Get recommended for recognition under STARTUP INDIA
91springboard is inviting applications to recommend startups for Recognition under the Startup India Action Plan. This is in accordance with the guidelines issued by the Department of Industrial Policy and Promotion (DIPP) and application framework issued by ISBA.
There are 6 ways to provide supporting documents required at the at the time of application for the Startup Recognition and a Letter of Recommendation from an incubator is one of those ways.
The benefits provided to startups who are recognised under the Startup India program are :
- Ease of Conducting Business and Handholding
- Funding Support and incentives for Startups
- Various Tax Exemptions
- Industry & Academic Support and Incubation Frameworks
For more details, refer to Section 2 of the Startup India Action Plan here.
Who Can Apply
According to the DIPP, under the Startup India Action Plan, to be eligible as a startup, a startup is defined as an entity that satisfies the either of the points mentioned below:
- Aims to develop and commercialise a new product, service or industrial process
- Aims to significantly improves on a product, service or process that will add significant value for customers or workflow
With the exception of:
- A product, service or process with no potential for commercialization;
- Undifferentiated products, services or processes;
- A product, service or process with no or limited incremental value for customers or workflow
An entity to be eligible as a startup, shall satisfy all the following conditions:
- The entity should be a Private Limited Company or Registered Partnership Firm or Limited Liability Partnership. A proprietorship or a public limited company is not eligible as startup. A one-person company, being a private limited company is entitled to be recognized as a ‘startup’ till up to five years from the date of incorporation.
- If its annual turnover has not exceeded 25 crores in the last five financial years.
- If it is working towards innovation, development, deployment, and commercialisation of new products, processes, or services driven by technology or intellectual property.
- If the entity has not been formed by the splitting up or reconstruction of a business already in existence or created as subsidiary of an existing company or foreign entities.
The non-refundable application fee is:
- For 91springboard members: INR 5,000/-
- For non 91springboard members: INR 7,000/
The fee needs to be paid at the time of submission of the application form.
Note: This fee is the processing fee for the application and is nonrefundable. Only under specific circumstances when the applicant’s startup sector is outside the domains we are focusing on, will we not process the application and refund the full fee.
How to Apply
- First, you’re requested to pay the Application Fee:
- Please ensure that you fill the correct details in the application form as it’s crucial to the assessment process. Refer to the Sample Application form.
- Keep all the necessary documents handy as mandated in the application form, including the duly signed undertaking by the Founder(s) / Promoter(s) of the Startup on the entity’s letterhead. Here is the template of an undertaking for your reference.
- You will receive the Letter of Recommendation from 91springboard, via courier / registered post, in the event of a successful verification.
Our panel of experts takes about 3 weeks for the assessment and due-diligence process. You’ll hear back from us within three weeks.
For any further assistance, you can reach out to us at firstname.lastname@example.org.