Goa Aims to be the National Capital for Start-ups

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Not just travel destination, Goa is all set to flaunt itself as one of the most preferred destinations for start-ups, thanks to the Goa Start-up Policy launched by union minister, Suresh Prabhu on April 28. This policy will place Goa in the list of top 25 start-up destinations in Asia by 2025.

The government will set up Startup Promotion Cell under the Department of IT (Goa), government developed incubators and privately run incubators to make Goa the national capital for startups. The policy envisions to create at least 100 successful start-ups in Goa in the next five years, generating employment for at least 5,000 Goans.

Recently, Suresh Prabhu tweeted, “At the Goa Startups and Innovation Day – Goa with its strategic location and ecosystem – has the potential to be the entrepreneurship hub. We are working towards it. This event will contribute to the building of a robust ecosystem involving all stakeholders #GSID2018”.

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Idea-to-PoC, seed capital, working capital, one-time grant, research and development, student innovation and skill development funds are some to be provided under the policy.

Idea-to-PoC fund will offer a matching grant to early-stage start-ups that have raised some capital from other sources. Seed capital fund will provide financial aid to start-ups that have achieved a minimum viable product. The working capital fund will offer financial support to startups at a stage where they have developed a product and acquired a consumer base.

One-time grant to fund start-ups to meet those requirements that generally arises once in the start-up lifecycle like stamp duty, trademark registration and others. Research and development fund will encourage continuous innovation and research. The incentives under this fund pay for IPR registrations, researchers’ salary.

Student innovation fund will provide the state’s young minds a chance to experiment with and learn about new technologies, will conduct innovation competitions for students and technology fellowships for educators. Skill development fund will incentivise institutes to offer courses adding to technical skill set of students along with ensuring the benefits under this fund reach students.

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