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Defining Startup
U.S. Small Business Administration describes it as a "business that is typically technology oriented and has high growth potential.
Paul Graham says that "A startup is a company designed to grow fast. Being newly founded does not in itself make a company a startup. Nor is it necessary for a startup to work on technology, or take venture funding, or have some sort of "exit". The only essential thing is growth.
A startup company or start-up is an entrepreneurial venture or a new business in the form of a company, a partnership or temporary organization designed to search for a repeatable and scalable business model. These companies, generally newly created, are innovative in a process of development, validation and research for target markets.
In India, Startup means an entity, incorporated or registered in India not prior to five years, with annual turnover not exceeding INR 25 crore in any preceding financial year, working towards innovation, development, deployment or commercialization of new products, processes or services driven by technology or intellectual property. Provided that such entity is not formed by splitting up, or reconstruction, of a business already in existence.Provided also that an entity shall cease to be a Startup if its turnover for the previous financial years has exceeded INR 25 crore or it has completed 5 years from the date of incorporation/ registration Provided further that a Startup shall be eligible for tax benefits only after it has obtained certification from the Inter-Ministerial Board, setup for such purpose. An Inter-Ministerial Board setup by DIPP to validate the innovative nature of the business for granting tax related benefits
How to startup:
Start up India: Boost by Government
Government of India infuse more energy into India’s start-up ecosystem with a bouquet of initiatives such as making tax-free the profits of these fledgling units for three years, Rs. 10,000 crore of government funding over four years, no visits by labour inspectors for three years, and quicker and subsidised patent clearances. In India entrepreneurship is no longer being looked down in the guise of a frugal or flexible innovation and the government will take steps to make capital easily available and ease rules to enable startups to flourish. The government aims to bring a bankruptcy law to improve the ease of doing business in the country.
Employment generation is the government's top-most priority. This Mission is an important step in this direction. One million people enter the labour force in India every month, and challenge is to create jobs for them.Steps taken by government:
Ease Of Doing Business
For Promoting Start-Ups
Funding Help For Start-Ups
Challenges:
By: Vishal ProfileResourcesReport error
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