A Complete Guide On Startup Funding And Its Stages

A Complete Guide On Startup Funding And Its Stages

What is a Startup?

Innovative ideas give you the wings to fly and reach heights. Who’d know this better than the entrepreneurs of India? They are striving ahead with the motive of making India Atma Nirbhar. Self reliance will open a door to a successful Indian economy and entrepreneurship is the only key to that door.

Today, MSME is one of the most promising sectors of the Indian economy. But what exactly does a startup mean and what does an entrepreneur actually do? A startup is pretty much a self-explanatory term. It means to start your own business or venture with your own unique and innovative idea. The individual with a knack of innovative ideas who wants to turn those ideas into a business venture and commercialise them is known as an entrepreneur. Moreover, entrepreneurship is full of challenges. Ideally, an entrepreneur is the one who fights back the challenges and efficiently solves the problems in the way.

A startup in its initial stages faces numerous challenges. The biggest challenge being the fund raising. The entrepreneurs usually lack the financial resources and are required to fetch it from the sources. A startup needs financial assistance from the very first step. Be it developing the prototype or building the proof of concept, everything requires finances which the entrepreneurs don’t have yet.

What Is Startup Funding?

Lack of capital and a potent business model is the fundamental nature of the startup. A startup, irrespective of its size or niche, requires funding assistance. Funding is the crucial part of turning innovative ideas into reality. A startup venture requires funding assistance to keep functioning at every stage. An idea needs proper execution to turn into a successful startup venture. Executing a plan asks for ample resources which the startup lacks. Then what does it do to meet its financial needs?

That’s when the startup funding comes into the scene. Startup funding is when the financial assistance is provided through external sources to the startups. The sources of such funding can be anywhere between a bank loan to a Venture Capitalist. There are various stages of the startup funding process that a startup goes through in order to avail the funds. Raising funds is not an easy task and “How to startup funding?” is one of the most difficult questions faced by entrepreneurs. There are various stages of startup funding:

  • Pre-Seed Funding/
  • Bootstrapping
  • Seed Funding
  • Series A/ Venture
  • Capital
  • Series B
  • Series C
  • Series D
  • IPO

Startup Funding Stages Explained

There are various types of startup funding as mentioned before. Going through various stages of funding is how the startups can avail different types of startup funding. If you are a budding entrepreneur who is yet to enter the market, hold on. Here we are going to explain the various startup funding stages in brief for you.

Pre-Seed Funding: Pre-Seed funding is the initial stage of funding when the startups require the capital to begin product development. Here, the equities are exchanged for product development. This stage of funding is aimed to help the budding entrepreneurs and mostly the investors here are the close friends and families of the entrepreneurs.

Seed Funding: Seed Funding is when the angel investors engage with the startup businesses during their early stages. This can be either during the formation stage or later on. The product development process must be completed during this stage.This round of funding is aimed to prove that the product is market-fit and ready to roll out.

Series A/ Venture Capital: Series A is also known as venture capital funding. This is one of the first rounds of the venture capital funding process. During this stage the startup is expected to have completed the product development process and should have proven that it is marketable. The startup should have a working business model and must be scalable in nature. The super angel investors or the venture capitalists are the ones who invest in startups during this stage. The stocks are exchanged with the investor during this round.

Series B: This round of funding aims at expansion and further development of the startup venture. Here, the startup is running full fledged and is looking for financial assistance to expand the business. This funding is ideally used to grow the business to the next level after utilising the series A funding for establishing a user base and having a proven track record of running successfully.

Series C: The startups which are already well established and running successfully go for Series C of funding. Here, the funding is aimed at developing new products, market expansion and to acquire other companies. In this round of funding, investments are attracted for an already successful startup. The main aim of the startup is to utilise this funding for scaling as quickly as possible and this might involve acquiring other companies in the process as well. The investors at this stage are in the form of hedge funds, investment banks, private equity firms, etc.

Series D: This stage of funding is where the venture capital firms come into the picture. This stage of funding is for the companies or startups that haven’t gone out in the public yet. At this stage the mergers are highly possible. This round is conducted if the startup was not able to acquire enough funding through Series C of funding.

IPO: This is the stage where the public participation comes in the form of shares purchased by them. IPO stands for Initial Public Offering. Here, a private corporation offers shares to the public in a new stock issuance for the first time. The corporation raises equity capital from public investors directly.

Want To Go For Funding?

Are you a budding entrepreneur who is thinking about beginning your startup venture and don’t know how to go about it? Get on a call with Egniol Services’ expert to receive the best consultancy and assistance for all types of businesses out there. We provide end-to-end services for startups. From assisting a startup to avail conventional funding or government startup funding to completing their branding process, we provide all. Egniol Services is your one stop solution for all your startup needs.
Book an appointment now to begin your fund acquisition process today with Egniol Services.

Innopreneurs Season 9 Is Here Don’t Miss Out Apply Today

Innopreneurs Season 9 Is Here: Don’t Miss Out, Apply Today!

Listen Up, Innovators!

What is innovation? It is the phenomenon of bringing revolutionary ideas to fruition. In simpler words, it refers to bringing in change for the better. Change is inevitable and it is brought in by various mediums or ways. In an economy, entrepreneurs are the innovators. They are the medium of change in an economic setting. There are various driving forces in an economy that encourage and influence the growth of the startup ecosystem.

“Lemon ideas” comes from a similar school of thought. It encourages startups to present their innovative startup ideas and provides them with a platform to ignite the spirit of competitive entrepreneurship. This acts as an encouraging platform for budding entrepreneurs and on top of that provides them with several benefits.

What is Innopreneurs Season 9?

What is Innopreneurs Season 9

It is a platform where entrepreneurs can compete based on their new innovative startup ideas. It is one of the most awaited and happening startup contests for entrepreneurs in South Asia. It will be spread and running in 6 months across the nations with more than 50 pitching rounds. The top 150 winners with startup ideas will compete in the pre-finale and finale round for the coveted benefits and prizes. The participants can avail of various benefits and get a chance to win several exciting prizes.

The Innopreneurs Idea Contest is where innovators who missed the chance to showcase their most innovative startup ideas in the Startup Contest will get another chance to showcase them. This will also be spread across in 4 months and again more than 50 pitching rounds will be held. This will run parallel to the Startup Contest but will have a separate set of exciting prizes and benefits. The top winners here will get the chance to enter the pre-finale round of the Startup Contest.

Focus Sectors Of Innopreneurs

The contest is open for unique startup ideas from these sectors:

  • Atma Nirbhar Bharat
  • Biotechnology
  • Cloud/ AI / ML / Data Science
  • Hospitality & events/
  • Tourism
  • Social Impact
  • Ed Tech / NEP
  • Environment & Sustainability
  • D2C / E-Commerce / Retail
  • Web 3.0
  • Energy
  • Manufacturing
  • Healthcare
  • Services
  • Finance
  • Agriculture
  • Others

Eligibility For Innopreneurs

New business startup ideas that fulfil the following criteria are eligible for application:

  • Must have a passion for innovation and bringing change to the startup economy
  • Must be at the Idea stage, POC stage, or MVP stage
  • The applicant must be above the age of 18 years. Thus, opening the door for young minds

Along with this, the applicant must have a business summary and basic startup details or presentation

Benefits Of Innopreneurs

There are several exciting prizes and benefits for the best startup ideas that participate in Innopreneur Season 9 as follows:

  • 15K USD worth of prizes
  • 1.5K USD of cash prizes dedicated to the Idea Contest
  • 1 Million USD of Funding Available
  • Mentoring and guidance
  • Incubation support

Apply Before It’s Too Late!

Startup or Prototype/MVP based on innovative and unique startup ideas must make the most out of this opportunity. Lemon Ideas has been helping startups since 2014. It recently announced the 9th Season of the Innopreneurs Contest for business startup ideas that have a unique and innovative touch to them.

If you think you have the most innovative startup ideas then Startup Contest is the platform for you. Avail of the benefits and get a chance to win exciting prizes. Along with that, your startup gets the chance to network and receive guidance from industry mentors too. Whereas, if you just have unique startup ideas then participate in the Idea Contest to win amazing prizes. Here you also get a chance to enter the pre-finale stage of the Startup Contest if you stand in the top winners’ line.

Apply now before it’s too late! The last date to apply is 6th January 2022. So make haste and get in touch with Egniol Services to begin your application process. Our team of experts provides your startup with the best services possible. We, at Egniol Services, strive to provide you with comprehensive services. Consult today, you don’t want to miss out on this contest!

AVISHKAR (AGRI-BUSINESS INCUBATION PROGRAM)

AVISHKAR (AGRI-BUSINESS INCUBATION PROGRAM) UNDER RKVY-RAFTAAR

One of the most prominent programmes run by the Indian government is the Rashtriya Krishi Vikas Yojana – Remunerative Approaches for Agriculture and Allied Sectors Rejuvenation (RKVY-RAFTAAR). Building an Agripreneurship & Agri-Business ecosystem in the country, providing funding for aspiring Agristartups, and encouraging a system of business incubation are all ways this initiative hopes to develop infrastructure in the Agriculture and Allied industries.

Under the RKVY Raftaar – Startup Agri-Business Incubation Program, promising businesses with a minimum viable product (MVP) based on innovative solutions/processes/products/services/business models in the agriculture and related industry would receive financial assistance of up to Rs. 25 lakhs. The candidate incubatees would receive funding based on their actual needs and the assessment/evaluation of their business plans by the programme selection committee, whose decision in this regard would be final.

The incubates will be able to get their products, services, business platforms, etc. out into the market and scale up their operations more quickly, increasing the likelihood of their success. Because of this assistance, they will be better able to secure funding from angel investors and venture capitalists, as well as loans from commercial banks and other financial institutions, which will allow them to expand their business operations.

Objectives of Avishkar Scheme:

  • To ensure that deserving incubatees receive timely financing and incubation support.
  • To facilitate the transition of the minimal viable product (MVP) into a commercial state and to expand the product and business.
  • To provide a platform for speedier testing and adjustment of their techniques or minimal viable product (MVP) based on creative solutions/ processes/ products/ services/ business models, etc. in preparation for scaling up.

Eligibility Criteria For Avishkar Scheme:

  • The applicant must be a legal entity registered in India.
  • The applicant must be an Indian startup per DIPP notice. This assistance is not intended for Indian subsidiaries of MNCs and international firms.
  • A once-supported startup is ineligible to apply for further rounds of seed funding.

The pattern of Funding Support and Release of Funds For Avishkar Scheme:

To ensure incubatee/private involvement in the programme, the incubatee will bear 15 percent of the proportional project cost. The remaining 85 percent of the project’s proportionate cost up to a maximum of INR 25/- lakhs will be covered by the RKVY-RAFTAAR scheme, which will be released in three instalments as detailed below:

  • After the signing of the agreement between the Incubator/RABI and the incubatee, the first instalment of 40% of the approved project for seed funding will be released.
  • The second instalment of 40% will be released to the incubatee upon the recommendation of the Incubation Committee based on their performance and achievement of milestones, as well as upon the use of 40% of the previously released amount and receipt of a provisional UC for 80% of the previously released funds.
  • The third instalment of 20% will be released to the incubatee upon the recommendation of the KRISHIK- Agri Business, UAS, Dharwad Incubator Committee, based on the incubatee’s performance and achievement of milestones, as well as the utilisation of 80% of the previously released amount and receipt of provisional UC for 80% of the previously released funds.

Broad Activities to be supported under Grant-in-aid Funding For Avishkar Scheme:

This Avishkar Programme would support the costs associated with the following activities:

  • Product Refinement/Testing and Trials/ Test Marketing/ Marketing launch
  • Expenses on data generation/data acquisition for ideas working on IT side/AI side
  • Fees for IP issues/one time technology licensing fees
  • Manpower for day to day operations
  • Day to day operational expenses like electricity bill, incubation charges etc.
  • Any other area/activity as deemed necessary and recommended by KRISHIK- UAS, Dharwad Agri Business Incubator Incubation Committee.

Focus Areas For Avishkar Scheme:

Fous Sector for Avishkar
  • Organic Farming
  • Precision Farming
  • Agricultural Supply Chain
  • Agricultural Biotechnology
  • Post Harvest & Food Technology
  • Food Processing
  • IoT, ICT and AI in Agriculture
  • Natural Resource Management
  • Animal Husbandry, Dairying
  • Agri-Input tools and technologies
  • Farm Mechanisation
  • Agriculture Engineering
  • Agri Ext Education
  • Waste to Wealth, Secondary Agriculture
  • Agri Clinics & Farm Health services

Egniol’s objective is to create India’s largest MSME and startup ecosystem. In order to accomplish this, Egniol offers comprehensive solutions for the broadest spectrum of government benefits, management consulting, training, and mentorship for MSMEs & Startups. We are here to provide consultation and direction for a variety of initiatives and services. Get in touch with us for more information.

B2B Business Owners! Get Sales Support Service To Sky Rocket Your Sales

B2B Business Owners! Get Sales Support Service To Sky Rocket Your Sales.

Business Is The New Audience

The most important question that you could ask yourself for your business would be – “Who is my target audience?” Knowing your audience better is the key to running a successful business venture. All businesses have different end goals. Some may be selling to retail customers while others may have other big businesses as their customers. You need to decide in which jargon your business fits on the basis of your audience and end goal. This helps you to reach out to your audience in a strategic manner with a customised marketing approach.

What is B2B? Businesses that have other businesses as their audience are known as B2B. B2B stands for Business to Business, which means the transaction is happening between businesses where one of them might be a wholesaler while the other is a manufacturer or both the parties involved may be a wholesaler and a retailer. Hence, the marketing would be targeted toward other businesses. The advertising activities should be such that they should engage and catch the attention of other businesses. B2B sales marketing strategy mostly involves traditional marketing techniques. You need an expert to serve you with sales support here because B2B marketing is not as easy as it seems.

What is Sales Support Service?

What is Sales Support Service in B2B

The term sales support service consists of three words, let’s understand the meaning of each word then. The “sales” part here refers to the advertising activities involved in order to sell the product/services and achieve the sales target. The “support” part is where the external help comes in the form of various “services” offered by expert marketing agencies. The marketing agency provided much-needed support for the execution and strategy curation of the marketing activities.

There are various business support service practices involved in the process of B2B marketing. You can avail of various services like Whatsapp Broadcast Support, IVR, Data support, and many more. Let’s understand these services in detail.

Sales Support Services That Your Business Needs

  • WhatsApp Broadcast Support – broadcast service is used to spread the word of the brand to a large number of prospects/audiences at the same time. This still keeps the name of other recipients private. On top of that, you can manage the conversation between the prospect and the brand all by yourself.
  • Data Support – Data support is provided to gain insights that help your business get a better hold of the market. Such data helps you elevate your B2B business and optimise your marketing efforts. Businesses that are in a competitive market benefit the most from this service.
  • IVR – IVR stands for Interactive Voice Response. This is an automated calling service that enables a voice response system for businesses to create a data pool of your customers. This service helps you crack quality call leads for sales. Thus providing sales support to the businesses.
  • Auto Dialer Support – An automated dialer service is one of the most effective ways to reach out to your prospects without needing much resources. This service efficiently delivers your message to the customer and even connects the customer with respective representatives if needed. This is a smooth way to enhance your audience engagement and achieve your sales targets.
  • Digital Marketing – Digital marketing helps you create a digital presence on the platforms which are relevant to your business. This creates an online marketplace for your business and targets the right audience by implementing the best practices.
  • Skilled Manpower Support – This service provides the business with skilled and experienced manpower for the efficient functioning of the business. It adds an expert quality touch to your execution process.
  • E-commerce Support – The E-commerce business model is gaining popularity these days. It allows you to commercialise your business online on the platforms where your target audience is present. There are several e-commerce platforms that allow businesses to showcase their products and services.

Benefits of Sales Support Services

There are several benefits of onboarding a marketing expert for business support service on your team who understands the intricacies and technicalities of market and advertising. Here are just a few of them :

  • Cost Effective
    A B2B marketing agency serves you with the best results for much lesser than what it would cost you to hire an in-house marketing team. It also has an added cutting of the hiring and training process for your in-house team. You get a ready expert team without all the extra expenses that are wasted on employee benefits and periodic salary payments. You just pay for what you want.
  • High-Quality Leads
    Joining hands with a B2B marketing agency means receiving quality leads and meeting your sales target effortlessly. The conversion rate shoots up with a marketing agency on your side.
  • Expert’s touch
    There is always a difference between an expert doing a job and others doing that same job. The added benefit of their skills and vast knowledge applied in the curation process of your marketing strategy is what we are talking about. The expert’s touch always makes your marketing activities stand out from the crowd.
  • Stay Adaptable
    You are capable of switching between different campaigns or running two different campaigns simultaneously. You become more flexible and adaptive to the needs of the market. It allows you to modify your marketing plan according to the changing nature of the business and the market.
  • Stay Sustainable
    Your business will save up a lot of revenue by not having a full-time in-house marketing team that keeps sucking at your budget at every month’s end. You can put that saved resource in the developmental cracks of your business and strengthen the business.

Need The Support For Your Sales?

A B2B Business in India must hire an agency for sales support and services to expand their business and achieve their desired sales target. B2B marketing is a complex phenomenon that requires experience and in-depth knowledge. Hence, a B2B Business in India must hire an agency for sales support and services to expand their business and achieve their desired sales target. 

Egniol Services provides the best consultation services and assistance for all types of businesses out there! If you are a B2B Business owner who is looking for sales support services then you must get in touch with experts of Egniol Services today. Receive excellent advice to expand your business with Egniol by your side. Here is our first advice for you – “Make the right choices for your business, choose Egniol”.

Here’s What MSMEs Need To Know About SIDBI

Here’s What MSMEs Need To Know About SIDBI

MSMEs Of India

Huge achievements are built on the foundation of constant small changes in. A country’s economy is a dynamic of such big and small consistent changes. Various sectors strive to contribute their best share to the country’s GDP. Some of them are performing better than the rest. The others need aid and support to function at their optimal level. Apart from this, India is also progressing in the direction of becoming a self reliant country. Hence, the primary focus of the government is providing support to such innovative initiatives from smaller sectors that are on the lines of becoming self reliant. 

Micro, Small, and Medium Enterprises is one of the most promising sectors of the country. The Government frequently launches initiatives to aid this budding sector with financial assistance. SIDBI is one such initiative to help develop the MSME sector better. Let us understand SIDBI better and know about its various features.

What is SIDBI?

What is SIDBI

First things first, here is the SIDBI full form – Small   Industries Development Bank of India is established as a subsidiary entity of IDBI (Industrial Development Bank of India). It aims at providing much needed financial support to the MSME sector of India. It works along with other institutions to enable support for the targeted sector. It provides support in the form of direct and indirect lending. 

It helps the MSMEs with fund acquisition, market entry, product development, and commercialization. There are several SIDBI schemes and financial services for the small scale industries. The broader aim of SIDBI is to promote an increment of cash flow in the MSME market. It will also enhance the global performance of MSMEs.

Objectives of SIDBI

As you know the main aim of SIDBI is to strengthen the MSME sector, now let us look at the overall objectives of SIDBI.

  • Promote development in the MSME sector.
  • Enhance customer service and better functioning
  • Better management
  • Smooth coordination with the several institutions which are part of the process
  • Providing loans according to the unique needs of the MSMEs as financial assistance.
  • Increase the credit flow
  • Helping with the upgradation of technology
  • Encourage innovative ideas that can generate employment opportunities

Functions of SIDBI

  • Loan provision and financial assistance for MSMEs
  • Expansion of marketing mediums for small businesses
  • Refinancing loans that are lent by the PLIs to small scale industries
  • Support sustainable development and energy conservation in the MSME sector
  • Enabling technological upgradation for implementation of modernisation
  • Increasing the credit flow
  • Provision of loans through various financial institutions
  • Ensuring financial health across the industry
  • Provides Venture funding offer
  • Promoting employment generating activities

SIDBI Schemes

There are several schemes offered under SIDBI for direct loans to MSMEs. Let’s take a quick glance at these schemes:

  • SIDBI Make In India Soft Loan Fund for Micro, Small & Medium Enterprises (SMILE)
  • Loans under Partnership with OEM
  • Smile Equipment Finance (SEF)
  • Working Capital
  • Loan for Purchase of Equipment for Enterprise’s Development (SPEED)
  • SIDBI Trade Finance Scheme (STFS)
  • SPEED PLUS
  • Top-up Loan for Immediate Purposes (TULIP)
  • SIDBI – Retail Loan Scheme For Trade Finance (RLS)
  • SIDBI Term-loan Assistance for Rooftop Solar PV Plants (STAR)
  • SIDBI Assistance to Facilitate Emergency Response Against Coronavirus Plus (SAFE PLUS)
  • SIDBI Assistance to Facilitate Emergency Response Against Coronavirus (SAFE)

Benefits of SIDBI

Benefits of SIDBI

SIDBI provides assistance to MSMEs in numerous ways. It has a holistic approach to supporting and strengthening this sector. Here are some of the benefits of SIDBI schemes for entrepreneurs:

  • Customised Credits – Loans which are customised as per the need of the business. Funding businesses in the right way is the goal of SIDBI.
  • Lower Interest rates – SIDBI offers loans at attractive rates to the MSMEs since it is coordinated with several other banks and financial institutions.
  • A holistic approach – SIDBI provides overall support along with guidance and direction along with financial assistance.
  • No need for Collateral for Funding – Up to Rs. 1 Crore of Loans can be availed by the businesses from SIDBI without having to submit any type of collateral.
  • Transparent Procedure – the complete loan process and even the rate structure are transparent. There are no hidden charges implied in this process.

What Are You Waiting For?

Budding entrepreneurs must make the most out of SIDBI! You can’t miss this opportunity to avail funding for your business at such attractive rates. To top it off, there are numerous other benefits that your business can enjoy along with the acquired credit. Now, are you wondering how to go about it?

Apply for SIDBI with Egniol Services today. We provide the best consultancy and assistance for startups. Our team of experts, helps you with the procedure of availing grants and funding Government schemes with all the necessary documentation. Contact Egniol Services today, to begin the application process. 

Healthcare Innovators Apply For Aarogyam Challenge Now!

Healthcare Innovators Apply For Aarogyam Challenge Now!

The Healthcare Sector Of India

A strong healthcare system is the backbone of a healthy nation. It strengthens the economy by improving the general health status. This enables individuals and families to contribute to national growth without any burden or health liability. The Pandemic was a shock wave to the entire economy. It has thrown light on the importance of the healthcare sector in the country and made it evident that it is the key to a better lifestyle for everyone. 

The health sector of India is witnessing a massive surge of entrepreneurial ventures. Innovation and new ideas are much needed for the growth of the health sector in India. Hence, the government is supporting such entrepreneurial ventures with grants and funding schemes. The budding healthcare startups are about to receive encouragement in the form of schemes and challenges that will help them with the post initial stage of the startup journey. Aarogyam is an accelerator and challenge on the same lines. Let us understand what Aarogyam is all about.

What is Aarogyam?

What is Aarogyam

Aarogyam is an accelerator and challenge for healthcare startups in India which are beyond the MVP stage. The challenge aims to recognize the potential future healthcare startups that are already past the initial stage of ideation. It focuses on concrete projects that have a prototype of their product/service and have already entered the market. The challenge is supported by the Atal Innovation Mission and organised by the AICGUSEC.

The broader aim of the challenge is to inculcate innovation, accessibility, and affordability into the healthcare sector. This is a drive to make healthcare better and affordable for all the strata of society. The ageing population and a steep decline in birth rates as well as increased healthcare expenditure calls for insightful actions in the concerned sector.

Targeted Areas

The BIG scheme mainly aims to foster and nurture the entrepreneurial spirit to transform innovative ideas commercially. This is aimed at enabling the biotech startup economy to be competent enough for global competition. The bigger purpose of this scheme is to act as an impetus for the formation of enterprises.

Targeted Sectors

This challenge is focused on certain areas of the healthcare sector, namely:

  • Device and Diagnostics
  • AI & ML in healthcare
  • Robotics
  • Point of Care devices
  • Wearables
  • Telemedicine & Telecommunication
  • Skills for Healthcare Workers
  • Food & Nutrition
  • Medical Tourism
  • Health Insurance

Benefits Of The Challenge

The challenge basically aims at benefitting budding healthcare startup ventures. The several benefits of the challenge are as follows

  • Financial Grant of up to Rs. 5 Lakhs
  • Investment of up to Rs. 50 Lakhs
  • Bootcamp
  • Incubation
  • Mentoring & Coaching
  • Coworking & Infrastructure
  • IPR/ Patent Facilitation
  • Investor Connects
  • Networking
  • Cloud Credits

Eligibility

There are certain criteria that the applicant of the Aarogyam challenge must have to be eligible for the same. The applicant should have Innovative Solutions in Healthcare/ Healthtech Sector, the startup must be DIPP recognized and apart from that the startup must be beyond the MVP stage/ with a demonstrable PoC.

Apply Now!

AICGUSEC organised the Aarogyam challenge which has announced its last date to accept applications from innovators. This is the call for all the entrepreneurs with innovative ideas that are converted past the MVP stage. If you are a healthcare startup owner then you must apply for the challenge before it’s too late!

The last date to apply for the challenge is 24th December 2022. That’s just around the corner, right? Don’t worry, we at Egniol Services are here to help innovative startups like yours avail the benefits of Government grants and schemes. Consult the experts of Egniol today to apply for the Aarogyam challenge now. Healthcare startups, you don’t want to miss out on this one!

Apply For BIRAC Grant 2022

The BIG 21st Call for Biotechnology Ignition Grant is out for all the innovators! It aims at igniting new ideas and supporting budding entrepreneurs with excellent potential. Do you have an innovative idea with a strong motive and a vision to provide for the gap of an unmet need? Then you can be one of the BIRAC startups! 

Apply for the BIRAC grant 2022 to avail yourself of the support and mentoring from the Government. Contact Egniol Services at the earliest in order to begin your application process. Egniol Services provides consultation and complete assistance for startups to apply for Government grants and funding schemes. Our team of experts, helps you with all the necessary documentation and guides you through the procedure of application. To apply for BIRAC grant, get in touch with our experts today.

Listen Up, Innovators! Startup Karnataka Organises Idea2PoC_ ELEVATE 2022

Listen Up, Innovators! Startup Karnataka Organises Idea2PoC/ ELEVATE 2022

Fundings From The State

Our economy never falls short of exceptional talent and creative innovations. What usually results as a drawback is the lack of support and resources to back these innovative ideas. The Indian Government of India is therefore quite thoughtful when it comes to supporting small businesses and innovative startups. There are several ways through which the government extends a helping hand to such innovative startups. Idea2PoC/ Elevate 2022 is one such funding program.

What is the Idea2PoC/ Elevate 2022 Program?

This funding program aims at recognizing innovative startups in Karnataka. These Karnataka startups will receive Government support to elevate their business under Idea2PoC/Elevate 2022. This would help them in the growth and development of their products and solutions. 

The Karnataka Government has already catalysed the innovation and entrepreneurship drive in Karnataka through various measures of Karnataka startup funding facilities and policies. The Department of Electronics, IT, BT, and S&T of the Government of Karnataka launched the Elevate- Idea2PoC scheme with a vision to recognize and aid budding innovative startups. It is a one-time grant of up to Rs. 50 Lakhs provided as early-stage funding. It helps innovative startups to develop their prototype and work on market development etc. 

Aims Of Mission Startup Karnataka - Idea2PoC/ Elevate 2022

Aims Of Mission Startup Karnataka - Idea2PoC_ Elevate 2022

The Elevate – Idea2PoC scheme of Mission Startup Karnataka is an initiative that has been launched to fulfill the following aims :

  • The startups Karnataka should have a comprehensive entrepreneurship platform
  • Mentoring made accessible
  • Opportunities to grow their network
  • Provide Funds
  • Idea Validation
  • Incubation assistance
  • Detailed sessions on accounting, legal, and emerging tech

The Evaluation Process in Startup Karnataka

The evaluation process for the challenge is planned in a very detailed and extensive manner. The Government here is the facilitator who connects the industry experts to the budding entrepreneurs. A simple timeline of the process looks like this – pitching innovative startup ideas followed by shortlisting pitches selected for the Karnataka Government Startup Funding aid for Startup Karnataka.  

There is a detailed process of evaluation which is divided into 4 stages. The main objective of this rigorous process is to search for the most deserving winner. At each stage, each startup will be evaluated for various parameters on a total of 100 marks by the Jury. The Additional Chief Secretary, Department of Electronics, IT, BT and S&T, Government of Karnataka, is the chairman of the Idea2PoC Evaluation Committee. Along with that other industry representatives from IITB, ABLE, NASSCOM, STPI, IESA, and ABAI are on board as the Committee.

Eligibility to apply for Startup Karnataka

Let’s dive into the details of eligibility criteria for Elevate Kalyana Karnataka – 2022, AMRITA – 2022 and ELEVATE UNNATI – 2022.

Elevate Kalyana Karnataka – 2022 Eligibility

  • Only startups from Bidar, Kalaburagi, Raichur, Yadgir, Ballari, Vijayanagara, and Koppal districts can apply to Elevate Kalyana Karnataka 2022.
  • An entity registered/incorporated in Karnataka or is registered as a partnership firm or a limited liability partnership as per the respective Acts.
  • The Total revenue generated (as turnover) since the date of incorporation should not be more than INR 100 crore.
  • Should not be older than 10 years from the date of incorporation or registration.
  • One of the Directors/Partners must be from Kalyan Karnataka and should hold a minimum of 51% share in the company.
  • Should possess HK/KK/371(J) Certificate if the startup belongs to Kalyan Karnataka. Must be incorporated in Karnataka.
  • The Director/Partner who belongs to the Kalyan Karnataka must be a part of the startup business for a minimum of 3 years from the day they start receiving the benefits from the Department.
  • Terms and conditions of ownership should be intact and must not be modified to his or her advantage throughout the project course.

AMRITA - 2022 (OBC) Eligibility for Startup Karnataka

  • An entity registered/incorporated in Karnataka or is registered as a partnership firm or a limited liability partnership as per the respective Acts.
    The Total revenue generated (as turnover) since the date of incorporation should not be more than INR 100 crore.
  • Should not be older than 10 years from the date of incorporation or registration.
    Startups/Entity on the lines of innovation, development, or products/process/service improvement or is it a scalable business model and has a good potential for employment generation and wealth creation.
  • One of the Directors/ Partners must be from the OBC community and has a 51% share in the business.
  • The Director/Partner who belongs to the OBC community must be a part of the startup business for a minimum of 3 years from the day they start receiving the benefits from the Department.
  • These Directors/Partners must have a valid digital caste certificate issued by the Revenue Department of the Government of Karnataka along with a valid RD number.
    Terms and conditions of ownership should be intact and must not be modified to his or her advantage throughout the project course.

ELEVATE UNNATI - 2022 Eligibility

  • An entity registered/incorporated in Karnataka or is registered as a partnership firm or a limited liability partnership as per the respective Acts.
    The Total revenue generated (as turnover) since the date of incorporation should not be more than INR 100 crore.
  • Should not be older than 10 years from the date of incorporation or registration.
    Startups/Entity on the lines of innovation, development, or products/process/service improvement or is it a scalable business model and has a good potential for employment generation and wealth creation.
  • One of the Directors/ Partners must be from the OBC community and has a 51% share in the business.
  • The Director/Partner who belongs to the OBC community must be a part of the startup business for a minimum of 3 years from the day they start receiving the benefits from the Department.
  • These Directors/Partners must have a valid digital caste certificate issued by the Revenue Department of the Government of Karnataka along with a valid RD number.
    Terms and conditions of ownership should be intact and must not be modified to his or her advantage throughout the project course.

How To Go About Startup Karnataka Registration Process?

The startup companies in Karnataka and the budding entrepreneurs with their innovative startup business ventures must register for the idea2PoC/ Elevate Program organized by the Startup Karnataka (Government of Karnataka) to avail of the assistance provided by the government. It is an excellent opportunity for all innovative startups to gain initial momentum for their growth and development.

Egniol Services assists SMEs, startups, entrepreneurs, etc in the process of applying for such Government Grants and Funds. Contact Egniol Services to begin the process of Startup Karnataka Registration for your business today. Call the experts at Egniol to know more about the Karnataka Startup Mission and its details.  

How To Register For Sole Proprietorship

How To Register For Sole Proprietorship?

The First Step Towards Becoming The Owner

Are you thinking about the company’s name? Then you must also think about the suffix that will go with the name. Stepping into the business world without registering your business will restrain it from all the added benefits that come with incorporating your business. Company incorporation refers to the process of officially registering your company with the government. The company is registered under Section 7 of Companies Act 2013. It defines the structure of your business based on its ownership. But what if you are the sole owner of your business? Do you still need to register it? The answer is “Yes, with Sole Proprietorship registration.”

What is Sole Proprietorship?

What is Sole Proprietorship

A sole proprietorship business has a single owner. The entity is managed and under the control of that same individual. The sole owner is obligated and liable to the business endlessly while also being the sole owner of all the profit made. This type of incorporation is apt for businesses managed and owned by only one individual. Some of the common sole proprietorship examples are small shops, local bakeries, salons, etc. 

Features of Sole Proprietorship

Here are a few features that a sole proprietorship business would have. Have a look to find out if they align with the vision of your business.

Liability – The sole proprietor faces unlimited liability for the ups and downs of the business. The owner’s private assets are involved in the business and even in the case of debts and loans.

Company Continuation – the life of sole proprietorship business is at risk in case of the owner’s death, insolvency, imprisonment, etc. No individual other than the legal heir or beneficiary is allowed to become the predecessor because of the single ownership trait of the business.

Sole bearer of Profit & Loss – The owner is the only individual facing the consequences of the business be it profit or loss.

Decision-making – the sole proprietor is the only one in control. He is the only one making the decisions for all business activities


No Separation of Entities – There is no differentiation of the owner from the business as separate legal entities. The business and the owner of the business stand as one single entity.

Benefits of Sole Proprietorship

You must have thought about all the pros and cons of starting a business single-handedly. These advantages of sole proprietorship business will strengthen your decision, check them out :

Quick Decision making – Since the decisions are made by a single individual, there are no delays or complexities because of differences of opinion. The sole proprietor does not have to worry about considering anyone else’s opinions or disagreements while making decisions.

Intact Privacy – the confidentiality of the business remains intact as the sole proprietor does not legally require to share the information related to the business with any external party.

Sole profit owner – The sole proprietor is the only one who acquires all the profit and is not obligated to share any part of it with anyone.

Tax benefits – The Sole Proprietorship business has lesser compliance requirements. There are certain deductions that you can avail of to reduce the income tax liability as the sole proprietor. On top of that, income tax filing is mandatory only if the taxable income annually incurred is above a certain amount decided by the government.

Have You Made Your Sole Decision?

After knowing the benefits and features of a Sole Proprietorship Business, are you thinking of becoming a sole proprietor? It would require a minimum of approximately 10 days to get done with formalities if you contact Egniol Services today. 

Egniol Services is here to provide you with all the necessary documentation and paperwork that you would require during the application process. We at Egniol provide 360-degree services for all your business needs. We are here to serve you from start to finish of the application process. Sole business owners contact Egniol Services to turn your business into a sole proprietorship entity without further delay. 

 

Register Your Business As An LLP Company To Enjoy These Benefits

Register Your Business As An LLP Company To Enjoy These Benefits

Have You Incorporated Your Company?

Have you thought about incorporating your company? If not then you must give it a thought. There are numerous benefits of incorporating your company. But before beginning with the process have you decided which entity you are going to register your company as? There are several types of company incorporation. We suggest you go for an LLP Company.

What is LLP Company?

What is an LLP Company

Let us begin with understanding the meaning of LLP Company. LLP Company full form – Limited Liability Partnership has three keywords in it, out of those the first two are self-explanatory and the third one depicts the partnership aspect of the entity. Basically, an LLP Company is an entity that holds the traits and features of both the partnership firm and the company. 

LLP Companies in India are regulated under the Limited Liability Partnership Act, 2008. An LLP Company requires a minimum of 2 partners in order to incorporate while having no limit for the maximum number of partners. If there are more than 2 partners then there need to be 2 main designated partners out of which at least one of them should be a resident of India.

Characteristics Of LLP Company

These features make an entity an LLP Company in India.

  • A separate legal entity.
  • The liability of each partner is limited to the contribution made by the partner.
  • Low cost of forming an LLP company.
  • Decreased compliance and regulations.
  • Does not require a minimum capital contribution.
  • Minimum 2 partners required to incorporate an LLP Company.

Advantages You Can Avail Being LLP Company

  • Low-Cost Registration

The formation of an LLP Company does not require much investment. In comparison to other companies, the cost of registering an LLP Company is lower than others.

  • Less Compliance

An LLP Company follows a lesser compliance burden and requires to submit just a couple of statements viz. Annual Return and Statement of Accounts & Solvency.

  • Limited Liability

Limited liability of the partners involved. It is limited to the contribution made by the partners. The partners are not liable personally for any losses incurred but are limitedly liable for the contribution made by them.

  • Doesn’t require a minimum capital contribution

A minimum capital contribution is not required for an LLP Company. It can be started without any minimum capital.

  • Separate Legal Entity

An LLP is a separate legal entity and is distinct from its partners. The signing of contracts happens under the name of the LLP which increases the trust of stakeholders. It also ensures that only the name of LLP is used even when sued.

  • Taxation
    There are certain tax benefits for an LLP Company in India.

Thinking Of Limiting Your Liabilities?

You must be thinking about registering your business as an LLP Company. Wondering how to go about it? You can easily register your company as an LLP with Egniol Services. All these benefits are just a call away. 

We at Egniol provide services to small and medium-sized businesses for their growth and developmental needs. Egniol is the one-stop solution for all your business needs. Contact us to apply for the registration of your business as an LLP Company.