14 Feb 2023

How Madhya Pradesh Is Emerging As A Hub of Start-ups

Bhopal: Madhya Pradesh is emerging as a hub of start-ups.  According to the Start-up Blink report, Indore is on the 14th position and Bhopal is at 29th position in the country in the number of start-ups. 

More than 2500 start-ups of Madhya Pradesh are registered with the Department for Promotion of Industry and Internal Trade, Government of India. Out of these, over 1100 start-ups are run by women entrepreneurs. 

Apart from this, more than 45 incubators are working in the state to develop early stage start-ups. The incubation center of the Ministry of Textiles and Apparel of the Central Government is in Gwalior.

Spirit of entrepreneurship and innovation is being promoted 

The state government has launched the “MP Start-up Policy and Implementation Plan 2022”. With this, the spirit of entrepreneurship and innovation is being promoted among the public along with further improving the existing ecosystem of Madhya Pradesh. 

The objective of the scheme is to make the state a leader in the ‘'Start-up Ranking’. For this, ‘MP Start-up Center (MPSC) has been set up, while setting up a single window agency for start-ups and incubators. 

MPSC provides mentorship to start-ups

MPSC provides mentorship to start-ups and helps them get approvals and raise capital. Any start-up can get help directly from them. MPSC aggregates market intelligence from multiple sources to provide valuable information about the ecosystem players. Market intelligence is used to re-evaluate the activities of the government, which will prove useful for the upcoming policies of the state.

MPSC has taken several important steps to promote start-ups in 2022. The agency has provided financial assistance of Rs 20 lakh and above to 21 start-ups. This assistance is being used for entering new markets, product development, scaling up businesses and many more. 

Start-ups participate in major domestic and global events

The assistance is provided not only on monetary terms but also for marketing and promotion of the company. MPSC has facilitated many start-ups to participate in major domestic and international events to promote products/services and find new customers.

Emphasis on capacity building

Special emphasis is being laid by MPSC on capacity building by organizing two day boot camps in colleges and universities to educate the youth population. The Boot Camp will provide exposure to the latest technology topics to enable the youth to realize their entrepreneurial potential.

Alternative Investment Funds

The state government is also planning to invest Rs 10 crore in 5 Indian AIFs (Alternative Investment Funds), which will invest manifold in the state’s start-ups. The state encourages incubators and start-ups through several schemes. 

Start-ups are given assistance up to Rs 60 lakh. The state also provides additional support to women-led start-ups to empower women. Apart from general incentives, special incentives are being given to product based start-ups.

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