The State Government has approved certain amendments in the Odisha Startup Policy – 2016, which will help in suitably incentivizing startups. Whereas, some of the amendments include elaboration/clarification of some of the existing definitions, the other ones relate to certain benefits to the startups being enhanced.
For example, monthly assistance at idea stage has been increased from Rs. 10,000/- to Rs.20,000/- to a recognised startup for a period of one year on fulfilment of certain conditions. Similarly, the marketing/publicity assistance has been enhanced from Rs.5 lakh to a maximum of Rs.15 lakh to a startup for introduction of innovated product in the market.
The one time grant of 50% of a capital cost up to a maximum of Rs.1 crore to set up an existing incubator facility will also cover scaling up of an incubator facility. Further, in case a university recognised under the Central/State Act is able to rise funding for development of its incubation infrastructure, the Startup Council may consider providing a matching grant up to an upper limit of Rs.5 crore on case to case basis. Such grant shall only be used for development of incubation infrastructure including purchase of equipment for the incubation facility.
The amendments approved by the Cabinet in the Odisha Startup Policy-2016 will go a long way in encouraging the startups and incubators thereby strengthening the entire innovation and startup eco-system in the state.