India is often called out for being the fastest growing startup ecosystem. The launch of the ‘Start-up India’ campaign followed by the ‘Start-up India’ Action Plan and the ‘Scheme for Facilitating Start-UPs Intellectual Property Protection’ is slated to make the start-up environment more efficient and conducive to start-ups by removing regimes that are exhaustive and prone to corruption. The startup industry of India, which has already been driven by factors such as massive funding, consolidation activities, evolving technology and a burgeoning domestic market, is likely to evolve with these new introductions. India has recently witnessed a set of successful start-ups making their way through the cut throat competition from corporate giants established decades ago. However, in light of the new conducive environment, start-ups in India are likely to have more success stories in the coming days.
Definition of a Start-Up
For the purposes of the Scheme for Facilitating Start-Ups Intellectual Property Protection (SIPP), a start-up has been defined as an entity, incorporated or registered in India not prior to five (5) years, with an annual turnover not more than INR 25 Crores (250 Million) in any preceding financial year, working towards innovation, development, deployment or commercialization of new products, processes or services driven by technology or intellectual property. The start-up must also be certified by the Start-Up Certification Board as having an innovative business.
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