CURRENT AFFAIRS
CURRENT AFFAIRS
Description
Two individuals, including a chartered accountant, have been arrested for allegedly defrauding the Ministry of Electronics and Information Technology (MeitY) of over Rs 3 crore. The fraud was reportedly carried out under the guise of the government’s SAMRIDH scheme, which is designed to support startups through acceleration programs.
About SAMRIDH Scheme
SAMRIDH, which stands for Startup Accelerator for Product Innovation, Development, and Growth, is a flagship initiative launched by MeitY under the National Policy on Software Products–2019. The scheme’s core purpose is to bolster the startup ecosystem in India by empowering both new and existing accelerators to identify and nurture promising IT-based startups, helping them scale their operations effectively.
Objectives Of SAMRIDH
The program is aimed at providing startups with a robust support system that includes connections to customers, investors, and international markets, which are vital for their growth and expansion. It seeks to bridge the gap between startups and essential resources by accelerating their market reach and funding opportunities.
Financial Support Mechanism
Under SAMRIDH, startups can receive an investment of up to Rs 40 lakh, depending on their current valuation and stage of growth. This investment is channeled through selected accelerators who also contribute matching funds equal to the investment amount, thereby doubling the financial aid to the startup.
Implementation And Reach
The scheme is administered by the MeitY Start-up Hub (MSH) and the Digital India Corporation (DIC). In its inaugural cohort, the program has engaged 22 accelerators operating across 12 states. These accelerators have collectively supported 175 startups, all selected through a rigorous multi-tier screening process.
The accelerators involved come from diverse backgrounds including government-supported bodies, academic institutions, private companies, and early-stage startup funding platforms. Their role is crucial in identifying startups that align with specific sectors such as health technology, educational technology, agriculture technology, consumer technology, financial technology, Software as a Service (SaaS), and sustainability-focused ventures.
Services Provided By Accelerators
Once selected, startups benefit from a comprehensive suite of services aimed at their holistic growth:
Expert Diagnostics: Accelerators conduct detailed market research and product positioning analysis to help startups understand their competitive landscape.
Mentorship: Startups receive guidance from industry experts who specialize in relevant technological verticals.
Legal Assistance: Accelerators offer support in intellectual property rights, company incorporation, and other legal requirements.
Networking and Learning: The program encourages connected learning through shared platforms and co-learning opportunities.
Regular Interaction: Founders participate in weekly meetings that facilitate the exchange of ideas and collaboration.
Demo Days: Startups showcase their innovations to venture capitalists (VCs) and angel investors.
Investment Negotiation Support: Assistance is provided to startups in securing and finalizing investments from VCs and angel investors.
The recent fraud case highlights the challenges faced by government schemes in safeguarding allocated funds, but the SAMRIDH program itself remains a pivotal initiative aimed at nurturing the startup ecosystem in India through structured support and financial assistance.
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