Startup Odisha Initiative

Vision

• To emerge amongst the top 3 “Startup Hubs” in India by 2020 through strategic partnership, conducive ecosystem, investment and policy intervention.
• To unleash the potential of women entrepreneurship in Odisha by encouraging at least 33% of the Startups with Founders/Co-Founders as women.

Mission

• Build a holistic Startup ecosystem in Odisha to enable the State to become one of the top three Startup destinations in the country
• Implement a supportive regulatory framework and robust governance structure that enables hassle-free, time bound statutory clearances and monitoring

Objectives

• Develop a world class “Startup Hub” in Odisha by 2020
• Encourage incubators including sector specific ones aligning with the State’s strengths and requirements
• Create enabling environment and supporting eco-system that facilitates at least 1,000 Startups in next five years in the state
• Create a strong institutional framework for effective implementation, monitoring and evaluation of this initiatives

Funding and Incentives

For Startup

• Monthly Allowance:
  • Monthly payment for the first three months may be made directly to a recognized eligible startup entity in its registered bank account on a monthly basis
  • Three months onwards, payment may be released based on the utilization report submitted by the Startup online to the Nodal agency within 15 days of completion of the first three months
  • Startup entity shall submit a utilization report highlighting the utilization of the monthly allowance in the first three months and enclose/upload supporting documents and bills, where applicable
  • Payment of the monthly allowance will be made for a period of one year only
  • Startup entity can avail this benefit only once
  • Startup entity shall submit a final utilization certificate highlighting utilization of the monthly allowance along with supporting documents and bills within one month of the completion of 1 year
• Product Development and Marketing / Publicity Assistance:
  • Startup will have to submit a self-contained product development plan with justification, online
  • Subject to approval, 50% of the payment to a recognized startup entity may be made in advance and the remaining 50% will be made to its registered bank account upon utilization of the advance payment on the basis of submission of utilization certificate along with bills
  • The Startup entity must submit utilization certificate along with bills for the advance payment within three months of receiving the grant
  • The Startup entity must submit final utilization certificate along with bills for the entire amount within six months of release of grant
• Need based Assistance:
  • Startup entity will have to submit a self-contained plan with justification online for the need and the manner of utilisation of the assistance
  • Subject to approval, payment may be made directly to a recognized startup in its registered bank account
  • The Startup entity must submit utilization certificate along with bills for all the expenses within three months of receiving the grant
• Subsidized Incubation :Recognized startups may avail subsidized incubation space in Government Incubators recognized under Startup Odisha Initiative.
• Assistance for Event participation: Recognized startups may avail economy class air fare or 3 tier AC train fare for travel & free space in the stall, in the reputed national and international events, where they are representing the state.

For Incubator

• One-Time Capital Grant:
  • The approved aspiring/ existing incubator will submit online application for Monetary Grant to the Startup Secretariat and upload requisite documents for due diligence
  • The grant may be disbursed in a phased manner as per the budget/ utilisation plan submitted by the incubator and approved by the Startup Council
  • The grant may be disbursed in proportion to the funds brought in by the approved incubator, as mentioned in their budget plan and approved by the Startup Council

• Reimbursement of Utility Expense:
  • One-time payment of utility expenses limiting to Rs. 1 lakh per year for a maximum period of 3 years may be made directly to the approved existing incubator in its registered bank account
  • The incubator must submit bills for the expenses while availing the grant and submit utilization certificate within 3 months of the release of the grant

• Performance capital grant
  • One-time payment may be made directly to the approved incubator in its registered bank account
  • The approved incubator will submit a list of the successful incubatees incubated at least for a period of three months