- Develop a world-class “Startup Hub” in Odisha by 2025.
- Encourage incubators including sector specific ones aligning with the State’s strengths and requirements.
- Create enabling environment and supporting eco-system that facilitates at least 5,000 Startups in the next five years in the State.
- Take steps to provide skill-based training to encourage youth to take up Startups.
- Encourage all major companies operating out of Odisha to include skill and infrastructure development for Startups as an integral component of their CSR activities.
- Create a strong institutional framework for effective implementation, monitoring and evaluation of this policy.
The policy provides incentives and exemptions over and above the Startup policy of Government of India and any other existing policy of Odisha.
The Odisha Startup policy will remain in operation for a period of five years from the date of its notification or until substituted by another policy, whichever is earlier.
Startup Ecosystem Development
The Government of Odisha recognizes the fact that the seeds of entrepreneurship and the instinctive ability to innovate must be nurtured through an enabling ecosystem, such as:
- Creation of world class physical infrastructure to support Start ups;
- Promoting the culture of innovation through Academic Interventions;
- Institutionalizing the culture of entrepreneurship by providing training for the requisite Skills.
Funding and Incentives
For StartupMonthly Allowance:
- Monthly payment for the first three months may be made directly to a recognized eligible startup entity in its registered bank account on a monthly basis.
- Three months onwards, payment may be released based on the utilization report submitted by the Startup online to the Nodal agency within 15 days of completion of the first three months.
- Startup entity shall submit a utilization report highlighting the utilization of the monthly allowance in the first three months and enclose/upload supporting documents and bills, where applicable.
- Payment of the monthly allowance will be made for a period of one year only
- Startup entity can avail this benefit only once.
- Startup entity shall submit a final utilization certificate highlighting utilization of the monthly allowance along with supporting documents and bills within one month of the completion of 1 year.
- Startup will have to submit a self-contained product development plan with justification, online.
- Subject to approval, 50% of the payment to a recognized startup entity may be made in advance and the remaining 50% will be made to its registered bank account upon utilization of the advance payment on the basis of submission of utilization certificate along with bills.
- The Startup entity must submit utilization certificate along with bills for the advance payment within three months of receiving the grant.
- The Startup entity must submit final utilization certificate along with bills for the entire amount within six months of release of grant.
- Startup entity will have to submit a self-contained plan with justification online for the need and the manner of utilisation of the assistance
- Subject to approval, payment may be made directly to a recognized startup in its registered bank account.
- The Startup entity must submit utilization certificate along with bills for all the expenses within three months of receiving the grant.
Recognized startups may avail subsidized incubation space in Government Incubators recognized under Startup Odisha Initiative.Assistance for Event participation:
Recognized startups may avail economy class air fare or 3 tier AC train fare for travel & free space in the stall, in the reputed national and international events, where they are representing the state.
For IncubatorOne-Time Capital Grant:
- The approved aspiring/ existing incubator will submit online application for Monetary Grant to the Startup Secretariat and upload requisite documents for due diligence.
- The grant may be disbursed in a phased manner as per the budget/ utilisation plan submitted by the incubator and approved by the Startup Council.
- The grant may be disbursed in proportion to the funds brought in by the approved incubator, as mentioned in their budget plan and approved by the Startup Council.
- One-time payment of utility expenses limiting to Rs. 1 lakh per year for a maximum period of 3 years may be made directly to the approved existing incubator in its registered bank account.
- The incubator must submit bills for the expenses while availing the grant and submit utilization certificate within 3 months of the release of the grant.
- One-time payment may be made directly to the approved incubator in its registered bank account.
- The approved incubator will submit a list of the successful incubatees incubated at least for a period of three months.
The policy shall enable proper implementation and smooth functioning of all the provision to facilitate the Startups. The policy shall be governed by a three tier governance structure:
- Start up-council headed by Chief Secretary.
- Task Force headed by Principal Secretary.
- Startup Secretariat at O-Hub.