Startup Himachal - Himachal Pradesh Startup funding scheme

Startup Himachal – Scheme Introduction

Startup Himachal is an initiative of the Government of Himachal Pradesh, India, to support and promote entrepreneurship in the state. The “Chief Minister’s Startup/Innovation Project/New Industries Scheme” has been formulated in order to transform the educated youth from job seekers to job creators, as well as to give support to the “Startup” and “innovative projects” in the state and to provide the youth and potential investors with the skills necessary to develop entrepreneurship. The program envisions a variety of startup incentives to facilitate the success of the entrepreneur’s venture. In addition, the scheme provides for the establishment of incubation centers in the host institution of the State in order to create capacity, foster networking, establish the required infrastructure, and raise awareness.

This scheme’s primary objective is the creation of self-employment and employment, the upgrading of entrepreneurs’ skills and the provision of support for the establishment of their units under professional guidance, the promotion of innovation in focus areas, the establishment of incubation centers, the creation of working space for start-ups and innovation projects, the provision of incentives, etc. This Scheme also seeks to assist and guide entrepreneurs in selecting viable projects in high-potential areas of the manufacturing and service sectors, as well as train them to establish startups and subsequently manage and operate their businesses professionally.

Startup Himachal – Funding Scheme Aims & Objectives

Self-employment/employment generation and income generation.
To promote new ideas/ products and processes suitable for commercialization through startups.
Set up Incubators/Incubation Centers in the state.
Handhold new enterprises and entrepreneurs.
Help entrepreneurs gain knowledge, expertise and avail assistance as provided under various schemes been implemented by State/Central Govt. /Other institutions.
Facilitate and promote innovation.
Facilitate startups and Innovation Projects.
To Facilitate creation of incubation space.
Facilitate adequate investment to startups.
Facilitate venture capital funding.
Promote Human Capital.
To promote Industrial development in the State.

Startup Himachal – Funding Scheme Eligibility

Eligibility of Applicant

Any individual/group of individuals having innovative idea/Concept will be eligible.

Eligibility for Institutions

Universities/education institutions, Incubation Centre/PSUs/R&D Institutions/Private and other establishments will be eligible as an institution to support and mentor to innovators as approved by Committee.

Focus Areas

Technology driven innovation in any sector
Rural infrastructure and facilities, crafts, arts, water and sanitation, renewable energy, healthcare, etc.
Clean technology
Agriculture, Horticulture and the related areas
Food Processing
Retail
Tourism and Hospitality
Mobile, IT and ITes including hardware
Biotechnology

Startup Himachal – Incentives

The Incentives under this schemes to the Innovation Projects will be as under:-

Rs. 25,000/- per month will be provided to the innovation projects as sustenance allowance for one year whose project is recommended by the Host Institution and approved by the Empowered Committee.
Incubation center will provide support to the startups and innovation projects by providing mentoring services, access to their labs, facilities, etc. on a free-of- cost (FOC) basis.

Roles & Responsibilities

The roles and responsibilities of the Incubators availing support from the Government are :-

The incubator will nurture new ideas/New Industries to support them throughout their complete life cycle, until they are commercialized. The incubator shall also establish ties with relevant industries to ensure that new ideas/New Industries are fostered in an environment that is conducive to their development.
The incubator will serve as the innovation ecosystem’s center, with other academic institutions in the district serving as its spokes. They will incubate initiatives through a competitive selection process among students, alumni, and community entrepreneurs. Students from these institutions will also be encouraged to intern with startup incubators recognized by the state government in order to complete their main-projects, summer/winter projects, or vacation internships. The incubators may be required to administer selection programs throughout the state so that students from any college in Himachal Pradesh have access. Additionally, such endeavors can be converted to senior year Such incubators identify projects in which academic institutions/universities and colleges must involve an external project guide/mentor.
Developing the necessary Support Ecosystems, Capital Asset Management, and Resources for the Incubator.
Private Partner in a PPP incubator is responsible for developing a self-sustaining business model required for the execution of the Incubator after the support period given to incubated startups, which is a maximum of three years for service startups and five years for product startups from the date of their entry into the incubator.
Communicate with Angel and Venture Capital investors to secure funding for the incubator’s ventures.
Private Partner will cover any shortfalls in revenue generation following the end of the support period.
Private Partner will be responsible for identifying, nurturing, and supporting Incubatee companies within a framework that is adaptable to the evolving incubation needs of the Sector.
Ensure the active participation of other private sector organizations in the Incubator’s fund-raising efforts and angel investments for start-ups.