Research and innovation contribute directly to the state's prosperity and the well-being of individuals and society. A young population means a young workforce, which in turn, implies a more innovative and entrepreneurial mindset. Government of Gujarat has introduced the concept of supporting and hand holding Start-ups from ideation to the implementation stage. The state is strengthening scientific and technology ecosystems that would further motivate Start-ups.
Startups transfer knowledge or new ideas for products and processes into commercial applications. They are likely to bring in new solutions and challenge established individuals/companies that enter these new markets. This policy envisages creation of opportunities for 2500 persons, over a period of 5 years.
Operative Period:- 2015 to 2020
Innovation means introducing new or making changes with use of innovative ideas and/or updated technology that results in something new.
Assistance for Innovation
- Nodal Institution will be fixed in consultation with institution.
- Institution will support the innovator by mentor services.
- Innovator will be allowed to use facilities in the institution for Start ups.
- Sustenance allowance of Rs. 10,000 per month will be provided for one year to the Innovator.
- Up to Rs. 5 Lakh assistance to be provided to the institution for mentoring service.
- Up to Rs. 10 Lakh assistance will be provided for Cost of Raw material /components & other related equipment required for the innovative process.
Assistance once the ideal concept gets commercialized
- Marketing / publicity assistance of up to Rs. 10 Lakh to introduce product in market.
- Project to be supported by venture capital fund.
- The project will be allowed reimbursement to the extent of 80% of the Net VAT/Net SGST paid excluding additional
- tax and reduction of ITC (Input Tax Credit) of 1/5th of the eligible limit in a particular year and for 5 years.
- Eligible limit will be up to 70% of eligible fixed capital investment.
Special Incentives for Women Entrepreneurs
- 1% additional interest subsidy in the scheme for MSMES (Manufacturing and Service Sector)
- Additional Rs. 300 payroll assistance under labour intensive industries over and above general payroll assistance of Rs. 1200 for each women employee
- Best MSMEs awards and export awards for women entrepreneurs and exporters
- 100% reimbursement of service fees for CGTMSE (CREDIT GUARANTEE FUND TRUST FOR MICRO AND SMALL ENTERPRISES) subscription
- Special women industrial estate established at Sanand with concessional rate for land