Startup India Innovation Week.

Why in News?

• Startup India Innovation Week will be organized from 10th to 16th of January to celebrate the Indian Startup Ecosystem and National Startup Day.
• The innovation week is intended to foster a spirit of entrepreneurship and innovation in the country.

More about Startup India Innovation Week:

• The Commerce and Industry Ministry said, knowledge sharing sessions for entrepreneurs, aspiring entrepreneurs, officials, incubators, corporates and investors will be organized during the Startup India Innovation Week.
• The Ministry said, as a part of Azadi Ka Amrit Mahotsav celebrations, various startup-related events are being organized in more than 75 places across the country. The events include workshops for women entrepreneurs, training of incubators, mentorship workshops, capacity-building workshops, startup pitching sessions.
• The Ministry said, Department for Promotion of Industry and Internal Trade will organize the felicitation ceremony for the winners of National Startup Awards 2022 to commemorate National Startup Day on 16th of January.

What is the Startup India Initiative?

• Launched on 16th January, 2016, the Startup India Initiative has rolled out several programs with the objective of supporting entrepreneurs, building a robust startup ecosystem and transforming India into a country of job creators instead of job seekers.
• These programs are managed by a dedicated Startup India Team, which reports to the Department for Industrial Policy and Promotion (DPIIT).
• Under the Startup India initiative, eligible companies can get recognised as Startups by DPIIT, in order to access a host of tax benefits, easier compliance, IPR fast-tracking etc.

Key Pillars of Support for Startups

• Simplification and Handholding
• Easier compliance, easier exit process for failed startups, legal support, fast tracking of patent applications and a website to reduce information asymmetry.
• Funding & Incentives
• Exemptions on Income Tax and Capital Gains Tax for eligible startups; a fund of funds to infuse more capital into the startup ecosystem and a credit guarantee scheme.
• Incubation & Industry-Academia Partnerships
• Creation of numerous incubators and innovation labs, events, competitions and grants.