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MSME & START-UP BULLETIN, VOLUME 1, ISSUE 1, AUGUST 2022
START-UP IN INDIA – STRATEGIES

AND FUNDING OPTIONS

P. Udaya Shanker, M.Com, DIM, PGDPA, FCMA
Former Director General In-charge
National Institute for Micro, Small and Medium Enterprises

CMA P. Udaya Shanker

Abstract
There is a need to identify innovative approaches to bring in total change in entrepreneurship culture to
withstand in the competitive markets. In order to make this happen good support is required from various
stakeholders both in terms of promotion and fi nancial aspects. This paves way to bring in wealth creation
and increases risk taking abilities amongst the entrepreneurs

In order to promote start ups the Department for million students have access to labs.
Promotion of Industry and Internal Trade of the
Ministry of Commerce and Industry has initiated the Atal Incubation Centres
Startup India scheme in 2016. Its primary objective is These are to create an ever-evolving ecosystem of
the promotion of startups, generation of employment, start-ups and entrepreneurs, It has been establishing
and wealth creation. world class incubators at universities, institutions
and corporates among others. The aim is to foster
One amongst the promotion strategies is Atal and support innovation, dynamic entrepreneurs who
Innovation Mission (AIM) a flagship programme want to build scalable and sustainable enterprises. It
to create and promote a culture of innovation and has successfully operationalised 68+ centres with
entrepreneurship across the length and breadth of the universities/institutions/private players and each of
country. The objective is to develop new programmes these to foster creation and nurturing of about 50+
and policies for fostering innovation in different sectors world class startups every four years. They support
of the economy, provide platforms and collaboration the incubated startups by providing technical facilities,
opportunities for different stakeholders, and create resource-based support, mentorships, funding support,
an umbrella structure to oversee the innovation and partnerships and networking, co-working spaces
entrepreneurship ecosystem of the country. The various and lab facilities among others. There are 1800+
activities under this programme are: operational startups have been supported by these
centres of which 500+ startups are women led and
Atal Tinkering Labs – at school level have created 15,000+ jobs in the ecosystem.
This is being launched 4 years ago. These labs are
a state-of-the-art space established in a school with Atal Community Innovation Centres
a goal to foster curiosity and innovation in young The centres promote the benefi ts of technology led
minds, between grade 6th to 12th across the country innovation to the unserved/underserved regions of the
through latest tools and technologies such as Internet of country including Tier-2, Tier-3 cities, aspirational
Things, 3D printing, rapid prototyping tools, robotics, districts, tribal, hilly and coastal areas. Setting up of
miniaturized electronics, do-it-yourself kits and many these centres with a unique partnership driven model
more. The aim is to stimulate a problem-solving wherein AIM would grant upto Rs.2.5 crores to an
innovative mindset within the children of the lab and ACIC subject to a partner proving equal or greater
nearby communities. It has selected 10,000 schools in matching funding. It has received 650+ applications
680+ districts of the country for the establishment of across the country and 50+ ACICs will be established
labs. More than 7000 schools are funded and over 2 during the next two years. Currently, 24 applications

The Institute of Cost Accountants of India 37