Rajasthan currently accounts for ~10% (7395) of the total startups recognised by Department for Promotion of Industry and Internal Trade (DPIIT), Government of India. There are a range of unique factors that have facilitated success of startups in the State. These include institutional support, infrastructure, financing, human capital and market access.
- Institutional Support: This is one of the most essential factors, with two primary pillars: iStart Rajasthan Program and Rajasthan Startup Policy 2015.
- iStart Rajasthan: iStart Rajasthan is a flagship programme of the State’s Department of Information Technology and Communication (DoIT&C). To foster innovation, generate employment and facilitate investments. This initiative assists startups in reducing the bureaucracy involved with the startup process. The Programme has also received CSI Nihilent e-Governance Silver Award 2018-19 in the category “Excellence in Adopting Emerging Technologies”.
iStart is a unique one-stop shop for entrepreneurs, startups, rural innovators, investors, incubators, accelerators, and mentors. Since its inception in 2017, iStart has recognised 1850+ state-grown startups across 49 sub-sectors. As a result, ~21,000 jobs have been created with an investment of ~INR 200 crore.
- Rajasthan Startup Policy 2015: The State Government has notified a dedicated policy for Startups to catalyze startup creation and mitigate the risks that entrepreneurs face while starting up. The policy provides following fiscal interventions for promoting startup ecosystem in the state.
- Sustenance Allowance: A grant of INR 10,000 per month for one year to eligible startups at idea/prototype stage.
- COVID Relief Seed Grant: Assistance of INR 5 lakh per as Seed Money on project appraisal to QRated-Bronze startups.
- Seed Funding: Eligible startups at the prototype stage are provided financial assistance in the form of convertible loan of INR 2 lakh.
- Marketing Assistance/Pilot Stage Fund: For eligible startups with a minimum viable product which can be soft launched in the market, the Policy envisages up to INR 10 lakh as convertible loan based financial support.
- Techno Fund: To support startups at traction/scaling stage, Government of Rajasthan provides up to 100% of funding sanctioned to a start-up by any empaneled or recognised funds with a cap of INR 25 lakh.
- eCell/Incubation Support: Assistance of INR 50 lakh for setting-up Incubation Centres at Educational and R&D Institutes, Assistance of INR 10 lakh for setting up eCells in Educational Institutions
- Infrastructure: Rajasthan has established impressive incubation centers throughout the state, including a Hub-and-Spoke Model with Techno Hub, the state’s largest and most advanced incubation centre at Jaipur as the Hub, and iStart Nest branches at 7 divisional headquarters including operational iStart Nest branches at Udaipur, Bharatpur, Kota, Bikaner and Churu as the Spokes. These incubation centres provide free office space, IT infrastructure, and internet access to the startups. The State has also recently started iStart Nest incubation centres at Jodhpur and Pali.
- Finance: The Rajasthan Venture Capital Fund (RVCF) was established by the State Government in 2002 to promote early and growth stage transformative companies from Rajasthan, as well as from other regions of the country. RVCF has so far invested in 44 portfolio companies across sectors, with the most recent investment in March, 2022.
Besides RVCF, the State Government has also established a Rs 500 crore Techno Fund to support development of state’s startup community. The Techno provides up to 100% of funding with a capital of INR 25 lakh. So far, 300+ startups have been funded by the state as per the Rajasthan Startup Policy and Budget Announcement for the FY 2021-22.
- Human Capital: Rajasthan boasts of 85 universities, including 2 dedicated skilling universities, as well as premier engineering, medical, management, law and fashion designing institutes. These include the Indian Institute of Technology, Indian Institute of Management, National Law University and National Institute of Fashion Technology. These ensure adequate support for the startup ecosystem in terms of skilled human resources.
- Market: Rajasthan has taken a lead in promoting startups and involving them as a significant force in driving innovation and economic growth. The following initiatives illustrate the state’s approach and methodology to channelise the energy of youth to promote innovation led entrepreneurship:
- Rajiv Gandhi Innovation Challenge: An initiative designed to provide opportunities to youth, working professionals and startups to collaborate with the State Government, implement their ingenious solutions and receive prize money of Rs 2 crore.
- iStart-recognised startups have been integrated with e-Bazaar portal based on their QRate scores and provisions are made to facilitate State Government Department(s) to issue work-orders of upto INR 15 lakh for select services without following traditional tendering process.
Apart from preference in the government procurements, Rajasthan’s proximity to National Capital Region (NCR) enables startups to enter both urban and semi-urban markets. The state’s emerging industrial hubs – Jaipur, Alwar, Jodhpur, Kota, Udaipur, etc. – provide significant growth opportunities for startups.
Startup Conclave – Invest Rajasthan Summit 2022
Startup Conclave is planned as a highly interactive event wherein the founders of India’s leading startups will share their insights with the audience. Through this recounting of the journeys of entrepreneurs, the event will create a vivid and inspiring narrative of India’s startup scene for the audience. The milestones Indian startups have accomplished will be discussed by the very people who have transformed the Indian startup scene into a resounding success story. The Conclave will also cover the opportunities and challenges that surround the Indian startup ecosystem.
Aptly titled “Driving the Change, Unlocking the Potential”, this 210-minute Conclave will feature two panel sessions. The first panel session titled ‘Rajasthan’s Startup Ecosystem’ will include founders of Rajasthan-based startups that have achieved success in a candid conversation about their impressions of the opportunities for startups in Rajasthan and share their entrepreneurial journeys. Similar discussion will be posed in the second panel, but this time with startup founders that have built a name for themselves across the nation.
Following these panel sessions, the Chief Guest of the ceremony will honour the startup founder winners of a pitching competition held during Rajasthan DigiFest at Birla Auditorium, Jaipur on August 19, 2022. In addition, iStart will also provide funding commitment as per Rajasthan Startup Policy 2015 to selected Startups who pitched during the recently held Evaluation Committee Meeting. Some (2-3) successful iStart Rajasthan recognised startups will also share their entrepreneurial journeys with the audience.
Speaker Lineup
Mr. Ashok Gehlot
Hon’ble Chief Minister, Rajasthan
Mr. Ashish Gupta
Commissioner & Joint Secretary, IT & Communication
Government of Rajasthan
Ms. Harsha Kumari Singh
Special Correspondent, NDTV
Mr. Amitabh Kant
India’s G20 Sherpa, Ex-CEO, NITI Aayog
Government of India
Mr. Ajay Data
CEO
Data Ingenious Global Limited
Mr. Mahaveer Sharma,
Co-Founder & Director,
RAIN (Rajasthan Angel Innovators’ Network)
Mr. Anurag Jain
COO & Co-founder
CarDekho
Mr. Giriraj Kiradoo
National Head, Local Language
YourStory
Mr. G Satheesh Reddy
Scientific Advisor to Defense Minister
Ministry of Defense
Government of India
Mr. Prateek Maheshwari
Co-Founder,
PhysicsWallah
Mr. Akhil Gupta
Founder and Chief Tech & Product officer
NoBroker
Mr. Akhil Arora
Principal Secretary, Finance and IT & Communication
Government of Rajasthan
Mr. Amitabh Kant
India’s G20 Sherpa
Ex-CEO, NITI Aayog
Government of India
