What Is Atal New India Challenge 2.0

Innovators Apply For Atal New India Challenge 2.0 Now

What Is Atal New India Challenge 2.0?

Did you know, your company could get assistance from the government for standing out of the crowd and delivering a meaningful impact? This assistance is provided under flagship programs of the government. These are the most important programs that aim at addressing the major challenges of the nation. 

The Atal New India Challenge program was launched on 28th April 2022, by the Atal Innovation Mission. It is in accordance with the NITI Aayog. The aims and goals of Atal New India Challenge 2.0 are mainly based on technological innovations. The innovations which solve the State’s sectoral challenges and are relevant to societal issues.

Aims Of The Program

Atal New India Challenge 2.0 is aimed at incentivizing innovations that fall under the areas that are critical for the growth and development of the Nation. Dr. S. Chandrasekar, Secretary, DST, assured that the government will support the innovations which are revolutionary and motivate the startups to work towards difficult challenges while launching Atal New India Challenge. He talked about the sectors which are in dire need of startups such as Agriculture and Health with other difficult sectors like Chemicals and Pesticides.

Atal New India Challenge 2.0 primarily aims at addressing the Commercialization Valley of Death which supports the innovators to grow through the risks of resource access for the testing, pilot, and market establishment. Atal India New Challenge pushes prototype stage innovations and the shortlisted startups get the support to reach the commercialization stage over a time period of around 12-18 months with funding up to INR 1 crore. Along with the funding, another associated support is also provided by the AIM innovation ecosystem.

Challenges

 

The Atal New India Challenge 2.0 Program aims at 18 challenges mainly from these Sectors along with an open invitation category:-

  • Agriculture – Millet
  • Post 
  • Women Centric 
  • Drinking water and Sanitation
  • Renewable Energy and Clean-Tech
  • Education

Agriculture - Millet

Challenge 1

Primary Processing – A solution required to elevate the efficiency of millet processing viz. Dehulling, Separation, Polishing, etc. The solution should be such that it retains nutritional value while being effective at the same time.

Challenge 2

Decentralized Processing – Lack of machinery/ Infrastructure that enables decentralization process for small scale. It should be affordable and user-friendly for farmers, FPOs, and consumers.

Challenge 3

Shelf-Life Augmentation – Need a solution to elongate the shelf life of millets, processed grains, flours, etc. It should aim at making it on par with the competing crops.

Challenge 4
Supply Chain Linkages – A solution for market linkage that improves the supply of inputs (HYV Seeds, etc) and outputs (distribution, etc).

Post

Challenge 1
Digital Address System – Require Use Cases Applications (APIs) that interact with digital address central infra in the upcoming time for diverse use cases of digital address.

Women Centric Challenges

Women Centric Challenges in Atal new india challenge

Challenge 1

Innovation for Women Hygiene – Need Sanitary napkins that are low cost, eco-friendly and sustainable compostable. Along with that, innovation for the detection and recovery of UTI and toilet concept for women while traveling.


Challenge 2

Innovation for Women Safety – Safety Gadgets, better life-saving applications, and tech for safety for violence against women.


Challenge 3

Professional Networking Opportunities for women – ‘women only’ business networking app/self-help groups, support women-led startups.


Challenge 4

Innovation for working mothers – electric breast pumps which are silent and made for on-the-go and child safety-related innovations.


Challenge 5

Lifestyle of Rural Women – Easing out the life of rural women by developing innovation for water collection and supporting them in their knowledge of natural resources management.

Winners Get Up To INR 1 Crore Of Funding

The Atal New India Challenge program has rolled out great advantages for the innovators out there. Each winner of the ANIC is eligible for funding of INR 1 crore which is divided into 2 parts – Grant-in-AId and Equity Investment. The Grant-in-Aid is of up to INR 80 lakhs and is a non-returnable grant. The Equity Investment is up to INR 20 Lakhs and 2% of the equity of the startup must be held by the government.

Apply Today

Listen up, innovative startup owners! Are you ready to make the most out of this program? Gear up and apply before the deadline. Are you trying to figure out how to go about this? You can apply with the assistance of Egniol Services. Our professionals deliver a hassle-free procedure of application for your business. 

Our professionals will be engaged in a start-to-finish process of your application. Contact Egniol services to know more about the other aspects like eligibility and timeline. Write to us or call us to apply for the Atal New India Challenge 2.0 program today. 



How To Turn Your Business Into Private Limited Company

How To Turn Your Business Into Private Limited Company? A Complete Guide

Incorporate Your Company

Are you aware of all the numerous advantages your company is currently missing out on? It’s all because your company isn’t incorporated yet. Let’s begin with understanding the meaning of company incorporation. It simply means to turn your business into a corporate entity. Understanding the difference between a company and a corporation is the first step, to begin with, the process of company incorporation, especially the entrepreneurs starting their new venture.

Understanding Types Of Incorporation

Understanding Types Of Incorporation in Private Limited Company

You thought you understood the incorporation process? Just wait until you hear about the various types of incorporation that are present out there. There are several options available to choose from while registering your company.

  1. Private Limited Company (Pvt Ltd)
  2. Public Limited Company
  3. Partnerships
  4. LLp Registration
  5. One Person Company
  6. Sole Proprietorship
  7. Section 8 Company

What is Private Limited Company?

Heading on to understand what private limited companies are all about. It is one of the most popular types among the seven other types of incorporation available. A Private Limited Company refers to a privately held entity usually for small businesses. The liability is privately shared by the shareholders amongst themselves. This is practised to protect personal assets.

There is a clear distinction between the personal and the business assets of the members which results in ensuring security and protection. The liability of a shareholder is equivalent to the share held. There is also a distinct way of sharing the trade of such entities. Private limited companies’ shares cannot be traded publicly. 

Traits of Private Limited Company

The number of members – A minimum of 2 members and a maximum of 200 are required.

Limited Liability – Limited Liability of each shareholder, saves the shareholders’ personal assets from risk. 

SuccessionIt has perpetual succession through various situations like death, insolvency, or even bankruptcy. The company exists through anything.

Index of numbers – Holding the added benefit over the public entity, it doesn’t require to maintain an index of its members

Directors – The number of directors must be 2. 

Paid-up capital – A minimum paid-up capital of rs 1 lakh or above is a must.

Prospectus – No need for a statement with detailed information about the company and its working which is issued by the company for the public. 

Name – The suffix of Private Limited must be used after the name of the company

Minimum Subscription – Private Limited Company does not need the minimum subscription for the allotment of shares to the public. 

Benefits of choosing Private Limited Company

Benefits of choosing Private Limited Company

There are some exclusive benefits of the entity of a Private Limited Company in India viz. Easy transfer of shares by just shining of share certificate, higher borrowing capacity enables the company to seek external financial help, and a separate legal entity allows the company to take up loans. That’s not all, there are several more advantages like

  • Lesser number of shareholders, hassle-free decision making
  • The minimum number of shareholders is as low as 2.
  • Does not require to disclose the information and their financial reports to the public.
  • Flexible decision-making for short-term and long-term both.
  • Not under the pressure of the stock market
  • Minimum share capital required
  • Confidential information remains intact

What is in there for startups?

Small businesses and startups gain the credibility and reputation of a well-established business by registering themselves as a Private Limited Company. It elevates their impression in front of financial institutions, customers, and others. It helps them to get loans from banks or other institutions at minimum compliance at the beginning stage of the business. 

Thinking About Keeping it Private?

Now that you know about all the benefits of registering your business as a Private Limited Company, are you ready to incorporate yours? Avail all these benefits without falling into the rut of extensive documentation and hassles of registration. Wondering how to do that? You just need to call Egniol services and everything will be taken care of. 

 

Our professionals at Egniol, provide you with a start-to-finish service for all your business needs. We ensure that you complete the formalities without any delay and receive the ‘Private Limited’ suffix to your company name at the earliest. Startup owners get in touch with us today. 

What Is The Difference Between Company And Corporate

What Is The Difference Between Company And Corporate? Explained.

Incorporation Of Your Company

Stepping into the corporate world without any official company name or registration? Think again. Imagine all the benefits and advantages your company would miss out on without company incorporation. It is the first step towards tax benefits and officializing your company. Understanding the key difference between company and corporation will introduce you to greater opportunities.

Starting a company comes along with a hundred different things. From sorting the office place to deciding the name of the company and making it official, everything is an extensive procedure in itself indeed. We all know running your own company is not a cakewalk. On top of that imagine having to do all sorts of documentation yourself.

Understanding Incorporation

Understanding Incorporation for Difference Between Company And Corporate

Let’s begin with understanding what exactly the term company incorporation means. It refers to striking a clear difference between company and  corporation. In simpler words, it means to affiliate your company with the government and officialize it. It is the legal procedure to make your company a corporate entity. As a result of this procedure, the company turns into a corporation. 

 

One of the main advantages is that it eases out the differentiation of the assets. Your corporation name will thereon have the addition of “Inc.” or “Limited (Ltd.) to signify the incorporation. It legally signifies the separation of your identity as the owner from the corporate entity. It basically helps you to make sure that your business stands on the greener side of the difference between company and corporation. 

All this happens under Section 7 of the Companies Act 2013. The Ministry of Corporate Affairs is the official body responsible for it. A company established in India is legally bound to go through the registration process and obtain the registration certificate from the Registrar of Companies (ROC). The company needs to comply with all the provisions of the Act in order to receive the certificate from the registrar. 

Innovation Needs Incorporation

There are several advantages you can enjoy just by incorporating your business which signifies the difference between a company and a corporation

For starters, your corporate entity will be legalised. Then moving ahead, you will have the transfer of ownership which will make the owner eligible for tax benefits. The company catches the attention of more and more audiences. It also ensures stable functioning and a rise in capital contribution. Your business can gain global recognition and get into the global market just by understanding the importance of the difference between company and corporate.

One of the many benefits is that if ever the company is sued, the entrepreneur’s name is not used instead the company’s legal name is used. It stands the same even when the company decides to sue others. 

The most important advantage for the startups of gaining the understanding of the difference between company and corporate is that they can gain credits from banks and approach reliable and legitimate investors for investments.

Incorporation Made Easy with EGNIOL

Incorporation Made Easy with EGNIOL for Difference Between Company And Corporate

Did you know that you can outsource this whole process of documentation and registration? Suddenly this doesn’t sound daunting as much right? We at EGNIOL serve startups with assistance from start to finish for their company setup and registration process. 

Our professionals take care of all the documentation and ensure you get the certificates required at the earliest. EGNIOL is your one-stop solution for all your startup-related needs, be it the company incorporation process or Startup India Registration we are here to help you. Now that you have understood the importance of the difference between company and corporate, all entrepreneurs write to us or contact us to grow your business and reach the global field. 

Venture Capital Assistance Scheme – Startup India - Egniol

Venture Capital Assistance Scheme – Startup India

When it comes to agriculture, the venture capital assistance program has been a godsend.

The agricultural sector in India is the largest private sector in the country. As people’s eating habits shift across the country, there is a great need for reasonably priced food products, which means that the industry has a great deal of room to expand.

The agricultural industry in India is a success thanks to the way it was framed. India’s economy relies heavily on agriculture. The agricultural sector provides income for more than 70 per cent of rural households. The agricultural industry in India is vital to the country’s economy. About 60% of the workforce and 17% of GDP come from agriculture. As a result, the Indian government has a pressing obligation to support the agricultural sector in every possible way.

What exactly is a Venture Capital Assistance Scheme?

What exactly is a Venture Capital Assistance Scheme

Scheme administered by the Small Farmers Agri-business Consortium; also known as the Venture Capital Assistance Scheme. The success and prosperity of farmers and their agricultural enterprises are the intended outcome of this plan. Loans to farmers whose projects meet the criteria set out by the Venture capital assistance scheme will help them acquire the necessary funds to see those projects through to fruition. It’s one of the country’s finest initiatives to promote agricultural entrepreneurship. To make up for funding shortfalls, the program provides zero-interest loans to the agricultural sector.

A program like this is a huge boon to people and communities that want to pursue agriculture as a profession and launch their businesses. With the help of the scheme, agribusiness entrepreneurs can get financial backing for their ventures. With the help of the Project Development Facility, potential investors can get the funding they need to create detailed project proposals that can be taken seriously by financial institutions.

Who Can Apply?

The following individuals are eligible to receive funding from the Venture Capital Assistance scheme:

  • Individuals.
  • Farmers.
  • Partnership/ Proprietary firms.
  • Producer Groups.
  • Self-help Groups (SHG)
  • Companies
  • Agri-export units.
  • Agriculture graduates taking up agri-business projects.

Institutions Eligible for Financing in Venture Capital Assistance Scheme

Nationalised banks, SBI & its Subsidiaries, IDBI, SIDBI, NABARD, NCDC, RRBs, and other State Financial Corporations are all examples of banks and financial institutions regulated by the Reserve Bank of India that have more than 50% ownership by the Central or State Government.

Goals of the Venture Capital Assistance Scheme

The scheme’s primary goals in providing funding for startups are as follows:

  • To assist and aid entrepreneurs in establishing an agribusiness venture that is acceptable to banks and other financial institutions.
  • With the right policies in place, we can help steer agricultural entrepreneurship in the right direction.
  • To entice private Venture Capital Assistance Scheme into agribusiness endeavors.
  • Facilitate agribusiness initiatives’ backward linkages.
  • To schedule training sessions and guarantee regular visits from Agribusiness owners.
  • The current state and national SFAC must be fortified.
  • The Project Development Facility is being used to encourage farmers to form SHGs.

The purpose of the Venture Capital Assistance Scheme is to help agribusinesses across the country succeed. Farmers must be prioritized for the time being, and they must be given every chance to improve their situation so that they can help the agricultural sector and the Indian economy as a whole. All that needs to be done is for people to learn about these scams. We at Egniol are committed to assisting you with everything you need to avail the benefits of the venture capital assistance scheme because our team of experts is just a click away.

Gujarat Industrial Policy Assistance For Start-Up Innovation

Scheme For Assistance For Start-Ups/Innovation

The state government of Gujarat has put significant effort into not only fostering employability but also launching startup incubators and accelerators to help the state’s young people learn business and management skills. For this reason, the State Government has implemented a policy of financial aid targeted specifically at new businesses. This article examines the Scheme for Assistance to Startups in Gujarat and its features, including its benefits, eligibility requirements, and application process.

The Scheme for Assistance for Start-Ups/Innovation was launched on 07/08/20 and is going to be operational for 5 years, that is until 06/08/25 because Startups and innovation are essential to economic expansion. In addition to creating jobs, they focus on smarter, generation-next solutions that foster economic vitality by fostering innovation and competition. Gujarat has attained a prominent position in the national startup ecosystem due to its inherent strength of pervasive entrepreneurial spirit.

Several startups have expanded their operations/products on both a national and international scale as a result of the expansion of the network of nodal institutions made possible by the Gujarat Industrial Policy of 2015. The primary goal of the Gujarat Industrial Policy 2020 is to promote research and development, innovation, and entrepreneurship. Therefore, the new scheme is being implemented to support startups and innovation at various stages of the startup life cycle.

Benefits of Financial Support for Start-Up/Innovation

Benefits of Gujarat Industrial Policy Financial Support for Start-Up_Innovation
  • Under this program, the innovator will receive a monthly subsistence allowance of Rs. 10,000 for one year.
  • Mentored startups will receive up to Rs. 5 lakh in annual funding.
  • The cost of raw materials/components and other related equipment for the innovative process will receive up to Rs. 10 lakh in financial assistance, pending approval by the screening committee.
  • An institution will provide mentorship services to assist the innovator.
  • The innovator may visit the institution to utilise startup-specific facilities.
  • As per government approval, a selected innovator will have free access to universities/libraries/government research labs of excellence/small and medium enterprises/public sector undertakings to clarify his innovative concept/ideas.

Criteria for Eligibility

Any individual or group of individuals with an innovative idea or concept are eligible to apply for financial assistance through the programme if they meet the criteria outlined in the eligibility requirements. To qualify as an institution that can provide assistance and mentor innovators, a business must either be a university or an educational institution, an incubator, a public or private research and development institution, or another type of establishment

Assistance Provided for:-

A. Support for Innovation:

  • The institution will provide mentorship services to the innovator.
  • The institution will permit the innovator to utilize its available facilities for Start-Ups.
  • A one-year sustenance allowance of Rs. 10,000 will be provided to the innovator whose project is recommended by the institution and approved by the Committee.
  • The institution will receive up to 5 Lakhs in assistance for mentoring services.
  • Upon committee approval, up to Rs. 10.00 Lakhs will be provided for the cost of raw materials/components and other related equipment required for the innovative process of the development of a new product.
  • The government will provide selected innovators with free access to universities/libraries/government laboratories/centers of excellence/government research and development corporations (GIDC)/centers of excellence (CoE)/public sector undertakings (PSUs) to gain greater insight into their innovative ideas/concepts.

B. Support after the Idea/Concept has been brought to market.

Up to Rs. 10.00 lakhs in marketing/publicity assistance will be provided for the introduction of an innovative product to the market.

C. The project will be eligible for additional benefits under MSME schemes.

How To Apply for the Scheme for Assistance for Start-Up/Innovation? 

In addition to promoting employability, the state government of Gujarat has also launched startup incubators and accelerators to help the state’s youth acquire business and management skills. For this reason, the State Government has enacted a policy of financial assistance for new businesses. And we at Egniol are available to assist you with our team of experts to apply for the Scheme for Assistance for Start-Up/Innovation under the state government of Gujarat, all you need to do is get connected with us. 

prism scheme and Its importance in the present day

PRISM Scheme And Its Importance In The Present Day.

Innovation in technology is essential for progress. Our government has implemented the PRISM scheme to support new ventures, SMEs, and innovators in order to compete in the global tech race. With this plan, they can gain access to much-required funding.

Scientific startup companies have seen significant growth recently. The PRISM program was developed by the government to encourage the adoption of scientifically sound technological strategies. PRISM is an acronym that stands for Promoting Innovation in Individuals, Startups, and MSMEs.

What Exactly Is the PRISM Scheme?

what exactly is the prism scheme

Technology advancement was prioritised with the launch of the “Technopreneur Promotion Programme” (TePP) in 1998–1999. After more than two decades, this programme has been revised and is now known as the Program for the Promotion of Innovations by Small and Medium-Sized Enterprises (PRISM). The goal of this programme is to help an individual innovator become a prosperous technopreneur by supporting and encouraging entrepreneurship on the part of the Government of India’s Ministry of Science and Technology.

It’s a way to get money to help tech innovators be as creative as they can be. Student innovators are recognised as a distinct group in the PRISM scheme, along with more traditional business owners and tech experts. Therefore, the scheme is open to anyone who has a workable, commercially viable, and new idea.

Who Can Apply in PRISM Scheme?

In the PRISM scheme, there are two stages. Phase one targets people from India, including academics, citizens, and creative thinkers.

The first stage is typically reserved for entrepreneurs whose ground-breaking ideas have the potential to become profitable businesses.

The second phase of PRISM is for innovations or innovators who have shown proof of concept with funding from the government or an established institution. Proposals for research and development are also welcome, as are collaborations with independent organisations like labs and universities.

It also helps groups that are established as separate entities under a different law, such as societies registered under the Society Registration Act, of 1860 or the Indian Trusts Act, of 1882.

Advantages of the PRISM Scheme for New Businesses

  • The scheme’s greatest benefit is that it is distinct from alternative startup loan assistance programmes. The Ministry of Science and Technology provides the funding for this project. This funding could also be used to create a working prototype and begin marketing the finished product.
  • The government’s assistance with evaluations and technical, and financial viability studies can point out where a tech startup needs to make improvements.
    The PRISM programme hopes to aid inventors in mastering the basics of the patenting process.
  • Beginning with the conceptualization of an idea, these professionals aid startups with both the technical and strategic development necessary for the commercialization of the project.
    As a result of the proliferation of government programmes like Startup India, Make in India (https://www.pmindia.gov.in/en/major initiatives/make-in-India/), and Digital India, technological innovation has gained new prominence. Therefore, the PRISM plan is intended to encourage even more creative thinking.

Focus Areas of the Scheme

Although the programme is available to any new technology venture, priority will be given to specific foci. Here are some of them:

  • Green technology
  • Clean energy
  • Industrially utilisable smart materials
  • Waste to wealth
  • Affordable healthcare
  • Water and sewage management
  • Any other technology in a knowledge-intensive area
    A startup idea, prototype, or concept in these areas is more likely to be prioritised for funding by the Ministry of Science and Technology. In the event that beneficiaries abandon the project, innovators must return the funding, plus 12% interest, to the DSIR. Therefore, get in touch with our team of experts for more detailed information and apply today. And our team will do everything to assist you in every step of the process.
start-up india innovation summit

Start-up India Innovation Summit

What Is Start-Up India Innovation Summit?

The start-up India innovation summit is the biggest start-up revolution to be celebrated through various international events that are held in different parts of the world. With the help of this innovation summit, we will be able to honour India along with the leading start-up destination in the world.

Participants of Start-Up India Innovation Summit

The expected global participation is by start-ups, innovators, venture capitalists, angel investors, corporates, incubators, accelerators, academic institutions and government stakeholders. The Summit is also anticipated to advance local debate on cutting-edge companies and innovations, allowing the general people to engage with and experience the thought leadership that India has attained in the innovation ecosystem over the previous few years. This is the best platform to showcase the skills and talent to the world and build a strong network with global ecosystem stakeholders.

Start-Up India Innovation Summit Program

start-up india innovation summit program

Relevant stakeholders who will be involved includes Ideation stage start-up, Validation stage start-up, Early traction start-up and Scaling stage start-up.

Procedure Post Submission

The application for the start-up India innovation summit will be pre-screened by the start-up India scheme and the evaluation will be done by designated evaluation committee that is formed by the department of promotion of industry and internal trade. In November 2022 the final results will be out.

The Key Objective Of Start-Up India Innovation Summit Are

As start-up India innovation summit is most recognized event for the world because of objectives of the summit.

  • To display India as a core innovation ecosystem of the world, for the sake of this one exhibition that will include start-ups from across India and from all different sector, we need to acknowledge the work.
  • To highlight the strength of Indian start-up ecosystem and to present them in front of all and optimize innovative start-up.
  • For start-ups with key PE/VC firms there will be facility for investment matchmaking.
  • High potential start-ups to be recognized and rewarded in India.
  • For start-up ventures to raise global and domestic money.
  • Bringing global ecosystem stakeholders together on a single platform.
  • To facilitate information distribution for potential entrepreneurs through mentoring connections, technical seminars, and ideation bootcamps.
  • To strengthen the global entrepreneurial culture.

Why To Register For The Event?

why to register for the start up innovation event
  • So, to show the opportunity to new and innovative start-ups through dedicated booth space at exhibition.
  • To get a networking opportunity from investors and stakeholders around the world.
  • Exchanging knowledge with fellow entrepreneur around the world.

Who All Can Apply?

The shortlisted startups will be given a complimentary startup pass to the event. Startup India, DPIIT will cover all additional fees associated with participation, such as travel, exhibition booth space, and lodging. All start-ups recognized by DPIIT can apply.

You may consider taking a help of Egniol Services Pvt. Lmt. for application.

How Will This Be Helpful?

So, as we look at this we can understand that start-ups needs constant motivation, support and help from the government and the people. So, here we can understand he will never do this. But, for sure Egniol, services will help.

North East Entrepreneurship Development Programme (NEEDP)

North East Entrepreneurship Development Programme (NEEDP)

What Is North East Entrepreneurship Development Programme (NEEDP)

To promote economic growth and job creation in the North Eastern region, the North Eastern Council (NEC) and the Indian Institute of Management (IIM) Calcutta Innovation Park have launched the North East Entrepreneurship Development Programme (NEEDP).

To this end, the North East Entrepreneurship Challenge (Hunt) is being held for entrepreneurs both established and aspiring in all eight North Eastern states. The goal is to select 270 entrepreneurs from this pool using a transparent, methodical selection process that guarantees equal participation from all regions. Pre-revenue stage start-ups will be guided via a pre-incubation programme, while revenue-stage start-ups will be put through an incubation programme.

The goal of this initiative is to help business owners and hopeful entrepreneurs in all the northeastern states expand and succeed.

Meanwhile, 120 start-ups will each receive a commercialization grant of Rs. 3 Lakh, while the top 20 will each receive a grant of Rs. 7 Lakh. Rs. 1 Lakh will be offered as a prototype grant to each of the 150 pre-incubation groups, and another Rs. 4 Lakh will be awarded to the top 25 achievers. This overall means that 270 start-ups can avail of a grant of up to Rs 10 lakh.

To aid in their commercialization and expansion, these firms will be chosen to participate in incubation and pre-incubation programmes. NEC’s initiative to build an inclusive entrepreneurship ecosystem will benefit the local economy and create jobs.

In addition, the business owners will be linked to a vast network of mentors and corporate executives. These business owners will be able to participate in boot camps, attend knowledge sessions hosted by industry experts, and access a formalised incubation curriculum by joining north east entrepreneurship development programme (NEEDP)

Benefits Of North East Entrepreneurship Development Programme (NEEDP)

Benefits of North East Entrepreneurship Development Programme (NEEDP) - Egniol 2
  • For Incubation Group: Each of the 120 start-ups will receive a Rs. 3 lakhs grant toward commercialization, with the best 20 receiving an additional Rs 7 lakh.
  • For Pre-incubation Group: A total of 150 start-ups will each receive a grant of Rs. 1 lakh to use toward a prototype, and the top 25 will each receive an additional Rs. 4 lakhs.
  • Get in touch with successful businesspeople, angel investors, and corporate executives willing to share their knowledge and experience as mentors.
  • Incubation programmes with a framework for instruction. Speakers at the boot camps and knowledge sessions will include IIMC professors, graduates, ecosystem partners, and subject-matter experts.

Timeline of NEEDP

  • Registration Starts: 2nd September 2022
  • Last Date for Applications: 21st November 2022
  • Announcement of Shortlisted Candidates: December 2022
  • Selection Events: December 2022
  • Start of Incubation/Pre-incubation: January 2023

Eligibility Criteria for North East Entrepreneurship Development Programme (NEEDP)

Eligibility Criteria of North East Entrepreneurship Development Programme (NEEDP) - Egniol 3

Pre-incubation:

  • The applicant must be an Indian citizen.
  • The applicant must be a resident of one of India’s eight North Eastern states.
  • The candidate must have a commercially viable idea or working prototype.

Incubation:

  • The applicant must be an Indian citizen.
  • The applicant must be a resident of one of India’s eight North Eastern states.
  • The applicant must be in the early stages of income generation or have a Proof of Concept for the business strategy.
  • At least one member of the team must be a full-time employee of the company.

In the last five years, the region has been slowly but unmistakably engulfed by the start-up entrepreneur craze. The region has become aware of the immense potential of entrepreneurship, which might alleviate a variety of issues, including unemployment and a lack of national exposure to local culture and resources. While state governments have presented a number of entrepreneurship development projects, this is the first time that a large-scale programme for entrepreneurs from the whole Northeastern area has been created.

Given the scope and scale of the initiative, the North East Entrepreneurship Development Programme (NEEDP) is anticipated to have a significant impact in terms of fostering the emergence of a new generation of first-generation entrepreneurs and strengthening the entrepreneurship ecosystem in the region as a whole.

Do not allow your start-up to fail from a lack of direction and capital. The North East Entrepreneurship Programme is meant to assist you in charting a path to success through individualised mentoring, capacity building, and guaranteed funding. Give yourself a chance to be one of the 270 entrepreneurs to win money and incubation help. Egniol will assist you during the complete scheme application procedure.

MSME Registration : Benefits, Importance & Documents Required | Egniol

MSME Registration : Benefits, Importance & Documents Required

MSME Registration

The Government of India is responsible for implementing guidelines, laws and policies, making it no different for MSMEs. The regulation for MSME is carried out by the Ministry of Micro, Small and Medium enterprises with assistance and guidance from the government throughout the country. Hence, Small and Medium Enterprises are provided with incentives, assistance and access to become as good and competitive in comparison to other SMEs.

It is a very well-known fact that a major section of the Indian Economy is dependent on MSMEs, which means that the livelihood of many people is dependent on MSMEs, meaning that MSMEs play a significant role in our GDP contribution. For enterprises to grow, the government has started an MSME registration program.

Importance Of MSME Registration

MSME Registration : Benefits, Importance & Documents Required | Egniol

It is true that MSMEs are the backbone of our country and contribute a significant percentage to the Indian currency, registering as MSME online with the government under this structure provides several benefits like taxes, the beginning of business and much more. For MSMEs to get more serious and competitive in the market the portal for MSME registration went live on 2nd October 2006. Earlier to avail the benefits of the Government, MSMEs had to have a restricted investment. The MSMEs are categorised by the amount of investment plough in by them into the business. As micro companies are those whose investments are up to Rs. 25 lacs, small companies’ investments are up to Rs. 5 crores and medium, it is up to Rs. 10 crores. The same for the service businesses will be the amount for micro businesses up to Rs. 10 lacs, for small businesses up to Rs. 2 crores and for medium businesses up to Rs. 5 crores. 

Now, the MSME classification is changed by Atma-Nirbhar Bharat Abhiyan, where the industrial and service sector categories are not different and have integrated the composite criteria for both venture and yearly income. Now under the new categorised standard, if the annual revenue of a company is less than Rs. 5 crores, for a small company it needs to be up to 10 crores, a company with Medium-sized businesses with assets of up to 50 crores and revenues of more than 25 crores would be classified as large companies.

Documents Required For MSME Registration

Proper documentation is required for MSME registration online. To register MSME PAN and Adhar card is required. These documents are all that are required for the registration process. Company-related matters will be directly downloaded by the MSME website from PAN card to GST and all other tax-related information.

Benefits Of MSME Registration

MSME Registration : Benefits, Importance & Documents Required | Egniol

MSME registration benefits everyone who registers, and here is a list of a few of the many benefits that your business will enjoy: 

    1.  MSME certificate holders get a loan at a much lower rate than from a bank.
    2. One who holds an MSME certificate also gets the benefit of tax exemption.
    3. Government issues licences and certificates so in this case as well registered MSMEs are given more preference.
    4. For an enterprise to get easy access to loans and credits, MSME certificates are a must.
    5. If a registered MSME is applying and getting an ISO certificate, then they will be reimbursed for the cost incurred to get the certificate.
    6. It allows keeping credit of MAT (Minimum Alternate Tax) to carry forward for 10 to 15 years.
    7. The overall cost of starting an industry decreases after various discounts and rebates post-MSME registration.
    8. It gets very easy to acquire government tenders because the Udhyam registration portal of government E-Market, acquiring E-Tenders is easy and direct.

Therefore, this shows how important it is to register for MSME. Registering for MSME not only gives you an MSME licence but along with that comes a whole umbrella of benefits like tax exemptions, low-interest rate loans, government projects, etc. so it is important to register for all small businesses.

And our experts at Egniol provide you with all the knowledge, guidance and help for registering for MSME and many other required services that have benefitted more than 200+ till now.