Rajasthan unveils start-up policy

Jaipur: Rajasthan Chief Minister Vasundhara Raje on Friday released the state's first start-up policy to promote entrepreneurship, to loud cheers by aspiring entrepreneurs and students who had gathered in large numbers for a two-day Rajasthan Startup Fest 2015 in Jaipur's Sitapura area.

The start-up policy, unveiled by Raje while inaugurating the event, aims to strengthen the start-up eco-system in the state by setting up 50 incubators/accelerators, supporting 500 start-ups, creating 100,000 square feet of incubation, and mobilising Rs 500-crore angel/venture capital funding in the next five years.

“If Bengaluru is where it all began in start-ups, I can assure you Rajasthan is where it is going to be. It is a very important step in the history of Rajasthan,” Raje said. She said this policy is for five years, but it is open to suggestions and reviews. ‘‘We are giving a baseline policy; nothing is closed. We are also open to the private sector playing a bigger role,'' she added.

Arun Nanda, chairman of Mahindra Holidays and Resorts India Ltd, in his keynote address at the event, said he would be mentoring three start-ups in the state, while Rajesh Agarwal, managing director at Micromax Informatics, shared how Micromax became one of the top-ten telecom brands globally.

The Startup Fest has been organised by the Rajasthan State Industrial Development & Investment Corporation (RIICO); Startup Oasis, a Jaipur-based incubation centre set up by RIICO, and the Centre for Innovation, Incubation & Entrepreneurship of the Indian Institute of Management, Ahmedabad.

The organiser claimed event saw participation from more than 500 people.

Several start-ups are exhibiting their products at the festival. The event also saw multiple panel discussions and mentoring sessions. “Jaipur is fast becoming the next start-up hub of India, with excellent social and physical infrastructure, low cost of living, large number of technical and professional colleges and proximity to the National Capital Region,” said C S Rajan, chief secretary, the government of Rajasthan.

Gajendra Singh Khimsar, Industries Minister, Rajasthan; Kunal Upadhyay, CEO, CIIE, IIM Ahmedabad; Rajesh Agarwal, Co-founder & Managing Director, Micromax; and Nagaraj Prakasam, Partner, Acumen Fund  also spoke on the occasion.

RAJASTHAN START-UP POLICY 2015: HIGHLIGHTS

• # 50 incubators / incubator-like organisations to be established
• # 500 innovative start-ups to be supported and incubated
• # 100,000 sq ft of incubation space to be developed / facilitated
• # Angel and venture capital of Rs 500 cr to be mobilised for start-ups
• # Start-ups to get sustenance allowance of Rs 10,000/month for a year
• # Start-up will get marketing assistance of Rs 10 lakh at launch stage
• # State will help key institutes to set up incubators and accelerators

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.