By Prerna Bhandari
India’s fast growing start up ecosystem has gained a lot of momentum. From booking tickets to travelling in cabs, from online payments to home delivery, start ups have invaded our lives in a bigger way than we had imagined.
An idea in head, a bunch of cool friends, a laptop in hand! Guess what? A start up is opened.
Well, I would be more than happy to believe that start ups worked this way but in reality they don’t. What looks very fancy and innovative to the youth of today is actually like all other businesses in their working.
So here is an explanation to what a start up is according to the government and what does it have in store for these start ups:
According to Department of Industrial Policy and Promotion (DIPP): 1. A start up is a new bee company, a company with an operation of less than 5 years,
2. The babies aren’t allowed to make whooping profits in the same market where their daddies rule! In short, the annual sales of start ups cannot exceed Rs 25 crore in a year.
These qualifications might seem easy going for consumers like us, but ask start ups! Take a look at this:
Ask healthcare sector whose gestation period is over 8 years! Ask capital hungry firms who are not able to cope up with meagre funds!
Ask Small smart ups which crave for income tax benefits and rebates from the government!
To address the problems of diverse sector requirements of entrepreneurs, DIPP has invited feedback from different work sectors of the country.
It has finally decided to come up with a holistic definition of a Start up. We can only hope that this decision will help budding entrepreneurs receive the due support from government.
What’s in for consumers
As for the consumers, you can expect to see cooler start ups come up with amazing ideas! Along with these restrictive qualifications to become a start up, here is a peak into other huddles that start ups face in India!
So, wanna come up with your own startup? Go ahead!
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