of the Indian start-up ecosystem. Information was scattered, not easily accessible and did not address the needs of the stakeholders. CREST, an Institute of Eminence Research Centre of IIT Madras, chose to demonstrate its global research leadership by addressing this national challenge. The result was the creation of a global standard intelligence platform on the Indian start-up ecosystem that addressed the information challenges faced by early-stage entrepreneurs,” said Prof A Thillai Rajan, Principal Investigator of CREST, and faculty, Department of Management Studies, IIT Madras.