New parameters for Ranking of Startups launched
The Indian government has taken a pragmatic step by introducing three new parameters for ranking startups for state and union territories (UT).
3 Parameters of Raking Startup
The new 3 parameters of raking the startups will be such as follows.
- Startup India Kit
- State and Union Territory Startup Raking Framework
- Dissemination of Good Practices
Reason of introducing new parameters
- Indian government is willing to ensure more startups are encouraged throughout the country so that more entrepreneurs will take an active part in the economic development in the country.
- The government is also willing to work in cooperation with the young and talented entrepreneurs by working with them in their startup journey. The government hopes that they will be able to help the new entrepreneurs in their journey to success and thus to ensure that they are encouraged by seeing their startups in the ranking list, the new parameters were introduced.
- The Ranking Framework by the government will be provided for the States and UTs. This procedure will ensure that the states are proactive about promoting startups in their states.
- The government is also ensuring that the State and Union Territory Startup Ranking Framework is creating a startup focused environment in these areas and subsequently the state level entrepreneurs are encouraged by the framework and they are able to easily start their startups.
Objective of State and Union Territory Startup Raking Framework
- The State and Union Territories Ranking Framework will strengthen the startup ecosystem in the local level of the states and it will also ensure that the entrepreneurs are inspired.
- The Ranking Framework not only will inspire the entrepreneurs but also it will ensure that the construction of startup ecosystem in the state level is strengthened.
- The Ranking Framework will also ensure that continuous learning facilities are provided through the parameter named compendium of good practices.
General Feedbacks will be taken from different startup ecosystem shareholders. Thus the ranking framework will be provided based on the feedbacks solely. The ranking framework will only take into account the startup initiatives that were taken before March 2018 by the states.
Initiatives by the States
The ranking will base on the following factors or initiatives taken by the states.
- A Startup Cell or Helpline
- A Cellphone or Website for question
- Size of Startup Mentor network
- Number of Key incubators
The ranking framework will depend on these steps taken by the states. The web portal for the ranking program will be Startup India Hub Portal. Currently 18 states and union territories are following Startup ecosystem. Startup India Kit is also helpful as it is a useful guide for all startup services.