Your startup and the Uttar Pradesh Startup Policy.
The state of Uttar Pradesh, which has tremendous entrepreneurship potential, has been steadily working to build a robust startup ecosystem in the state over the last few years. To promote the spirit of innovation and entrepreneurship, the state announced its first startup policy, "IT and Startup Policy 2016," which was later amended to "IT and Startup Policy 2017." However, due to the introduction of the state's startup ranking framework by the Government of India and the commitment of the UP government to promote the policy at the grassroot level by integrating state government schemes such as Yuva Hub, Innovation Hub, and the largest incubator in Lucknow, another revision of the policy became necessary. As a result, the state government has decided to launch a new Startup Policy 2020 to make it more comprehensive and beneficial to the state's youth. This policy also seeks to broaden the policy's coverage by encouraging greater collaboration among state government departments, technical and higher education institutes, and others.
With the introduction of the new "Startup Policy 2020," the state government hopes to instil the culture of entrepreneurship at the school level, allowing students to learn the virtues of entrepreneurship during their early years of education. This initiative will not only take student learning to a new level, but it will also aid in the development of future entrepreneurs.
The new policy aims to create a comprehensive startup and entrepreneurial ecosystem in the state by supporting the establishment of tinkering labs in schools, E-cells in colleges, incubators in institutes of higher learning, and centres of excellence to promote research and development in emerging technologies, among other things.
To create a world-class startup ecosystem in the state by building a strong infrastructure and establishing a favourable policy environment.
Promote a culture of innovation and entrepreneurship at the grassroots level, resulting in job creation and the introduction of emerging technologies in niche sectors, thereby contributing to the state economy and youth empowerment.
- To rank among the top three states in the GoI's "States' Startup Ranking."
2. Create or support 100 incubators, at least one in each district of the state.
3. Create a minimum of one million square feet of startup incubation and acceleration space.
4. Establish an ecosystem in the state that will support at least 10,000 startups.
5. Establish three cutting-edge Centers of Excellence (CoEs).
6. Establish the largest incubator in India in Lucknow.
Policy Period and Applicability
The Startup Policy 2020 is valid for five (5) years from the date of notification. The policy supersedes all startup-related clauses in previous policies, namely the UP IT and Startup Policy 2016 and the UP IT and Startup Policy 2017–2022. Cases that have already been approved by the nodal agency prior to the notification of this new policy will be governed by the provisions of their respective previous startup policies. The Startup Policy 2020 is industry-neutral and applies to all startups in any industry.
Some new benefits to be added before GIS
The government of Uttar Pradesh has drafted a number of policies to encourage the growth of startups in the state ahead of the GIS the following year.
It is prepared to offer financial support in exchange for this, which will include a number of concessions and rebates.
- Startups of new products will receive Rs 5 lakh from the state government.
- Startups that will introduce their new product(s) to the market will be given a separate grant of Rs 7.5 lakh.
- The start-ups that meet all of the aforementioned requirements, including the monthly stipend, will also receive an overall financial assistance of Rs 14.6 lakh.
- The number of centres of excellence (COEs) has increased from three to ten in accordance with the proposed policy.
- Two more COEs are being built at the IIT campuses in Kanpur and Noida. Currently, one COE is operating at the Sanjay Gandhi Postgraduate Institute of Medical Sciences in the state capital under the name "Meditech."
- The Uttar Pradesh government has expanded the Information Technology and Science department by over six new areas for the benefit of the region's female technologists.
- The Uttar Pradesh government will also give all young entrepreneurs a "encouragement allowance" of Rs 17,500 per month.