Madhya Pradesh takes key initiatives to boost start-up ecosystem
Madhya Pradesh provides a world-class ecosystem, with Indore securing 14th rank, and Bhopal securing 29th rank for providing best start-up ecosystem in India, according to the report by StartupBlink.
As India has become one of the top start-up destination in the world, the Madhya Pradesh government has also launched “MP Start-up Policy and Implementation Scheme 2022”, which will give impetus to the start-up movement in the country and fulfil the objectives of AtmaNirbhar Madhya Pradesh Roadmap 2023.
In an official statement, the state government informed that the scheme plans to improve the existing ecosystem of Madhya Pradesh and to promote and inculcate the spirit of entrepreneurship and innovation among the masses. The broader vision of this scheme is to make the State a leader in the ‘Start-ups Ranking’, a ranking released by Start-up India.
Madhya Pradesh provides a world-class ecosystem, with Indore securing 14th rank, and Bhopal securing 29th rank for providing best start-up ecosystem in India, according to the report by StartupBlink.
The scheme has a provision for establishing a single window agency for start-ups and incubators and ‘MP Start-up Centre (MPSC)’ has been established, which helps start-ups by providing mentorship and supporting them through approvals and fundraising. Any start-up can reach out to them for help directly.
MPSC is also responsible for collecting market intelligence about the ecosystem players – ranging from venture capital firms and angel investors networks and start-ups and incubators. This market intelligence is used to reassess the activities carried out by the Government and would support upcoming policies of the state, the statement read.
In 2022, MPSC has undertakes some key initiatives. It has also provided financial assistance starting from ₹20 lakh to 21 start-ups. The agency has also facilitated many start-ups to attend major domestic and international events to promote their products/services and find new clients.
Its major impetus is on capacity enhancement by organizing 25 two-day bootcamps at colleges and universities to educate younger population. These bootcamps will cover topics on the latest technology to enable younger population to have their own entrepreneurial journey.
Madhya Pradesh also plans to invest ₹10 crore in five Indian AIFs (Alternative Investment Funds), that will invest multi-fold in the state’s start-ups. It incentives to promote start-ups and incubators.
These incentives could range up to ₹60 lakh over the lifetime of a start-up. To empower women, the state also offers additional assistance to women-led start-ups. Special incentive is available to product-based start-up on top of the general incentives, the statement added.
During ‘Invest Madhya Pradesh-Global Investors Summit 2023’ to be held at Indore on 11th & 12th January 2023, a session on ‘MP Start-up Ecosystem’ has been organized to introduce the policies and schemes of the Government of MP to budding start-ups.
The panel discussion will be on the theme ‘A Start-up’s Journey - Seed to Unicorn and Beyond’ which will include the presence of investors, venture capital funds, and media houses.
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First Published:16 Dec 2022, 11:15 AM IST
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