Introduction:
The department for the encouragement of business and industry has introduced the third era of the National Startup Awards. In concurrence with Azadi Ka Amrit Mahotsav, the National Startup Awards 2022 will recognize startups and ecosystem enablers that have been instrumental in bringing about a Revolution in the Development Story of India, and hold within them the Electrical Power and potential to further fuel the spirit of Aatmanirbhar Bharat. The Government has invited applications for National Startup Awards 2022 across 17 sectors and 7 special categories. For further information, read the following article.
About The Awards:
Objective
The primary goal of the National Startup Awards 2022 is to recognise and reward outstanding startups with a high potential for job creation or wealth creation while also demonstrating measurable social impact.
National Startup Awards 2022, an initiative undertaken by Startup India, will bring to the fore the Government of India’s flagship schemes that have been successful in driving innovation in society and resolving community problems. The startup awards will also focus on sustainability initiatives and look at how entrepreneurs are using the principles of Circular Economy. It will also award startups that are creating jobs in India.
Benefits Offered:
The following are the advantages of applying for the National Startup Awards 2022:
- The winning startup founders will receive a cash award.
- The winner and finalists will be permitted to present their solutions to relevant public authorities and corporations for potential pilot projects and work orders.
- The winners and finalists will be given priority for participation in DPIIT-sponsored national and international startup events.
- The entities that have been recognised will benefit from national recognition.
- The ability of recognised entities to attract more business, financing, partnerships, and talent.
- The winning startup will serve as a model for other organisations and aspiring entrepreneurs.
- To encourage aspiring entrepreneurs to be intentional and responsible about their socioeconomic impact.
Award Categories:
Startups from the below-given sectors and sub-sectors are eligible to apply for the awards:
Special Award Categories:
Special categories of awards will be given to the following types of startups as part of the National Startup Awards 2022:
- Women-led startups
- Impact in rural areas
- Campus startup
- Manufacturing excellence
- Innovation tackling the pandemic (preventive, diagnostic, therapeutic, monitoring, digital connect, work from home solutions, etc.)
- Solution delivery or business operations in Indic languages
- Startups from North-East (Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim, and Tripura) and Hilly States/ UT (Himachal Pradesh, Jammu & Kashmir, Ladakh, and Uttarakhand)
- Incubators(Startup incubators are non-profit organizations and are usually run by both public and private entities. Their purpose is to help entrepreneurs grow their businesses.)
- Accelerators(A startup accelerator, also known as a seed accelerator, is a business programme that provides education, mentorship, and funding to early-stage, growth-oriented companies. Startups typically participate in accelerators for a set period as part of a cohort of companies.)
Prizes to be awarded to Startups, Incubators and Accelerators:
Startups: A cash prize of INR 5 lakhs is awarded to one winning startup in each of the subsectors. The winners and finalists may present their solutions to relevant public authorities, corporations, and organizations for potential pilot projects and work-orders. They also may be allowed to participate in various national and international startup events sponsored by DPIIT.
Incubators and Accelerators: The winning Incubator and Accelerator will each receive a cash prize of INR 15 lakhs.
Eligibility Criteria
The eligibility criteria to apply for National Startup Awards is as follows:
- For Startups: Entities must have a hardware or software product or a process solution that is present in the market, be registered with all applicable trade-specific registrations (example: CE, FSSAI, MSME, GST Registration), and have no defaults on their financials for the past three fiscal years (FY 2018-2019, 19-20, 20-21).
- For Incubator: The incubator should be structured as an independent entity, such as a company, a public trust, or a society. It should have been operational at least for two years by January 1, 2022. At least 15 startups graduated from the incubator
- For Accelerator: The accelerator should be organised as a separate entity, such as a corporation, a public trust, or a society. The accelerator should be operational for at least two years as of January 1st, 2022. The accelerator must have graduated a minimum of ten startups.
Rules For National Startup Awards-2022:
- Companies that have won awards at any previous National Startup Awards or national and international entrepreneurial competitions are ineligible to participate in subsequent competitions.
- Startups may only nominate themselves in up to two categories.
- Finalists may be required to submit their personal information and may be subjected to legal due diligence reviews by independent third-party evaluators and the government of India.
- If a party is found to be ineligible for an award, the next highest scoring nominee will be awarded the prize.
So, this was all about the infamous National Startup Awards.
Conclusion
These awards are for sure a medium to bring forward all the up and coming startups in India which will lead to more development. The platform provided by these awards will help promote all the new inventions and ideas the startups have come up with and will motivate others to maybe participate in these awards next year. Hence, in the end, I would like to conclude and say that the awards aim to encourage innovation and entrepreneurship across India by recognizing startups/technology enablers and other individuals for their efforts in ushering an era of digital transformation, thereby driving higher economic and social impact in the country.
