Rajasthan releases startup policy

Rajasthan on Friday released its startup policy which aims to promote students and institutional incubation centres having innovative ideas.

The policy, released by Chief Minister Vasundhara Raje at the inauguration of the two-day 'Rajasthan Startup Fest 2015' here and to be operative for a period of five years, targets to establish 50 incubators/incubator-like organizations in next five years, incubate 500 new startups, raise funds of Rs.500 crore through angel and venture capital, develop one lakh square feet incubation space and to develop innovation-based culture in the state.

"The startup scenario of the state as we see today is at a nascent stage. There is every reason to further enrich the incubation eco-system by focusing on incubation technologies related to the areas of strength of the state," Raje said, according to an official statement.

She said she was confident that the young and budding entrepreneurs and startups who are on the threshold of taking off shall take advantage of the policy 2015.

The policy identifies social and clean technologies that includes rural infrastructure and services, crafts, water and healthcare; mobile and information technology; and Internet of Things, among other domains, as the key focus areas.

It offers many sops including offering a monthly sustenance allowance of Rs.10,000 for an year to the startup, whose project is recommended by the nodal institution and approved by a committee.

The incubator will provide support to the startups by providing mentoring services, access to their labs, facilities etc on a free-of-cost basis.

Besides this, marketing or commercialisation assistance of a maximum Rs.10 lakh will be provided to the startup to launch its products and or services in the market.

The startup will also be assisted in sourcing venture capital from angel investors or venture capital funds.