Madhya Pradesh Startup Ecosystem

Madhya Pradesh, the second largest state in India by area, is not only known for its rich cultural heritage and natural beauty, but also for its emerging startup ecosystem. The state has been making efforts to create a conducive environment for innovation and entrepreneurship, and to support the talented youth of Madhya Pradesh to pursue their dreams.

The state government has launched the Madhya Pradesh Startup Policy in 2019, with a vision to establish Madhya Pradesh as a preferred destination for startups and incubators. The policy outlines the goals, strategies, incentives, and definitions for all the stakeholders in the startup ecosystem. Some of the key features of the policy are:

• Incentives for incubators and startups, such as subsidy on rent, electricity, internet, patent filing, etc.
• Funding support for startups through various schemes, such as Mukhya Mantri Yuva Udhyami Yojana, Venture Capital Fund, Angel Fund, etc.
• Mentorship support for startups through a network of mentors, experts, and industry associations.
• Capacity building of enablers, such as incubators, accelerators, academic institutions, etc., through training programs, workshops, events, etc.
• Fostering innovation and entrepreneurship culture among students and youth through hackathons, boot camps, competitions, etc.

The policy also provides a single-window clearance system for startups to avail the benefits of the policy and other government schemes. The policy implementation and monitoring is done by various committees at the state and district levels.

The impact of the policy can be seen in the growth and achievements of the startup ecosystem in Madhya Pradesh. According to DataLabs, the state was home to more than 1,200 startups as of 2018. According to StartupBlink, Indore secured 14th rank and Bhopal secured 29th rank for providing best startup ecosystem in India. The state has also witnessed some notable success stories of startups, such as:

• Oye24, a food delivery platform that operates in Indore and Bhopal, and serves more than 10,000 orders per day.
• WittyFeed a viral content platform that has more than 120 million monthly visitors from across the world.
• EngineerBabu, a software development company that has clients from more than 15 countries, including USA, UK, Australia, etc.
• Zostel a chain of backpacker hostels that has more than 40 properties across India and Nepal.
• Incuspazea co-working space provider that has more than 20 centers across India.

The state also has more than 32 incubators including six incubators supported under the Smart City Mission in Bhopal, Jabalpur, Gwalior, Indore, Sagar, and Satna. Some of the prominent incubators are:

• AIC-RNTU Foundation an incubator supported by Atal Innovation Mission (AIM) at Rabindranath Tagore University (RNTU) in Bhopal.
• AIC-SGSITS, an incubator supported by AIM at Shri Govindram Seksaria Institute of Technology and Science (SGSITS) in Indore.
• AIC-Prestige Inspire Foundation, an incubator supported by AIM at Prestige Institute of Management and Research (PIMR) in Indore.
• i5 Summit an annual entrepreneurship summit organized by Indian Institute of Management (IIM) Indore and Indian Institute of Technology (IIT) Indore.
• Startup Oasis an incubator supported by Rajasthan State Industrial Development and Investment Corporation (RIICO) and Centre for Innovation Incubation and Entrepreneurship (CIIE) at IIM Ahmedabad.

The startup ecosystem of Madhya Pradesh is also supported by various stakeholders, such as industry associations, angel networks, venture capitalists, academic institutions, media platforms, etc. Some of them are:

• TiE Indore a chapter of The Indus Entrepreneurs (TiE), a global network of entrepreneurs and investors.
• MP Angels Network, a network of angel investors based in Madhya Pradesh.
• Swan Angel Network, a network of angel investors based in Indore.
• MP Venture Partners a venture capital fund focused on early-stage startups in Madhya Pradesh.
• IIT Indore Innovation and Entrepreneurship Development Centre (IEDC), a center that promotes innovation and entrepreneurship among students and faculty of IIT Indore.

Madhya Pradesh is thus emerging as a rising star in the Indian startup scene. The state has shown its potential and commitment to foster a vibrant and dynamic startup ecosystem that can contribute to the economic development and social welfare of the state and the nation. The state is also attracting attention and recognition from national and international platforms, such as Startup India, NITI Aayog, World Bank, etc. Madhya Pradesh is indeed a land of opportunities and possibilities for startups and entrepreneurs.