In Simple words, a startup is basically newly established business beginning towards development. Startup business are usually form by handful founders or one single person with self funded or small seed fund.
But now a days STARTUP word become more popular than the word New Company, because the business as initiating by founders with an innovative problem solving ideas and bringing significant positive impact around the people or amongst consumers. Technology added another strong feature in business.
A startup has to pass through different stages like Ideation to Develop MVP to Market Validation and then move towards Early Traction and scaling.
Govt. of India through a body Department for Promotion of Industry and Internal Trade (DPIIT) under Ministry of Commerce and Industry started Startup India, a flagship initiative intended to build a strong ecosystem that is conducive for the growth of startup businesses, to drive sustainable economic growth and generate large scale employment opportunities. The Government through this initiative aims to empower startups to grow through innovation and design.
Several programs have been undertaken since the launch of the initiative on 16th of January, 2016 by Hon’ble Prime Minister, to contribute to his vision of transforming India into a country of job creators instead of job seekers. These programs have catalyzed the startup culture, with startups getting recognized through the Startup India initiative and many entrepreneurs availing the benefits of starting their own business in India.
The 19-Point Startup India Action Plan envisages several incubation centres, easier patent filing, tax exemptions, ease of setting-up of business, a INR 10,000 Crore corpus fund, and a faster exit mechanism, among others.
