Start-ups have grown in popularity in Puducherry over the past ten years (Pondicherry). A vibrant group of people, including employees and college students, have stepped forward to launch their start-ups. In Puducherry, start-ups have generated a lot of job opportunities over the past ten years (Pondicherry).

The government created a ten crore corpus fund known as the “Puducherry Start-up Fund” to aid in the establishment of start-up incubators. The funds construct co-working spaces. Private industrial C.S.R. funds, as well as any other resources and services that the Start-up Council deems appropriate, will be sought out by the Corpus fund for support.

What is a start-up?

A start-up is a small company founded to provide a particular service or good to address a problem. Start-up refers to a business that is just getting started. They are created by one or more business owners who want to make a good or service.

The government of Puducherry unveiled a start-up policy. The policy, announced by Minister for Industries M.O.H.F. Shahjahan, aims to establish a corpus fund of 10 crores to support the development of co-working spaces and the establishment of start-up incubators.

The department intends to offer a start-up grant of Rs. 3 lakh to projects suggested by incubators set up by public, private, or academic institutions. The government-established committee of experts known as the Innovation and Entrepreneurship Development Committee will approve the projects and keep an eye on their development.

The CII Puducherry start-up summit 

CII refers to the CONFEDERATION OF THE INDIAN INDUSTRY. The goal of the Puducherry Start-up Summit was to draw the most creative and innovative business minds from all over Puducherry to help them develop their ideas for the growth of the state. Eminent speakers shared their perspectives on the start-up ecosystem, the investment climate, cutting-edge ideas, and the value of incubation at the event.

The summit’s main topics were “Quick Start to Early Struggles -Experience Sharing, Brief about the Start-up Policy of Government of Puducherry, Role of Accelerators & Incubators in Start-up Ecosystem, and The Art & Science of Fundraising for Start-ups.”

Benefits of the scheme 
  • Start-ups recommended by incubators created by the government, the private sector, or academic institutions can receive a financial grant of up to 3 lakhs. A panel of experts that the government has appointed will approve the start-ups. On the other hand, the Innovation and Entrepreneurship Development Committee (I.E.D.C.) will periodically monitor their development.
  • Up to five citizens each receive a monthly allowance of 10,000 rupees. Furthermore, the government shall give a monthly stipend of 15,000 to any woman, person from a historically underrepresented group, a person from a predominantly white region, or transgender person who founded or co-founded the start-up.
  • Beginning with the Minimum Viable Product (M.V.P.) stage, recognized start-ups operating in Puducherry will receive marketing assistance from the start-up cell with I.E.D.C.’s approval.
  • Funds for infrastructure support, including workstations and cloud storage, are provided based on incubator recommendations.
Eligibility of the scheme 

If a business meets the listed requirements below, people consider it a start-up.

  • If it is registered in India as a private limited company, a partnership firm, or a limited liability partnership (as defined in section 59 of the Partnership Act, 1932), (as defined in the Limited Liability Partnership Act, 2008).
  • Ten years have passed since the company’s incorporation or registration.
  • If during any of the financial years following the entity’s incorporation or registration, its annual revenue was at most 100 crore rupees.
  • An organization, a person, or a group engaged in developing original concepts or ideas. The same goes for developing or improving new products, methods, or services based on technology or intellectual property, as well as determining whether they have a scalable business model with a high potential for generating wealth or employment.
  • If it adheres to the periodically updated definition of a start-up set forth by the Government of India.
  • An organization, a person, or a group engaged in developing original concepts or ideas. The same goes for developing or improving new products, methods, or services based on technology or intellectual property, as well as determining whether they have a scalable business model with a high potential for generating wealth or employment.
  • If it adheres to the periodically updated definition of a start-up set forth by the Government of India.
Documents needed for the Puducherry start-up fund 
  • Native certificate
  • Passport size photo 
  • Project report/business plan 
  • Aadhar card copy 
  • Affidavit 
  • Certificate of education
  • Ration card copy
  • Caste certificate ( if applicable )
  • Disability certificate ( if applicable )
  • Bank detail copy 

The world knows India as the start-up capital; multiple young and dynamic Indians are pursuing entrepreneurship, propelling them and the entire country forward. That’s why Puducherry’s Minister of Industries Shahjahan unveiled the Industries Department’s start-up policy, emphasizing the importance of offering financial grants, monthly stipends, and tax incentives to potential entrepreneurs to encourage the establishment of new businesses in the Union Territory.

How to apply for the Puducherry Startup Fund?

Visit the following link to learn more about the scheme

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