The government of Assam has partnered with Invest India in order to provide strong support to budding entrepreneurs and developing start-ups in the state. The government along with Invest India will help in creating a vibrant ecosystem for start-ups in the state.
Invest India is the official Investment Promotion and Facilitation Agency of the Government of India, mandated to facilitate investments into India. It is envisaged to be the first point of reference for potential investors.
The team of Invest India has assisted the government to draft Assam’s first ever Start-up Policy under the Department of Industries and Commerce, Government of Assam, with various initiatives and incentives to create a push for employment generation and stimulate the startup culture in the state. This policy has been drafted with the long-term objective of nurturing pre-incubation stage start-ups, generating employment in the state, and establishing Assam as the startup hub of North East India.
A stakeholder consultation meeting was conducted by Ravi Capoor, Additional Chief Secretary to the Government of Assam, Industries and Commerce Department and K.K Dwivedi, Commissioner of Industries and Commerce, Government of Assam on June 23. The first draft of the policy was also out for public feedback. Representatives and stakeholders from the ecosystem like Dibrugarh University, IIM-C, IIM Shillong, STPI, CIPET, Assam GrahminVikas Bank, Indian Institute of Entrepreneurship, DST, FICCI, and local Assamese start-ups attended the meeting.
The entire draft of Assam Start-up Policy 2017 can be fetched from here.
The key highlights of the Assam Policy draft include Digital Start-up Ecosystem, Development of Infrastructure, Incentives to Registered Start-ups and Human Development. Following are the key highlights from the draft as first decoded by Business World:
Digital Support System: Start-up Assam Portal
The Start-up Assam Portal is envisioned to be an all-inclusive enabler, that is to provide state start-ups with a seamless experience in accessing infrastructure, incentives and know how on the ecosystem. This includes information aggregation about the policy, how to apply for and avail the various benefits enlisted in the policy document. In addition to this, start-ups will have access to a facility booking system, which will enable them to book and utilize assorted government infrastructure. Through the Start-up Assam Portal, start-ups will be issued a My Assam Start-up ID (MASI). Every start-up possessing a MASI will be duly recognised under the Start-up Assam initiative and will have smooth access to the state-wide infrastructure network and benefits under the Start-up policy.
Development of Infrastructure: Establishing a State-Owned Marquee Incubator
The Assam Start-up Policy outlines the inception of a state-owned incubator which is to be setup in Ambari, Guwahati. This incubator will provide state of the art facilities such as co-working space, meeting rooms, collaborative hubs, fab labs, investor lounge etc, and will cater to the best of start-ups registered in the state through physical and virtual incubation facilities. This incubator will also be home to the Start-up Assam Cell, which will act as the policy implementation unit for all the start-up related policies in the state.
Incentives to Registered Start-ups: Funding Options and other Non-Fiscal Incentives
In order to assist nascent start-ups in crossing the chasm between bootstrapping and venture capital, the policy discusses the roadmap to provide funding options to registered start-ups. This includes setting up of an Assam angel network, loan schemes with interest subsidy, among other reimbursement and subsidy incentives. Registered start-ups will also receive incentives for filing patents and other non-fiscal incentives.
Human Capital Development: Laying the foundation for the future
The policy also emphasises on proactive academic intervention by creating the right environment for learning, experimentation and innovation from the early phases of education. This includes modifying and updating school/university curriculum, incentivising and promoting entrepreneurship development cells, setting up of various learning and development programmes through MOOCs and encouraging student entrepreneurs through various incentives. In addition to this, the Government has also agreed to organise various start-up centric events to build start-up culture among various stakeholders and providing a platform for innovators to showcase their ideas.
