• MP Incubation & Startup Policy 2016’ has been formulated with the clear mission to align itself with the ‘Startup India’ flagship initiative of the Government of India.
• Therefore in order to simplify and unified the process of registration &recognition as Startup, a Startup can get it registered and recognized as ‘Startup’ which shall also be considered under the purview of ‘MP Incubation & Startup Policy 2016’
• MP Incubation & Startup Policy 2016 has provisioned to offer incentives in addition to the incentives provided by Govt. of India. Therefore Startups shall be allowed to self-certify compliance with labour and environment laws as provisioned in ‘Startup India Action Plan’
• For facilitation to setup Incubators & Startups, a dedicated ‘Startup-Incubator’ cell has been established in ‘Directorate of Industries’, Bhopal.
8. Initiatives to increase access to funds for Startups and formulating a credit guarantee scheme
• Govt. of MP has established Madhya Pradesh MSME Fund with mandate to manage venture capital fund in the state of Madhya Pradesh. With the Initial target size of 100 Cr fund, this MP MSME fund shall be investing in the equity of startups, SMEs with emerging potential.
• In this regards in FY 15-16, Govt. of MP has made budget provision of INR 20 Cr.
• GoMP has also mandated to establish a dedicated company ‘MP Venture Finance Limited’ to provide access to venture capital funds to startups in MP. Which has also been given In-principle approval from SEBI.
Credit Guarantee Scheme:
• Objective: To provide credit guarantee facility through banks and provision of Interest subsidy etc. to support young business startups/entrepreneurs in MP.
• MukhyamantriYuvaUdhamiYojana: Recently on 09/06/2016,Dept. of MSME, GoMP has increased the interest subsidy limit for women entrepreneurs at 6% for 7 years within this scheme.
• MukhyamantriSwarojgarYojana: In order further strengthen the fiscal support to entrepreneurs, on 29/08/2016 Dept. of MSME, GoMP has increased the min financial support limit.
Previous limit : from 20,000 to 10lakhs
Extended limit: from 50,000 to 10 lakhs
9. Partnerships with Industry & Educational institutes to set up incubators and support for vocational training institutes
Partnership with United Nations Development Programs (UNDP):
• Govt. of MP & United Nations Development Programs (UNDP) has signed a memorandum to cooperate in implementation of a program “Building an institutional structure to provide marketing support and capacity building for Entrepreneurs under the “MukhyamantriYuvaUdyamiYojna” in Madhya Pradesh through providing relevant, context specific training and hand-holding support to 5000 entrepreneurs to build their capabilities in relevant areas of entrepreneurship development.
Further this programme has been collaborated with IIM Indore to design and conduct focused training modules for entrepreneurs.
Leather Incubation Centre, Dewas:
• A dedicated incubator centre is being established in Dewas, MP which shall be equipped with the plug and play facilitates, training and skill development programs. A sum of INR 90.20 Lakhs from Govt. of India while a sum of INR 44.80 Lakhs have been sanctioned for this project.
MP AKVN Incubation Centre, Indore:
• In order to provide Incubation facility to Micro, small and medium scale entrepreneurs, 35 seats on plug & play basis have been reserved for them in Crystal IT Park, Indore.