“The measure of success is not only the financial gains for the investors but also the contribution to the social good,” commerce and industry ministry said in a statement on Monday, adding that the winning startup founders will get a cash prize of Rs 5 lakh while the incubators and accelerators would get Rs 15 lakh cash prize.
The first edition of the Awards invited applications across 12 sectors which were further sub-classified into a total of 35 categories. These 12 sectors are agriculture, education, enterprise technology, energy, finance, food, health, industry 4.0, space, security, tourism and urban services.
“Apart from these, startups are to be selected from those which create impact in rural areas, are women-led and founded in academic campuses,” the ministry said.
The winner and four runner ups would be given opportunities to present their solutions to relevant public authorities and corporates for potential pilot projects and work orders, and also given priority for participation in various National and International Startup events sponsored by the Department for Promotion of Industry and Internal Trade (DPIIT).
The department has formulated an EFC (Expenditure Finance Committee) note on startup India seed fund scheme with a total proposed corpus of Rs 945 crore to help budding entrepreneurs and startups.
Commerce and industry minister Piyush Goyal last month informed Parliament that since the launch of Startup India initiative on January 16, 2016, a total of 36,106 startups have been recognised by DPIIT in 586 districts, as on September 6. A total number of 4,22,986 employment has been reported by 34,267 DPIIT recognised startups as on September 6.
He also said that Rs 1,322.05 crore stands released to SIDBI till September 9, 2020.