Developed by the Ministry of Commerce and Industry’s Department for Promotion of Industry and Internal Trade (DPIIT). The award aims to acknowledge and reward remarkable startups and ecosystem facilitators who are developing breakthrough products or solutions and scalable businesses with a strong potential for creating jobs or income, as well as exhibiting measurable social impact.
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- Recently the Department for Promotion of Industry and Internal Trade (DPIIT) under the Union Ministry of Commerce and Industry, concluded the National Startup Awards 2021.
- The Department of the Interior also publishes the States’ Ease of Doing Business Rankings.
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About National Startup Awards
- Agriculture, Education, Enterprise Technology, Energy, Finance, Food, Health, Industry 4.0, Space, Security, Tourism, and Urban Services were among the 12 areas for which submissions were sought to participate for this award.
- Apart from these, firms that have a positive impact in rural regions, are led by women, and were formed in university campuses were chosen (3 special categories).
- The winning startup entrepreneurs get a cash award of Rupees. 5 lakh as well as the opportunity to propose their ideas to appropriate government agencies and corporations. The winning money for incubators and accelerators will be Rupees. 15 lakh.
- It is entirely voluntary to participate in the National Startup Awards. A startup can only nominate itself in two categories at a time.
Eligibility Conditions for National Startup Awards
- The participant must be a DPIIT- recognised startup. The entity’s certificate of incorporation or partnership deed is required to be submitted.
- All relevant trade specific registrations must be held by the firm (example: MSME, GST, CE, FSSAI Registration, etc.).
- The firm must have a commercial hardware or software product or a process solution.
- For the last three financial years, the firm must present Audited Financial Statements (Profit & Loss Account, Balance Sheet) (FY 2017-18, 18-19, 19-20). If audited financial accounts for FY 2019-20 are not available, the firm may submit a provisional financial statement for FY 2019-20 prepared by a chartered accountant.
- The firm, any of its promoters, or any of their group firms should not have made any defaults in the recent three years (FY17-18, 18-19, 19-20).
Startup India Showcase
- Industry, investors, and government agencies will be able to locate and engage with startups for prospective collaborations, financing, and public procurement.
- It is part of a portal of the Startup India scheme, which aims to serve as an online discovery platform for the country’s most promising entrepreneurs.
- Experts will handpick the businesses that will be exhibited here, and they will come from a variety of industries such as FinTech, EdTech, and Social Impact, to name a few.
Fact: The Startup India Scheme was launched by the Union Government of India in the year of 2016.
Certificate Verification System based on Blockchain
It will provide rapid verification and access to DPIIT’s certificates of recognition of various startups. The startup certificates now have an extra degree of protection thanks to this functionality. Government departments, procurement bodies, investors, and other third parties can use it to check the status of recognised startups in order to access various possibilities.
Significance of the National Startup Awards
It will aid in the creation of jobs and the achievement of Atmanirbhar Bharat‘s aim (Self Reliant India). The prizes will instill a sense of excitement, and motivation in young entrepreneurs to pursue their unique ideas to the next level, propelling firms to expand and serve new areas, and populations.
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