Rajasthan announced its startup policy in 2015. Later in 2017, the state government launched its flagship initiative iStart Rajasthan to provide further impetus to entrepreneurial ecosystem in the state. The iStart ecosystem now has over 1500 registered startups. Rajasthan Government now aims to launch the Rajasthan Startup & Innovation Policy 2019 to build upon the momentum and to provide a newer, collaborative and expansive ecosystem.
Objectives of Rajasthan Startup & Innovation Policy 2019
- To promote an ecosystem through collaborative efforts to foster entrepreneurship in the state.
Period of the Policy
- The Policy shall remain in operation for a period of 5 years from the date of its notification or until substituted by another policy, whichever is earlier.
The Key Targets of Rajasthan Startup & Innovation Policy 2019
- Bring different stakeholders of the ecosystem on-board iStart. iStart to be the one- stop platform for startups and innovation in the state of Rajasthan;
- The district level offices of DoIT&C will be strengthened to work for the purpose of development of the startup ecosystem;
- Operationalize at least 5 sector specific Center of Excellences (‘CoE’) specifically in the areas of agriculture, energy, artificial intelligence, niche technologies, Internet of Things (‘IoT’), healthcare, tribal entrepreneurship, rural entrepreneurship, etc.;
- Run at least 10 accelerator programs;
- Issuance of at least 10 work orders every year under the Challenge for Change program;
- Operationalize government owned and managed 10 incubators/ incubator like organizations in the state;
- Facilitate the growth of 2,000 startups in the state;
- Connecting 75 institutes with iStart;
- Create 1 lakh employment through startups; and
- Facilitate the mobilization of INR 100 crores of angel and venture capital for investment in the state by both managing its own fund as well as partnering with already existing funds.
Mission Agendas of Rajasthan Startup & Innovation Policy 2019
- Institutional Setup
- Simplified Regulations
- Financial Support to Startups
- Fostering student Entrepreneurship
- Outreach & Awareness
- Policy Implementation & Execution
Other Salient features of the Policy:
The Rajasthan Startup & Innovation Policy 2019 also includes certain relevant features such as:
- A 15 member Startup Council under the chairmanship of the Chief Minister to play an advisory role and act as a think-tank for strengthening the startup ecosystem in the state.
- Constitution of the State Level Implementation Committee for recommendation of budgetary financial assistance and other ancillary activities for the program.
- Financial assistance in the form equity of up to INR 5 lakhs as Seed funding to assist startups in the prototype stage in product development, testing and trials, test marketing etc.
- A revolving fund of INR 500 crores – ‘Rajasthan Innovation Vision Fund (‘RAJIV Fund’) will be established.
- In general, the state government will provide incentives and exemptions over and above those extended by the Government of India.
- The Policy defines startup as any entity defined as a startup by Government of India’s regulations and notifications.
A startup defined as an entity that is headquartered in India, which was opened less than 10 years ago, and has an annual turnover less than ₹100 crore (US$14 million)Definition of Startup, GOI