Odisha state startup policy to ensure 33% startups have women as founders and co-founders

The Odisha state cabinet has reportedly cleared amendments to the Odisha Startup Policy, 2016 which will ensure that at least 33 percent of startups will have women as founders and co-founders.

The cleared amendments will also see that women, transgenders, people from schedule casts or tribes and differently-abled would get a monthly allowance of Rs. 22,000 for creating startups. The policies are being set with the objective of Odisha emerging as one of the top three startup hubs in India by 2020.

According to the report, product development and publicity assistance has also been raised to Rs. 16 lakhs – provided the startup founder or co-founder is a woman, a transgender or from SC/ST/SEBC/ and differently abled categories.

LN Gupta, State secretary of micro, small and medium enterprises said, “The cabinet also approved the reduction in revenue run rate from 10 lakhs per month to Rs 2.5 lakhs per month during the preceding six months as one of the eligibility criteria for availing product development and marketing assistance.”

The cabinet also approved relaxed criteria for startups on the lines notified by department of industrial policy and promotion under the Union ministry of commerce. Earlier, an entity with incorporation or registration of under 5 years was recognised as a startup, however, the amendments have given additional relaxation of up to 7 years, in general, and 10 years for biotechnology startups.

There is also a provision for recognised startups to avail of subsidy benefits to the extent of 50 per cent on monthly rental of the incubation space (subject to maximum of Rs 5000) for a maximum period of one year. Recognised startups will also get travel / space support for participation in national and international events.