Prabhu launches 3 new tools for ranking of Startups

Speed Post News Network

New Delhi : Three new tools for States and Union Territories for ranking of startups in the country was launched by Union Minister for Commerce and Industry Suresh Prabhu at a function in New Delhi on February 6, 2018.

The tools are: the State and Union Territory Startup Ranking Framework, the Compendium of Good Practices for Promoting Startups in India and the Startup India Kit. These will act as catalysts to help the Startup India initiative to drive India’s economic growth.

India is home to about 20,000 startups with about 1,400 beginning operations every year. They are not only driving economic growth but also leading to technological innovations and employment generation in every state, according to a PIB release. Entrepreneurs are introducing new solutions everyday and also improving existing processes. To encourage and help statrups the Government of India has taken the lead in creating policies and a framework. Eighteen States and UTs have a startup focussed environment with ease of doing business for startups.

The key objective of the Startup States and UTs Ranking Framework is to encourage States and UTs to take proactive steps towards strengthening the Startup ecosystems at the local level. The Ranking Framework will  measure the impact of each step initiated at the local level for building a strong Startup ecosystem. The Ranking Framework will also enable contnuous learning through the dissemination of good practices.

Prabhu said that the Government is aligning its strategies to tap into the infinite potential of young entrepreneurial minds. It wants to help them in the journey from idea to business and business to success. These policies will help states to take proactive steps to enable startup ecosystems at the local level.

The State and UT Ranking Framework is based on the feedback collected from Startup ecosystem stakeholders, which include startups, mentors, investors, accelerators, incubators and the government bodies. The Startup India Kit is primarily a one-stop guide on all Startup India offerings. It offers vital information, advice and assistance through website links, statistics, tools, templates, events, competitions and a glossary on startup terms. All the benefits available to startups from the Startup India initiative can be found in the kit.