Indian Economy News

A platform has been developed by Indian Institute of Technology (IIT) Madras researchers to boost the start-up sector

  • IBEF
  • October 27, 2023

Indian Institute of Technology Madras (IIT Madras) researchers at the Centre for Research on Start-ups and Risk Financing (CREST) developed an ‘Intelligence Platform on Government Funding Schemes for Start-ups’ to boost the start-up sector.

According to a press release by IIT Madras, the government funding platform brings together the full range of start-up schemes from the government to the doorstep of the entrepreneur. It was created and deployed in collaboration with YNOS, an IIT Madras-incubated start-up. It was created using information gathered over many years of study and research by a group of academics from IIT Madras' Department of Management Studies and Principal Investigator of CREST, Professor Thillai Rajan.

The portal will assist entrepreneurs in comprehending the panorama of government start-up funding. The package combines data from several state governments, central public sector organisations, and central government plans. There are almost a hundred distinct programmes run by various organisations. Mr. Amitabh Kant, India's G20 Sherpa, announced the platform.

He stated that an entrepreneur can learn about every government plan in one place with a simple mouse click. In addition, the platform offers comprehensive data on the startups that have benefited from the programme, the average amount of funding received, the age of the startup when it received funding, the number of founders in the start-up, and the age of the founders when the start-up received funding.

He further added that comprehensive information on over 100 schemes of different ministries and departments may be found on the information platform on government support for start-ups. These programmes have helped about 10,000 start-ups. A large number of startups that receive funding from the government go through extensive verification and due diligence. Emphasising the startups that have benefited from government assistance might also draw in private investors like angel and venture capitalists for further funding. Combining data from all government programmes makes it easier to convey the overall impact of these programmes effectively.

Additionally, the platform provides social media connections and contact information for each plan. This gives the entrepreneurs the opportunity to learn more about the plan if they are interested. With a single click, the entrepreneur may also get a comprehensive report on every project.

According to Professor A. Thillai Rajan, Principal Investigator of CREST, Faculty, Department of Management Studies, IIT Madras, the informational obstacles that entrepreneurs and other players in the Indian start-up ecosystem experienced served as the driving force behind the development of this platform. The information was dispersed, difficult to find, and did not consider the demands of the stakeholders. By taking on this national challenge, CREST, an Institute of Eminence Research Centre of IIT Madras, decided to showcase its leadership in worldwide research. As a result, a worldwide standard intelligence platform on the Indian start-up ecosystem was developed, addressing the informational difficulties that early-stage business owners encountered.

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