A startup is an entity involved in crafting a repeatable and scalable product or service making a positive impact in society, where the solution is not obvious and success is not guaranteed.
An entity shall be considered a “Startup” provided that:
- The date of its incorporation/registration is not prior to 7 years. In case of Biotechnology Startups incorporation/ registration should not be prior to 10 years. ((Note: amended vide Notification MSME, Bhubaneswar dtd. 16.03.2018 No.S & (Startup)-20/2018/1805/)
- Its annual turnover does not exceed Rs. 25 crores, for any
preceding financial year:
- Such an entity is working towards innovation and development. deployment or commercialization of new products, processes, or services driven by technology or intellectual property and makes it scalable for achieving commercial success;
- It is registered in Odisha or employs at least 50 percent of its total qualified workforce in Odisha;
Such an entity is not an extension of the existing family business or formed by splitting up or reconstruction of a business already in existence.
Rural impact startups
Startups that provide solutions to rural problems, promote rural economies, and empower rural communities, resulting in greater ease of living in the state’s rural areas.
Circular economy startups provide solutions that close the product life cycle loop and reduce material use in the development of new products.
Sustainability startups work to meet the needs of current generations without jeopardising the needs of future generations while maintaining a balance of economic growth, environmental stewardship, and social well-being.
Renewable energy startups are developing products that generate energy from natural sources that are replenished at a faster rate than they are consumed, resulting in a positive carbon footprint, recyclable solid waste, and recyclable water.
Climate change startups offer a wide range of solutions to either reduce global warming or carbon emissions or help the earth deal with climate challenges such as food, droughts, and extreme heat.