Startup lko

The Government on Lucknow Startups

For helping young entrepreneurs to kick-start their business and generate employment; the Uttar Pradesh government will come up with a policy dedicated to start-ups with a motto – ‘Lucknow Startups’.The emerging entrepreneurs and companies would get a good exposure under this policy.

The government would extend all support to start-ups to ensure their successful run in the state.

These start-ups could be in any field but the government’s emphasis would be on agriculture, health, education, Internet-related business and 3-D printing among others. To promote startups, the government would provide Rs 15,000 honorarium every month to them for one year.

An assistance of 10 lakhs would also be provided by the government for better marketing of the products.

Business incubators would also be set up in order to bring the industrial culture.These incubators would be developed as the centre of excellence. An incubator is a place made available at low rent to start new small businesses.

Several industry-related activities, including machine learning, data cloud computing, artificial intelligence and cybersecurity would be promoted at these ‘centres of excellence’.

For a centre giving excellent results, the government would provide Rs 10 crore assistance for five years.

To promote research in industry, the state government has also decided to provide Rs 2 lakh assistance to those applying for a domestic patent and Rs 10 lakh for an international patent.

Anil Kumar, principal secretary, MSME and export promotion, pointed out that the state government would lay special emphasis on promoting start-ups.

lucknow startups

Uttar Pradesh Information Technology and Startup Policy 2016:-

This policy was started by the Uttar Pradesh Government to facilitate the start-ups that are taking place in the city of Uttar Pradesh. Usually, start-ups either get disappeared due to insufficient funding or improper ways of marketing the product.So the government came up with this policy in 2016 with this policy to nurture the growth of these start-ups and to promote the industrial ecoculture in Uttar Pradesh. Some key points of the policy are listed below :

Startups shall be provided sustenance allowance of INR 15,000 per month for a period of 1 year whose project is recommended by Nodal agency & approved by the committee

Any individual/group of individuals having innovative idea/Concept will be eligible whose project is recommended and approved by institution’s Screening Committee.

Marketing/publicity assistance of up to Rs. 10.00 lakhs will be provided for the introduction of the innovated product in the market.

The state government shall match 25% of the money invested by the VC

Registered Incubator shall be responsible to support startups by providing:

  • Office space and shared administrative services
  • Services such as training or High-speed Internet access
  • Networking activities and Marketing assistance
  • Links to higher education resources

Thus, by providing the above benefits to the start-ups and companies emerging in Uttar Pradesh, the government is giving a major help in the growth of the start-up ecoculture in UP, making it a strong contender among its peer.

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