Central government has launched Startup Accelerators of MeitY for Product Innovation or Samridh Scheme. Minister of Electronics and Information Technology (MeitY) will support startups and entrepreneurs in the initial phase of Samridh Yojana. In this article, we will tell you about the complete details of Samridh Scheme including launch details, implementation among others.
What is MeitY Samridh Scheme 2024
As we all know that startups / entrepreneurs faces a number of challenges in their initial phase. So to address this problem, MeitY Samridh Scheme 2024 has been launched by the Union govt. of India. Startup Accelerators of MeitY for pRoduct Innovation has been launched to provide assistance to startups and to help them in prospering.
Short Brief of Samridh Scheme
| Name of Scheme | Samridh Scheme |
| Full Name | Startup Accelerators of MeitY for Product Innovation |
| Launched by | Minister of Electronics and Information Technology (MeitY), Ashwini Vaishnaw |
| Launch Date | 25 August 2021 |
| Article Type | Central Government Scheme |
| Objective | To provide financial assistance to startups / entrepreneurs in their initial phase |
| Official Website | https://meitystartuphub.in/ |
Implementation of Samridh Yojana
SAMRIDH will create a conducive platform for Indian software product startups to enhance their products and secure investments for scaling their business. The SAMRIDH programme is being implemented by MeitY Start-up Hub (MSH). Central government will support startups and entrepreneurs in the most challenging phase which is the initial risk phase.
Objectives of Samridh Scheme
The SAMRIDH initiative will not only provide funding support to startups, but will also help in bringing skill sets together which will help them become successful. Employment in traditional as well as new age industries is a stated mission of our government and is also the vision of Prime Minister Shri Narendra Modi. Initiatives and schemes like SAMRIDH will help accelerate the implementation of that vision.
Benefits of Samridh Scheme
Technology can play a role in accelerating and in taking the quantum jump in reaching out to people which would have taken many years. Using the energy of startups these areas can be reached within months. Central govt. stated that the SAMRIDH scheme will pick up startups that are ready for acceleration stage and will provide them with funding support, mentorship and a lot of other support that is required by startups at this stage.
Launch Details for Samridh Scheme in India
The SAMRIDH programme will focus on accelerating 300 start-ups by providing customer connect, investor connect, and international expansion opportunities in the next three years. Also, an investment of up to Rs 40 lakh to startups, based on their current valuation and growth stage will be provided through selected accelerators. It will also facilitate equal matching investment by the accelerator or investor.
The Samridhi programme aims to further the Indian startup growth which has seen the emergence of 63 unicorns (Startups with over $1 billion valuation), making India the third largest unicorn hub globally with a total valuation of $168 billion. While launching the Samridh Scheme, MeitY Minister said “Lack of getting the idea into a real product or lack of collecting the skill sets which are needed to convert an idea into an enterprise is a bigger challenge for most of the start-ups. If we are able to start-up in that journey then probably our value addition will be huge.”