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Modi reduces 80 percent patent fees for start-ups

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New Delhi: Prime Minister Narendra Modi, while addressing at the ‘Start-up India, Standup India’ event on Saturday, said patent fees for start-ups will be cut by 80 percent to support and protect intellectual property rights of new entrepreneurs.

Patent fee for start-ups will be reduced by 80 percent. India’s future lies in innovation and creativity. Newcomers should get equal opportunities,

He also said start-ups will be helped through facilitation centres by lawyers to file patents without any charges. Delays in patent approvals, he added, need to be reduced.

Talking about intellectual property rights (IPR) Modi rued that India was lagging behind in IPR.

“We have enough youth property (YP), but we don’t have enough intellectual property (IP),” he said.

(Inputs from IANS)

(Picture Courtesy:tribune.com.pk)

 

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Rs 2,000 Crore credit Guarantee Fund for Start-ups likely to start in India

With Rs. 2000 crore credit guarantee fund, start-ups will receive financial assistance for their ventures

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Picture of a man and a wall with a bulb. Wikimedia

New Delhi, Oct 15, 2016: The government will soon set up a credit guarantee fund for start-ups with a corpus of Rs 2,000 crore with the aim to provide them with easy funding options, a top official said here on Saturday.

“With this corpus of Rs 2,000 crore in place, the start-ups would receive financial support for their ventures, which will further motivate entrepreneurship,” Ramesh Abhishek, Secretary, Department Of Industrial Policy and Promotion (DIPP), said while addressing a conference on “Start-Up India, Challenges and Sustainability”, organised by the PHD Chamber of Commerce and Industry (PHDCCI).

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Without prescribing any time limit for the fund to come up, Abhishek said with the fund becoming operational in the near future, start-ups can look forward to financial assistance for their ventures that would be available easily.

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Responding to a suggestion mooted by PHD Chamber President Mahesh Gupta, seeking relaxations in existing taxes for start-ups, Abhishek said that the issue is being pursued by the government with various stakeholders.

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Speaking on the occasion, Minister of State for Human Resource Development Mahendra Nath Pandey said the sufficient incentives should be given to those who wish to set up their venture, to promote the spirit of innovation. (IANS)

 

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India’s garbage turns out to be Goldmine for Foreign Investors: Here is How!

Microfinance provides women from low-income groups funding for which they get comparatively quick results

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widespread garbage on the streets~pixabay
  • Severe problem of garbage disposal and widespread scrap on the streets
  • ScrapApp,a startup aims at recycling the garbage trash from other waste
  • Startups get most of their funding from overseas  investors,the concept of social entrepreneurship still unknown to Indian population

MUMBAI, 24 SEPTEMBER, 2016: ScrapApp founded in 2015 is an app which helps the customer find out what their scrap is worth. It’s an initiative to make Indian streets clean  and bearable to walk on by recycling the garbage. Masked workers from ScrapApp daily separate the recyclable debris from the trash at DLF Mall, the largest mall in India giving the startup a kick in their business.

Vidhur Bakshi, 27, CEO of ScrapApp said that they get most of their funding from foreign investors because social entrepreneurship isn’t  yet popular in India.Other startups have mutual opinions on this matter.The reason behind this is that even if Indians do invest, they expect breakneck returns, mentioned HuffPost report.

The Scrap App. Twitter
The Scrap App. Twitter

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The Global Social Entrepreneurship Network (GSEN) and UnLtd, foundations for social entrepreneurs when carried out a poll found out that the lack of awareness of the public about social entrepreneurship and funds made it challenging for them to make the move and grow their profit,non-profit business.

Though a difficult task, but some startups which have helped people have access to water,sanitation etc have helped in easing the task of finding investors and thus more and more businesses are ready to fund this sector,a sector that which targets at bringing renaissance in the society and mindset of people,a society where recycling garbage is not included as a part of formal sector

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India comes under one of the countries(other than Canada,Singapore,The United States) where it is easiest to access investment.Experts claim that India can play a significant role in developing the domestic lives as well as use similar business ideas in bettering the social conditions in Africa.

Anurag Agrawal, CEO of Intellecap  told the Thomas Reuter’s Foundation that if an enterprise invests in a startup which is backed by a professional team and focused funds there are no chances of the investors suffering a loss. On reviewing many Indian startup Ceo’s, their views on this topic was that nations like the USA and Singapore are eager to  provide financial help to Indian startups focusing on societal development.

Experts say that there is one sector where the Indian enterprises are keen on investing- microfinance. Microfinance provides women from low-income groups funding for which they get comparatively quick results. Some of the top microfinance institutions are-Annapurna Microfinance Pvt Ltd, Arohan Financial Services Pvt Ltd etc.

Since the masses are adopting a change with growing awareness of the new generation so is the perspective of the investors who are gradually wishing to help the Indian startups who are trying their best to light a candle  for a better society.

–  prepared by Ashwati Menon of NewsGram. Twitter: @Ashu_phoebe

 

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Modi: Action plan on Jan 16 for ‘Start-up India, Stand up India’

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New Delhi: Addressing the nation, today, through his bi-monthly Mann Ki Baat radio talk, Prime Minister Narendra Modi said, that the action plan for the ‘Start-up India, Stand up India’  initiative would be announced on January 16.

“On January 16, the government of India will unveil the full Action Plan of Start-up India, Stand-up India,” he said

“I had briefly touched upon ‘Start Up India, Stand Up India’ in my August 15 address from Red Fort. Start Up India, Stand Up India has brought a huge opportunity for the youth. On January 16, we are coming out with an action plan on start-ups,” he added.

He emphasised on the inevitability of innovation for the advancement of the world.

“Can India be a ‘Start-up Capital’? Can the youth in the states have the opportunities in the form of start-ups, with innovations, whether it be manufacturing, service sector or agriculture? In everything, there should be freshness, new ways, new thinking. The world cannot move ahead without innovation,” he said.

He also added that the nation’s premier technical institutes would be co-opted into the scheme to link more youths of the country.

“This programme will be connected to the country’s IITs, IIMs, central universities and NITs. Wherever there is youth, they will be linked through ‘live connectivity,” he said.