Earlier this month, DIPP launched a seven-pillar framework to rank states on their startup ecosystem. As different states gear up ahead of the startup index, to be announced in June.
The World Bank’s ‘Doing Business – Subnational reports for India’, pegs Bhubaneswar in the third spot in terms of ease of doing business. Odisha aims to emerge as one of the country’s top-three startup hubs by 2020, and facilitate at least 1,000 startups over the next five years.
To encourage entrepreneurship in the state, the government provides three types of funding – a monthly sustenance allowance of Rs 20,000 per month, monetary assistance up to Rs 15 lakh for new product development and marketing, and need-based funding.
“The need-based assistance is decided on a case-to-case basis. It is decided by the nodal agency, and then it goes to the Startup Council for approval. The funding is given on the basis that if a startup requires a specific raw material that is not available easily, startups need to give an estimate to procure the material, and the funding can be availed,” Swayam Mishra, Coordinator of Startup Odisha.