Meity's Unicorn Factory Aims To Raise The Market Value Of 100 Businesses From $1 Billion.

To catalyze entrepreneurs and startups working on new ideas, the government plans to provide initial capital and guidance to an estimated 300 startups. In addition, the Ministry of Electronics also Information Technologies (METI) has announced the Startup Escalator for Maiti Product Innovation Development and Growth (SAM) to increase the market value of 100 startups to 1 1 billion over the next three years.

IT and Telecom Minister Ashwini Vaishnav said during the launch of the Samuddha program that more than 20 startups had been given mentorship earlier. Jyoti Arora, Special Secretary, IT and Electronics, said: Which was announced earlier this year.

Organizations wishing to join the scheme as escalators should be in the incubation business for at least three years. In addition, it should support more than 50 startups and at least ten non-public enterprises. Its operations should be in India, which will also have the necessary space and infrastructure.

On August 7, Maiti startup Hubby partnered with India Escalator. The aim is to promote deep tech startups in the country.

Initial capital up to Rs 40 lakh, six months mentorship

The government will invite selected startups under the Samuddha program for partnership and provide them with an initial capital of up to Rs 4 million and a six-month mentorship to help them dominate the market. The program has been implemented under the program Maiti Startup Hub, which promotes startups in the country.

The network of incubators and startups will be doubled.

More than half of the startups cannot cross this milestone when the idea is being transferred to the product, and the product has been expanded. The government wants to expand the network of incubators and startups 10 to 20 times. Support in the line of product development will add value to the startup.

Maiti aims to strengthen the startup ecosystem.

Maiti Startup Hub aims to establish a robust tech startup ecosystem by partnering with Paytm to provide uninterrupted support to solution-based innovators in the country. In addition, the partnership aims to provide mentorship, networking, and business opportunities to startups across the country.