Provide a platform and nurture the entrepreneurial aspirations amongst the citizens of Maharashtra Empower start-ups to contribute Maharashtra State Innovative Start-up Policy-2018
significantly to Maharashtra’s economic growth and create employment opportunities for all sections of society Develop robust infrastructure and ease the regulatory framework to spur the development of the start-up ecosystem
Over a period of five years i.e. 2018 to 2023, the Maharashtra State Innovative Start-Up Policy 2018 (the “Policy”) sets out to achieve the following: Attract angel and seed stage investment of INR 5,000 Cr Develop at least 15 incubators in collaboration with industry and academia Facilitate incorporation of at least 10,000 start-ups Create 500,000 direct and indirect employment opportunities
Setting up Innovation Clusters
The GoM would leverage the strength bestowed upon various cities across the State and simultaneously build on it.
Each State of Maharashtra has its own forte like Mumbai is
the financial hub as well as a leader in AVGC segment.
Pune has its strength in Auto & Electronics industry as well as Hardware products, Aurangabad has attracted leading manufacturing industries.
Thus, based on existing and potential regional economic advantages,
urban local bodies and the local industries will work together to nurture sector-specific
start-ups and establish major urban/rural areas as innovation clusters.
Compensation for Stamp Duty & Registration Fees
For recognized incubators or start-ups that wish to rent space/property, 100% of stamp duty
and registration fee may compensated for first three years and 50% for the second tranche of three years
To ensure seamless and uninterrupted growth of start-ups, adequate funding support will be provided to the start-ups across stages
i.e. early/seed stage, growth stage and mature stage to ensure holistic growth of the entire ecosystem.
Start-ups that would qualify for the eligibility conditions in Maharashtra
and who are registered at the portal will entitled to receive grants and financial assistance.
The State envisages to develop a self-sustaining financial model for the start-ups in Maharashtra.
A fund-of-funds will established with an initial corpus of ₹100 Crore and a total corpus of ₹500 Crore over a period of four years.
Investments will made in SEBI-registered funds including early stage i.e. angel and seed funds. A professional investment management team will recruited for this purpose.
Certain risks of primary funds may hedged using this fund of funds to cover the cost of funds for concerned start-ups.
The State will institute an Infrastructure Fund to provide assistance to academic incubators,
CoEs, and tinkering labs to cover capital and operational expenditures in the establishment and/or expansion of facilities.
Special infrastructure like cloud, internet etc. may made available through various service providers.
Social entrepreneurs comes with a very different set of problems and hence,
the cost for bringing their product/service into market/doorstep is very high as compared with commercial enterprises.
The social enterprises in India require a huge amount of long-term capital and have long gestation period. The State will provide vital financial support to the Social sector start-ups4 . They may receive grants matching the contributions raised on verified online crowdfunding platforms, up to INR 5 lakhs. The number of individual donors must exceed 100.