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!

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.

Here's why the right time in the market is everything for a startup's success

Here’s why the right time in the market is everything for a startup’s success:

Importance of Timing in Start-Ups:

Starting up is not a bed of roses. It requires a set of knowledge without which it may get very difficult to start up. Start-up is a very famous word these days. But do you know where the roots of starting up are in? Start-Up the word originated in the 1970s and referred to small companies that have astonishing growth potential. Still, it got famous in the 1990s and 2000s with the growth of companies like Microsoft and Apple at a growth pace like none other and never before.

So, the importance of timing in a start-up is very crucial. So, to have this one needs to have a properly detailed outlook as to how the work needs to be followed if one wants to start up. So let us look into the importance of timing in a start-up.

Due Diligence To Consider When Starting Up:

A heart and mind full of creativity, motivation and being driven are indeed required but these are just values, more of one requires consistency and now is the time to what things one should keep in mind before starting up. A thorough research of the right time, situation, demand and needs has to be done in real-time. If you are starting up, you need a number of growth strategies and journeys to keep in mind.

So when you are looking at a good plan and time to work this should ensure it counts using methods like crowdsourcing, angel investors, or even friends and family and paying them back for the initial help.

Looking at the business trends and seeing if there is any suitable option for you to lean on to the business is a must. Even the major answer to our doubt about success is in our other fellow businesses, start-ups and their successes, as this will enable us to know if we have the chance at this point in time to succeed or now. The most important thing is that you need to know your product or service and the target market to get this information.

Timing of the competition when it starts up:

Timing of the competition when it startup

So, now that you are looking at your competition you need to check and upgrade your skills and work accordingly. By identifying the weaknesses and the strengths of your competitors you can get a very good plan on how you can work to improvise your start-up and get the best out of the market by providing what your competitors do not offer. To stand out from the crowd is the only way along with working on strengths and competitor’s weaknesses to succeed. Keep in mind that extreme competition can dim your light. We may have a very bright plan and execution, but the time of competition can ruin our plan.

Analyzing the proper method at the right time:

A proper analysis of the business needs to be done before starting. This analysis should include financial analysis, which should give an idea of revenue, payback time, investments, etc. The second major analysis that should be done is of the workforce wherein you get to know where to get the best talent, what will your team look like and what will be your return on investment. Then one needs to make a serious marketing analysis where you get to know your exact target audience, demand, needs, competitors, suppliers, etc. All this will say if it is the right time for your Start-Up.

Reaching out to customers on time:

Reaching out to customers on time in startup

Reaching out to customers at the right time is a major part of the business. Getting consumers will be your first concern when you initially open your doors, so you should have a plan in place for contacting potential clients. If you don’t do enough outreach at the beginning of your business, you won’t get the customers you need to survive. The market may stop listening to you if you time your outreach too regularly. Timing is everything when it comes to customer outreach, so if you want to succeed, you must have a strategy in place before you ever open your doors.

The final plan for your start-up time is:

Being truly prepared for your work and business should be your ultimate goal and you should be sure about starting up. Training, experience, and, most importantly, a genuine desire to sell the product are required to become an expert. However, you must have a basic understanding of accounting and business or have access to a team of experienced professionals working for you. A company license can be obtained, but you must first demonstrate that you have the necessary physical and mental abilities to catch the balls thrown by your start-up.

Why It's So Important To Have The Right Advisors When Launching A Startup

Why It’s So Important To Have The Right Advisors When Launching A Startup

It’s not easy to create a successful start-up. There is never enough time or resources to develop a company from the ground up, especially if you are a founder who is also responsible for building a team, a business plan, a product, and a marketing strategy.

Nonetheless, you shouldn’t feel that you have to face this challenge alone. The path of your start-up might be aided in several of these areas by choosing the correct consultants. Someone might ask, “Why not just talk to your investors?” You can’t always expect your investor to double as your best advisor, and the answer isn’t always obvious. This is usually not the case.

Advisors should be people whom founders can confide in without worrying about being evaluated negatively. All decisions will be better informed by the knowledge and experience of these individuals. The founders think that financial and strategic investors cannot fill this function because of the inherent long-term conflicts of interest between the two types of investors.

 

Here in this blog, we’ll explain why it’s crucial for any start-up to have access to a mentor network and advisory board.

Advisors and Mentors

Advisors and Mentors for startup

There are a lot of necessities that we as founders of new enterprises must have. Time, energy, and resources are required. Having people on hand to act as guides and mentors for growing businesses is something that gets disregarded.

Mentors provide invaluable insight and knowledge to businesses through informal coffee meetings and formalised programmes. Mentors can be seasoned professionals who have retired or someone who has been working in the field for longer than you have. They can be of assistance to you in any case.

Unlike well-meaning relatives and family members, mentors can provide start-ups with the objective guidance they need to get off the ground. The founders of new businesses can benefit greatly from the guidance of experienced businesspeople who can point out areas for development and suggest strategies for moving forward. They serve as a mentor and benefit from the relationship as well. The role of an advisor is to provide guidance to new businesses in a certain area.

Let’s explore why having mentors and advisers are helpful for start-up entrepreneurs.

Experience:

Without a question, a mentor’s expertise is the greatest asset he can offer. He has been where you are going, seen what you are seeing, and been through what you are going through, therefore he can give you good advice.

If you’re just starting out, a mentor can provide you with some valuable input and point you in the right direction professionally. When it comes to legal matters or potential funding sources, advisors can be invaluable in ensuring that new businesses have the greatest possible shot at success.

Different Views:

Seeing the flaws of your start-up when you’re in the thick of things might be challenging. Getting the opinion of someone who isn’t an expert in the same industry can be quite helpful.

Entrepreneurs often start businesses with nothing more than an idea and no experience in finance or law. For new enterprises, financial guidance and legal counsel are both essential to their growth and development. Start-ups are more likely to fail without adequate capital than to prosper.

The secret to success may lie in seeking advice from experts in subjects other than your own. You shouldn’t strive to be an accountant, an advocate, and a manager all by yourself.

The Art of Running a Business:

The Art of Running a Business startup

The experience can help new companies learn the ropes of running a successful firm. When it comes to money and other financial concerns, advisors are invaluable assets to any start-up team. They can tell you if your idea has any commercial potential, how much money is required for what, and what milestones are most crucial at each stage of development.

If you tend to lose sight of your end goal and become distracted easily, a mentor can help you get back on track. They bring valuable insight into the company’s future direction and offer fresh perspectives on how to approach start-up challenges.

Avoid Costly Mistakes:

Mentors can demonstrate to mentees how they should approach difficulties at the outset based on their own experiences, which can help them avoid making the same ones. Helping you get your business off the ground is what advisors do best. Advisors can also help businesses save money by helping them foresee potential pitfalls and prepare for them. Advisors are able to provide insight into the company’s future and offer suggestions for how to approach problems from new angles because of their extensive experience.

When weighing potentially difficult options, they prove indispensable. It’s a good idea to bring in an outsider for assistance with anything from funding to personnel choices while running a start-up.

Building Successful Networks:

In the formative stages of a new business, having access to a mentor or advisor is crucial. Start-ups would be crazy not to take advantage of the opportunities they present. Having a mentor and learning from their experience and contacts is priceless.

Mentoring from a successful entrepreneur, CEO, or business executive is invaluable for new businesses. It can give you access to helpful advice and direction on how to deal with the specific difficulties of starting a business in the modern business world. They are your greatest bet because they know what they are doing when it comes to establishing a business.

 

After all, is said and done, trust remains the single most important factor in genuine magic. As much as co-founders should trust and respect one another, the same should be true of their relationship with advisors. Start-ups and their advisers must communicate often and reliably over time.

When dealing with advisers, it’s important to be responsive, frank, and upfront so that they can provide the start-up with the best counsel and direction available to help it gain the competitive advantage it seeks.

 

Indeed, a start-up’s success hinges on selecting the right advisors.

Having a Startup in India - Everything You Need To Know - By Egniol

Having a Startup in India – Everything You Need To Know

There is a thin line separating the dreamers from the Doers. Today, if you are interested in how to launch a startup in India, you have taken the necessary step to become a Doer.

A startup is similar to growing a crop. You must plant the seed, tend to it, provide the proper environment, and take care of it. You will ultimately be rewarded for your efforts.

This prompts the question of how to launch a startup in India.

Not to worry, that’s precisely why we’re here. Following is a comprehensive guide detailing all the required steps. We will discuss ideas, networking, partnerships, legalities, funding, startup development, and expansion.

Each section contains numerous links to helpful resources. Importantly, the entire discussion will centre on the Indian Startup Ecosystem.

India may not be the most obvious choice for launching a startup, but it is certainly rising to the challenge. Keeping this in mind, let’s start our incredible journey together with The Basics.

Chapter 1: The Basics

According to Indian startup governance, a startup is a company that is less than seven years old and generates less than 250 million INR annually. Moreover, the company must be registered in India.

Every startup has an origin story. In this narrative, one or more characters are motivated to effect social change. Startup founders have a profound connection to their idea. This concept is developed, moulded, and shaped into a useful product or service.

As the term implies, a startup is a relatively new business that was created by a group of entrepreneurs. These business owners are actively pursuing several potential funding avenues in order to get their product to market and grow their company.

History of Indian Start-Ups

Having a Startup in India - Everything You Need To Know - By Egniol

Since we are discussing how to launch a startup in India, it is essential to know when these young companies first appeared in India.

Startups often result from the efforts of intrepid business owners. Before India’s independence, there wasn’t a lot of initiative to start businesses. Those who were interested in taking this path were limited by a number of restrictions that made it difficult or impossible to do so.

The desire for India’s economy to achieve self-sufficiency after independence did fuel the country’s entrepreneurs. The entrepreneurs’ newfound independence also boosted their self-assurance and opened doors of opportunity.

But in this era, the emphasis was placed on building mega-industries that would help the economy flourish through the Trickle-Down Effect.

Chapter 2 - The Idea

Every successful business hinges on an original idea. Now, how can you gain insight into launching a startup? What motivated Jamsetji Tata to continue establishing one of the world’s leading automakers? What prompted Dhirubhai Ambani to establish a multibillion-dollar company?

When you examine these industries and their founders in greater detail, you will notice that they all had one thing in common: they recognised a problem that a large number of people in their environment were experiencing. They analysed the issue and developed a remedy. That is how they began!

How Do You Find a Startup Idea?

Here is a quick three-step process for identifying great ideas for your startup company in India, similar to what Tata and Ambani most likely did:

Look for problems: The key to generating ideas is to search for every small or large problem that arises throughout the day. You may record these issues on paper or in a notebook for the file. Consider these issues every day in order to discover the one solution that will yield the best outcome. Here are some startup ideas that may sound familiar.

Find a problem that will challenge your mind: Look for the problems on your list that pique your interest the most. For instance, if you enjoy crafting, look for a problem that involves decorative items. In addition to being about making a lot of money, business is also about passion and interest. Do what you are most passionate about, and you will achieve the greatest success.

Find an original solution: If you have a problem that you can solve and that is also of interest, then you are in luck. It is essential that you seek an unconventional solution. For instance, anyone can use a hammer to pound nails into wood, but a nail gun makes the process much simpler and quicker. Similarly, investigate the existing solutions to the problem (if any) and come up with a superior solution.

Chapter 3: People

As a founder of a startup, this question may have crossed your mind. Whom can I ask to be my accomplice? Occasionally, when two individuals join forces, they bring a great deal of value and experience to the team.

How to Find an Outstanding Co-Founder?

Having a Startup in India - Everything You Need To Know - By Egniol

While searching for a great co-founder, ensure that he or she possesses a skill set that is distinct from your own. In this manner, you can both contribute equally to the startup. Ultimately, the combined contributions of the co-founders will benefit the startup.

Imagine you are a developer with an innovative product concept. However, you may not be particularly adept at negotiating, comprehending legalities, or hiring individuals.

If your co-founder lacks these characteristics as well, you will be forced to hire new employees with your limited capital. And capital is one of the most crucial factors affecting the survival of a startup.

Chapter 4: Legalities

At the proof-of-concept stage, the legalities of establishing a company in India must be comprehended. Some startups fail to take these considerations seriously and end up making costly legal errors.

Online and offline registration options are available for Indian startups.

This concludes the guide on how to launch a startup in India. We have discussed everything you must follow, comprehend, and implement to run a successful business.

And if you’re considering when to launch your startup, remember that “any time is a good time to start a company,” as Ron Conway so aptly put it.

We have attempted to cover everything pertinent to launching a startup in India. If you have any questions, please get in touch with our team of experts at Egniol, who have assisted numerous start-ups, or send us an email at info@egniol.co.in.