Explore the MeitY Samridh Scheme designed to boost startups. Understand the key features and benefits of the Samridh Scheme which has been fostering growth and innovation in the startup ecosystem
The scheme is excellent for start-ups looking to scale their business and enhance their product. The upcoming and prevailing accelerators will be offered to enhance their services. The GOI will facilitate funding of up to ₹ 40 lacs under this scheme for their ongoing growth and evaluation stage through accelerators. Vakilsearch can help you with the Meity Samridh Scheme.
The accelerators can get themselves registered on the web portal to become partners with MeitY and enable a start-up accelerator program for the timing of six months every year. This Scheme will boost around 300 tech start-ups via 40 cohorts.
MeitY SAMRIDH Scheme
The MeitY SAMRIDH Scheme 2023, initiated by the Government of India, aims to foster the startup ecosystem by offering various benefits and financial support to software startups. This scheme targets startups with innovative solutions and a proven concept for their products.
Under SAMRIDH, startups will be provided with a platform to enhance their products and secure investments, enabling them to scale their businesses. The Ministry of Electronics and Information Technology will support existing and upcoming accelerators to extend their services. Startups can receive funding of up to Rs 40 lakh based on their current valuation and growth stage through accelerators.
The scheme encourages accelerators to apply online and become partners with MeitY, offering a 6-month startup accelerator program annually. SAMRIDH is expected to support approximately 300 tech startups through about 40 cohorts.
Objective Of MeitY SAMRIDH Scheme
The primary objective of the MeitY SAMRIDH Scheme is to address the challenge of startups closing down within four years due to insufficient investment or underdeveloped skill sets. By providing funding support and enhancing entrepreneurial skills, the government aims to ensure the success of startups. The scheme will offer acceleration through customer connects, investor connects, and international networking services, serving as a catalyst for the startup ecosystem’s growth.
The primary objectives of the MeitY SAMRIDH Scheme include:
1. Providing support to startups and entrepreneurs in the IT and electronics sectors
2. Offering financial assistance for innovation and entrepreneurship
3. Promoting skill development and rural industries
4. Fostering an environment conducive to the growth of startups and businesses
Benefits of Samridh Startup Scheme
The benefits and features of SAMRIDH include financial support for startups with innovative solutions, inspiring citizens to start their businesses, implementation by the Ministry of Electronics and Information Technology, a platform for startups to enhance their products and secure investments, support for accelerators, and funding of up to Rs 40 lakh based on current valuation and growth stage. Accelerators are invited to apply online to collaborate with MeitY and provide a 6-month startup accelerator program annually, benefiting around 300 tech startups.
The key benefits of the SAMRIDH Scheme include:
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Eligibility Criteria of Samridh Scheme
The eligibility criteria for the MeitY SAMRIDH Scheme are as follows:
Business Incubation Experience:
1. The Accelerator must have been involved in the business of incubation for a minimum of 3 years.
Startup Support Track Record:
- The Accelerator should have a track record of supporting at least 50 startups.
- Among the supported startups, a minimum of 10 should have received non-public investment.
- Alternatively, the Accelerator should have a targeted accelerator program with experience in running at least 3 cohorts, with activities aligned with the desirable criteria outlined under SAMRIDH.
Operational Presence in India:
1. The Accelerator must have operations based in India.
Infrastructure Requirements:
1. The Accelerator should possess the necessary space and infrastructure to effectively carry out startup-related activities.
Demonstration Capability:
The Accelerator should demonstrate its capability in various aspects, including:
- Structuring cohorts for accelerating deep tech software product startups.
- Successful onboarding of leading business mentors.
- Establishment of a network or connection with venture capitalists and angel investors.
- Support provided to startups for domestic and international market immersion.
Meeting these eligibility criteria ensures that the Accelerator is well-established, experienced, and equipped to contribute effectively to the objectives of the SAMRIDH Scheme. The criteria are designed to identify accelerators with a proven track record in supporting startups, fostering innovation, and facilitating their growth in both domestic and international markets.
Required Documents for Samridh Scheme
To participate in the SAMRIDH Scheme, the following documents are typically required:
- Aadhar card
- Residence certificate
- Income certificate
- Mobile number
- Bank account details
Procedure Register As Startups Under MeitY SAMRIDH Scheme
- Begin by visiting the official website of the Ministry of Electronics and IT Startup Hub. The homepage of the MeitY SAMRIDH Scheme will be displayed.
- On the homepage, locate and click on the “Register” option under the startup section.
- You will be directed to the registration page for startups.
- Provide the following information on the registration page:
- Name of the entity
- Website
- Status of registration with the Startup India scheme
- Team size
- Stage of development
- Funding type
- Short description of the startup
- Registered address
- Country
- State
- City
- Zip code
- Company representative name
- Company representative’s email
- Phone number
4. Upload the company logo as part of the registration process.
5. After entering all the required information and uploading the company logo, click on the “Submit” button.
By following this procedure, you can successfully register your startup under the MeitY SAMRIDH Scheme.
Procedure To Do Startup Login
- To initiate the startup login process, visit the official website of the Ministry of Electronics and Information Technology Startup Hub.
- The homepage will be displayed, where you should click on the login option under the startup section.
- This action will redirect you to the startup login page on the MeitY SAMRIDH Scheme (MSH) portal.
- Once on the login page, enter your username and password and click on the “Sign In” button. By following this procedure, you can successfully log in to your startup account.
Procedure To Register As Incubator
- To register as an incubator, begin by visiting the official website of the Ministry of Electronics and Information Technology Startup Hub.
- On the homepage, locate and click on the “Register” option under the incubator section.
- This action will lead you to the registration page for the MeitY SAMRIDH Scheme. Provide the required information, including the name of the incubation center, legal entity details, registration number, website, and other relevant information.
- Upload the company logo and click on the “Submit” button to complete the incubator registration process.
Procedure To Do Incubator Login
- For incubator login, go to the official website of the Ministry of Electronics and Information Technology Startup Hub.
- Once on the homepage, click on the login option under the incubator section.
- You will be directed to a new page where you need to enter your username and password.
- After entering the credentials, click on “Sign In” to complete the incubator login process on the MeitY SAMRIDH Scheme (MSH) portal.
Procedure To Register As Mentor
- To register as a mentor, visit the official website of the Ministry of Electronics and Information Technology Startup Hub.
- On the homepage, click on the “Register” option under the mentor section.
- This action will take you to the mentor registration page for the MeitY SAMRIDH Scheme.
- Provide the necessary information, including your name, phone number, email, skills, domain, and details about your association with any organization.
- Upload relevant documents and click on “Submit” to complete the mentor registration process.
Mentor Login
- To log in as a mentor, go to the official website of the Ministry of Electronics and Information Technology Startup Hub.
- On the homepage, click on the login option under the mentor section.
- Enter your username and password on the new page, then click on “Sign In” to complete the mentor login process on the MeitY SAMRIDH Scheme (MSH) portal.
Participate In Challenges
- To participate in challenges, visit the official website of the Ministry of Electronics and Information Technology Startup Hub.
- On the homepage, click on the “Participate” option under the challenge section.
- Select the specific challenge you want to participate in, and an application form will appear.
- Fill in all relevant information in the application form and click on “Submit” to complete the participation process.
View Challenge Result
- To view challenge results, go to the official website of the Ministry of Electronics and Information Technology Startup Hub.
- Click on the “Results” option under the challenges section.
- Select the specific challenge of interest and click on “View Result.”
The required information will then be displayed
Contact Us
- For any inquiries or to reach out, visit the official website of the Ministry of Electronics and Information Technology Startup Hub. On the homepage, click on “Reach Us.”
- A new page will appear where you can enter your name, email id, and message.
- After providing the required information, click on “Submit” to contact the relevant authorities.
- Email: meity-sthub@gov.in
- Telephone: +91-11-24301419
Conclusion
The MeitY SAMRIDH Scheme is an excellent initiative by the government to boost the growth of the country’s economy by providing aid to software-based startups. If you are a software based startup then do opt for the MeitY SAMRIDH Scheme. Visit Vakilsearch for more legal information.
FAQs
1. What is the SAMRIDH Scheme?
The SAMRIDH Scheme is a government initiative aimed at supporting and accelerating the growth of startups in India, particularly in the electronics and IT sectors, by providing financial and technical support to startups in their early stages of development.
2. What are the key benefits of the SAMRIDH Scheme?
The key benefits of the SAMRIDH Scheme include financial support for startups, access to accelerators and investment opportunities, and promotion of the startup ecosystem and entrepreneurship in the electronics and IT sectors.
3. Are there any financial or funding provisions in the SAMRIDH Scheme?
Yes, the SAMRIDH Scheme provides financial support to entrepreneurs and startups, helping them expand their businesses and bring their products to market. By understanding the objectives, benefits, eligibility criteria, and procedures associated with the MeitY SAMRIDH scheme for startups, entrepreneurs can effectively engage with this government initiative to foster innovation, entrepreneurship, and business development in the electronics and IT sectors. To know more about the various ways in which Vakilsearch can help you in your startup journey, request a callback from our experts right away!
