- Develop a world class “Start up 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 Start ups in next five years in the State
- Take steps to provide skill-based training to encourage youth to take up Start ups
- Encourage all major companies operating out of Odisha to include skill and infrastructure development for Start ups as an integral component of their CSR activities
- Create a strong institutional framework for effective implementation, monitoring and evaluation of this policy
The Government of Odisha recognizes the fact that the seeds of entrepreneurship and the instinctive ability to innovate must be nurtured through an enabling ecosystem, such as:
- Creation of world class physical infrastructure to support Start ups;
- Promoting the culture of innovation through Academic Interventions;
- Institutionalizing the culture of entrepreneurship by providing training for the requisite Skills
Startup Capital Infrastructure Fund
A Start up Capital Infrastructure fund with an initial corpus of Rs. 25 crore shall be setup to support development of hard and soft infrastructure for the start-up ecosystem in the State such as physical infrastructure for incubators including testing labs, design studio, tool rooms, virtual incubators etc.
Startup Seed Fund
Private State-specific funds shall be encouraged to setup operations in the State for funding Start ups and Start up ecosystem. Government may participate in SEBI approved early stage Seed/Venture Capital funds up-to 25% as Limited Partner allocating an initial corpus of Rs. 100 crore for the same.
Assistance at Idea / Prototype Stage
- Institution / Incubator / Industry will support the innovator by providing mentor services and would allow the innovator to use facilities available in the institution / Incubator / Industry for Start ups
- Rs. 10,000 per month will be provided to the innovator as sustenance allowance for one year whose project is certified by the Nodal Agency
- Assistance of Rs. 5 lakhs shall be provided to the institution / Incubator / Industry for mentoring service towards each certified Start up
- Need-based assistance upto Rs. 10 lakhs will be provided to a certified Start up for cost of raw material / components and other related equipment required for the innovative process for the new product development
Assistance once the Idea / Concept get commercialized
- Marketing / publicity assistance upto Rs. 5 lakh will be provided for the introduction of innovated product in the market
- VAT/CST paid in Odisha by the Start up companies shall be reimbursed as per the Industrial Policy 2015
- The Startu ps shall be exempted from VAT scrutiny for 3 years from the date of certification
- The cost of filing and prosecution of patent application will be reimbursed to the Start up companies as per the Industrial Policy 2015.
Assistance for Start up Funding
The Government shall encourage banks and other financial institutions to extend and enhance their lending facilities to Start ups and set up dedicated desks for Start ups in select branches for easy funding. The Government shall also encourage Angel Investors Network and various seed capital funding agencies to forge strategic partnership with industry/Start up associations in the State.
The State shall implement specific interventions to provide market opportunities and access for the start-ups registered in the State
Governance & Start-up Development Cells
The policy shall enable proper implementation and smooth functioning of all the provisions to facilitate the Start ups. The policy shall be governed by a 2-tier governance structure:
- Start up-council / State Level Implementation Committee
- Task Force based review mechanism
Start up Development Cells shall be established at each DIC and in identified Universities / Colleges, to provide the youth with requisite information regarding the Start up Policy and its provisions.
Each Start up Development Cell shall have a Ready Reckoner or Information Handbook on Doing Business for Start ups in English, Hindi and Odia languages.