To build strong ecosystem, govt sets up National Startup Advisory Council

The government on Tuesday said it has set up a National Startup Advisory Council to advise the Centre on measures needed to build a strong ecosystem for nurturing innovation and start-ups in the country.

The Council will suggest measures to foster a culture of innovation among students and others, the commerce and industry ministry said in a statement.

It will also suggest measures to facilitate public organisations to assimilate innovation, promote creation, protection and commercialisation of intellectual property rights, make it easier to start, operate, grow and exit businesses by reducing regulatory compliances and costs, it said.

Further, the ministry said the Council will suggest ways to promote ease of access to capital for start-ups, incentivise domestic capital for investments, mobilise global capital for investments, and keep control of start-ups with original promoters.

The Council, which will be chaired by the commerce minister, will consist of non-official members to be nominated by the Centre, founders of successful start-ups, veterans who have grown and scaled companies in India, persons capable to represent interests of investors into start-ups.

Besides, it will have persons capable of representing interests of incubators and accelerators and representatives of associations of stakeholders of start-ups and representatives of industry associations.

The term of the non-official members will be for a period of two years.

The ministry added that the nominees of the ministries, departments and organisations concerned not below the rank of joint secretary will be ex-officio members.

"The government has notified the structure of the Council to advise the government on measures needed to build a strong ecosystem for nurturing innovation and start-ups in the country to drive sustainable economic growth and generate large-scale employment opportunities," it said.

The individual names will be notified later.