Applications Invited for Startup Bihar 2022

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About the Organization

Bihar is progressing fast on the track of development, with unrelenting efforts being made towards strengthening infrastructure and promoting industrial growth. The government of Bihar is committed to improve competitiveness of the state's economy and achieving inclusive growth. Start-ups and Innovation playa key role in economic growth. This can be realized by promoting innovation and creating an ecosystem that nurtures start-ups from concept to commissioning. Apart from creating jobs, start-ups focus on innovation to create next gen solutions which bring economic dynamism.

About the Grant

Government of Bihar formulated and notified Bihar Start-up Policy, 2016 to create an independent and transparent eco system, where the state shall provide funding, promotion and policy support which was later amended as Bihar Start-up Policy 2017.The State has setup a Trust, with an initial corpus of INR 500 crores, which acts as the nodal agency for implementation of this policy.

In order to further boost the ecosystem and to make it more holistic and beneficial for the youth and entrepreneurs of the state, the Government has approved the Bihar Start-up Policy, 2022. This policy also aims to broad base the coverage, with an effective and faster implementation process.

Startup Recognition:

• The date of incorporation / registration is not prior to Ten years.
• Entity must have incorporated as Private Limited or Partnership firm or a limited liability partnership.
• Annual turnover not exceeding one hundred crore rupees, for any preceding financial year.
• An entity not formed by splitting up or reconstruction of an existing business.
• Entity is working towards innovation, development or improvement of products or processes or services.
• Scalable business model with a high potential of employment generation or wealth creation.
• Provided Start-up must be incorporated or registered in Bihar and having office in Bihar.
• Provided further applicable taxes from the operations of the company are payable in Bihar.

Benefits and Funding Support:

Validation Stage –

• A Seed Grant of up to Rs 10 Lakhs per Start-up as interest free loan for 10 years shall be provided to start-ups.

Commercialization Stage -

• Early Stage Funding Support
• Free of cost Valuation for Start-ups.
• Facilitate access to Angel Investors.
• A success fee @2% of investment shall be provided to start-ups for mobilizing investments from state registered angel investors towards early stage funding.
• Matching Support: A financial assistance up to an amount equal to the amount invested in start-ups by the Angel Groups and Category- I Alternate Investment Funds may be given as loan to the Start-up. The rate of interest and terms and conditions of the loan shall be notified by the SMIC from time to time.
• Assistance to enrol and participate for Acceleration Program: Assistance up to Rs. 3 Lakhs per Start-upto enrol and participate for National/ International recognized acceleration program. The fees/charges paid for attending the same will be considered eligible for getting assistance.

Scale-up Funding Support -

• The SMIC may participate in SEBI registered AIFs (Alternate Investment Funds) and Venture Capital Funds. The Venture Capital Fund so created shall invest at least 50% (i.e. equal to twice the contribution made by trust in the VC Fund) in start-ups located in Bihar.
• SMIC shall facilitate listing and public issue of Start-ups in collaboration with National Level Stock Exchanges such as BSE/ NSE.

Zero Cost for filing patents - Domestic and Foreign -

Intellectual Property (IP) is an invaluable business tool for start-ups, or entrepreneurs, providing initial start to one's business. Investors weigh IPs heavily and create good value for venture. To encourage the registration of IPRs (Intellectual Property Right) by Start-ups and provide facilitation support for protection and commercialization of IPRs, Government.

• Bear all costs associated towards filing domestic patents.
• Provide additional financial assistance in form of reimbursement for awarded foreign patents towards filing fees.

How to Apply

• Applicants are required to apply online through website: startup.indbih.com.
• Applicants applying online need NOT send hard copy of the Online Application filled by them online or any other document/certificate/testimonial to the Department. However, they are advised to take the printout of the Online Application and retain it for further communication.
• The Applicants applying under Startup Bihar should ensure that they fulfill all eligibility conditions as per the Startup Bihar Policy 2022.
• Department of Industries can ask for the original documents to verify at any stages of the selection process.

Essential Documents to be made ready before applying:

Before starting to fill up the on-line application, keep ready with you the following details/documents / Information

• Valid Email ID (the email should be valid for at least 1 year).
• Mobile no. linked with Aadhar.
• Passport size photo.
• Scanned Image of Aadhar card and Pan card.
• Scanned Image of Caste certificate ( Not required for general category)
• Scanned Image of educational qualification Certificate.
• Scanned Image of Proof of entity (If entity is registered).
• Scanned Image of Balance Sheet.
• Scanned Image of given format filled with details and signature.

Application Steps:

• Action 1 : Read the Information carefully.
• Action 2 : Download the below format and fill it with your signature. Download Format in English. Download Format in Hindi.
• Action 3 : Register your startup.
• Action 4 : Fill Application form with all required information.
• Action 5 : Password will be sent to your registered Mobile number and email id.
• Action 6 : Upload scanned Image of all required documents, photo and format.
• Action 7 : Preview your application.
• Action 8 : Final Submission
• Action 9 : Print Application and Acknowledgement Slip.

Apply Here

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Tags Entrepreneurship Innovations and Technology Public Policy/ Policy Others