Cabinet approved certain amendments  to Odisha Startup Policy, 2016

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Bhubaneswar: The Cabinet today considered and approved certain amendments  to Odisha Startup Policy, 2016. These relate to enhanced vision, incremental benefits  to startups led by women, transgender and social categories  such as SC/ST, SEBC, PH. Presently, the vision  of the Startup Policy is to emerge  amongst top  3 startup hubs  in India by 2020.  The Cabinet  today approved an additional vision of unleashing  the potential of women entrepreneurship in Odisha by encouraging  at least 33% of the Startups with Founder(s) / Co-Founder(s) as women.

The Cabinet  also  approved incremental monthly allowance of Rs.22,000/-, if the Startup Founder(s) / Co Founder(s) is a woman or transgender or  from social categories  such as SC/ST/SEBC/PH.  Similarly, Product development  and Marketing / Publicity assistance  has also been increased  to Rs. 16 lakhs,  if the  Startup Founder(s)/ Co Founder(s) is a woman or transgender or  from social categories such as SC/ST/SEBC/PH.The Cabinet also approved  the reduction  in revenue  run rate  from 10 lakhs per month  to Rs.2.5 lakhs  per month during the preceding  six months  as one of the eligibility  criteria  for availing product development  and marketing assistance.  It further approved adoption of relaxed criteria for starups on the lines notified by DIPP, Govt. of India. Whereas earlier  an entity to be  declared as ‘startup’   was required  to have  incorporation /  registration  not prior to 5 years, now it has been relaxed to 7 years in general and 10 years in case of Biotechnology startups. It  also approved a provision for recognised  startups to avail  subsidy benefit  to the extent of 50% of monthly rental of the incubation space (subject to a maximum  of Rs.5000/-) for a period of maximum one year, if the startup concerned is getting incubated at any of the incubators recognised by the Startup Odisha Initiative. It also approved a provision for extending travel / space support to the recognised startups for participation in national and international events of repute.

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