To make a region prosper, it is important that it should grow. Businesses are directly proportional to the creation of employment and wealth. When there are no businesses then there is no development. Hence, it is important that startup should be encouraged throughout the country.
Talking about India, there are specific cities like Bengaluru, Pune and Gurgaon etc which have fulfilled the dreams of many aspirants. The state of Rajasthan is planning to set up the biggest startup hub of India in Udaipur. It will have the capacity of accommodating 700 newcomers. Udaipur incubation centre will start functioning from the next month.
Know the reasons behind this establishment
In order to match the tech cities of India, Rajasthan plans to create up such a strong startup ecosystem. This incubation centre will not only help to retain talent but also attract more entrepreneurs. In this startup ecosystem, fresh ideas will be welcomed and implemented too. If the funds are required then government will help them.
How will Rajasthan government promote Udaipur Incubation Centre?
At Udaipur incubation centre, the expense of internet connections, entrepreneurs’ space and other infrastructure facilities etc will be borne by government funding. Startups will be given different facilities at zero cost. The entrepreneurs can use these facilities for maximum of two years. There is a T-Hub in Hyderabad which charges a fee for different facilities provided to startups but Rajasthan is providing it for free.
Information about the management of incubation centre
The performance of the startups will be evaluated every month at the incubation centre. The management would be handled by professionals. As these startups require mentoring so top corporates would be invited for the same.
To resolve the funding requirements, Bhamashah Technofund was introduced. It facilitated seed capital without any collateral or without detailed evaluation. Under this, seven start-ups, based on their Q- were funded. To ease the finding process, creditable agencies are empanelled with the government. For those looking for expansion, equity capital and interest-free loans are provided after proposals are evaluated by an external jury. In fact, Rajasthan government had earmarked Rs 500 crore to meet the funding requirement of startups.