29th May, 2020
Startup India Related News

Startup India virtual hub launched

The Commerce & Industry Minister, Nirmala Sitharaman inaugurated the Startup India Virtual Hub on 19th June, 2017 with the objective of creating a single point of contact for the entire Startup Ecosystem in the country.

One stop resource platform for all stakeholders

The hub is a unique online platform for all stakeholders of the startup community, including startups, investors, mentors, incubators, accelerators, aspiring entrepreneurs, service providers and government bodies. It provides them an opportunity to discover, connect and collaborate with other members of the ecosystem.

Equal access to resources and funds

The virtual hub is designed to be an interactive platform to facilitate knowledge exchange, networking, mentorship and funding for startups. It also gives access to valuable resources such as its learning and development program, information about government schemes, a forum to brainstorm and discuss, and access to news and blogs. The hub will endeavor to minimize the problem of information asymmetry and maximize the access to and utilization of knowledge, tools and resources, especially in the fledgling ecosystems across Tier II and Tier III towns. The hub will assist existing and potential startups through their lifecycle through access to adequate resources at the right time.

Startups can apply for Govt. schemes through hub platform

One month after its launch, the Startup India Virtual Hub is gearing up to enable startups to apply for government schemes and venture funds directly from the platform. The move is aimed at spreading awareness about government schemes and reducing difficulties startups face to apply for them. For the benefit of startups, the portal currently has listed about 167 schemes across various ministries and departments. Some of these include Technology Development Programme, Bank Credit Facilitation, Performance & Credit Rating Scheme and Multiplier Grants Scheme.

Other initiatives

The government is planning to launch the virtual hub in six other languages such as Kannada and Bengali. Besides, the Startup India Hub is also planning to host an all-stakeholder event in August involving accelerators, incubators and venture funds.