Electronics and Information Technology Minister Shri Ashwini Vaishnaw on Wednesday launched the Start-up Accelerators of MeitY for pRoduct Innovation, Development and growtH (SAMRIDH) program to create an enabling platform for India’s software product stars to help them scale their businesses.
The SAMRIDH program will focus on accelerating the 300 startups by providing customer connect, investor connect and international immersion over the next three years. In addition, investment of up to ₹40 lakh will be provided to the startup based on the current valuation and growth stage of the startup through selected accelerators. It will also facilitate matching investment by the accelerator / investor. The program aims to promote startup growth in India, which has seen the emergence of 63 unicorns with a total valuation of $168 billion.
Speaking on the occasion, Vaishnaw said the initiative will not only provide financial support to startups, but will also help bring together skill sets that will help them succeed. Reiterating Prime Minister Narendra Modi’s vision that startups have become new types of wealth creators, Vaishnaw stated that technology and youth energy is a great potential source of energy for inclusive development.
The minister further said that technology can play a crucial role in accelerating and taking the quantum leap in reaching out to the marginalized sections of society, which would have taken many years. “Using the power of startups, these areas can be reached in a matter of months. Employment in traditional and new age industries is a stated mission of our government and is also the vision of Prime Minister Narendra Modi. Initiatives and schemes like SAMRIDH will help accelerate the implementation of that vision,” he added.
Speaking at the launch event, MeitY secretary Ajay Prakash Sawhney said the SAMRIDH scheme will pick up startups that are ready for the acceleration stage and provide them with financial support, mentoring and a lot of other support that startups require at this stage. “The scheme heralds a very important milestone in our journey towards building trust in our startup community,” he added.