Gujarat leads India's startup charge, secures top rank fourth time

Gujarat has been named India's 'Best-Performer State' in startups for the fourth consecutive time. Under CM Bhupendra Patel, initiatives like SSIP 2.0 and i-Hub are fostering innovation, supporting over 16,700 startups.

Prime Minister Narendra Modi firmly believes that innovative ideas, technology-driven solutions, and the energy of young entrepreneurs are the pillars of holistic national development, and startups playing a pivotal role in building Viksit Bharat 2047. Advancing this vision, Chief Minister Bhupendra Patel has strengthened Gujarat's startup ecosystem through initiatives such as the Student Startup and Innovation Policy (SSIP 2.0), setting a strong benchmark for good governance in entrepreneurship, according to an official release.

As a result, Gujarat has emerged as a leading hub of entrepreneurship, securing the top position in the Startup Ranking for the fourth consecutive time. Under the Government of India's Startup India programme, the state has been recognised as the country's Best-Performer State, with around 16,700 startups currently operating across Gujarat.

Fostering Entrepreneurship Through Policy

As per the release, while promoting entrepreneurship in Gujarat, the Chief Minister stated, "Startups have the power to enable youth to start their own businesses and become a source of employment for others. Gujarat has built an ecosystem in which programmes such as WEStart and the Student Startup and Innovation Policy (SSIP) empower women entrepreneurs."

Student Startup and Innovation Policy (SSIP 2.0)

To build a strong foundation for innovation among youth, the state government, under the leadership of the Chief Minister, has announced the SSIP 2.0 policy for the five-year period from 2022 to 2027. Under this policy, students from the school level to higher education are provided with appropriate guidance, encouragement, and financial support to nurture their creativity and innovation, said the release.

A total allocation of Rs 300 crore has been made under SSIP 2.0 for a five-year period, with an annual grant of Rs 60 crore. Of this, Rs 30 crore is allocated to technical education, Rs 12 crore to i-Hub, Rs 10 crore to higher education, and Rs 8 crore to schools. Under this policy, 5,684 innovations were supported to create PoC/prototypes and 2,296 to file IPRs through 339 institutions in the state, and more than Rs 32.38 crore has been provided under PoC/fund support. Over the last four years, 1,543 startups have received financial assistance from the state government under SSIP 2.0.

i-Hub: Gujarat's Innovation Powerhouse

Established under the SSIP policy, the Gujarat Startup and Innovation Hub (i-Hub) has today emerged as the central pillar of the state's innovation ecosystem. On 5 December 2023, the new state-of-the-art campus of i-Hub was inaugurated by Chief Minister Bhupendra Patel. i-Hub is the largest facility in the state dedicated to innovation and entrepreneurship, providing legal, financial, technical, and operational guidance through a single-window support system. This facility supports early-stage innovators and startups in transforming ideas into successful enterprises.

The new i-Hub campus spans approximately 1.5 lakh square feet and can accommodate around 500 startups at a time. So far, i-Hub has provided direct assistance to about 620 startups. In addition, under the Startup Srujan Seed Support Scheme, financial assistance of more than Rs 23 crore has been extended to 402 startups.

A Founder's Journey with i-Hub

With the support of i-Hub, Manan Bateriwala, founder of Keepsake Automation, shared his entrepreneurial journey. He said, "I began my career as a freelancer. When we decided to establish a company, i-Hub guided us at every stage, from company formation and scaling to compliance and legal support. The centre also helped us build our brand identity and provided opportunities to participate in exhibitions. Today, our company employs 37 people. We have received a total grant of Rs 15 lakh from the Gujarat government, and this support has played a key role in my journey as a successful entrepreneur."

Measuring Success: Job Creation and Funding

Startups incubated at i-Hub have created around 1,400 skilled jobs across the state, while their combined market valuation has reached approximately Rs 3,569 crore. Through i-Hub, startups have secured more than Rs 416 crore in private funding from various venture funds.

In addition, i-Hub has expanded its outreach to over 20 districts through a hub-and-spoke model and has raised awareness about startups and innovation among more than 4 lakh youth.

Empowering Women with WEstart

Under the WEstart initiative, launched to promote women's participation in the startup sector, assistance has been provided to 196 women-led startups, accounting for nearly 30 per cent of the total supported startups.

Future Expansion for Aatmanirbhar Bharat

To further strengthen the startup and innovation ecosystem in the state, four new centres will be established in Vadodara, Surat, Rajkot, and Mehsana over the next year, following the i-Hub currently operational in Ahmedabad. This robust startup ecosystem will also make a significant contribution to the vision of Aatmanirbhar Gujarat to Aatmanirbhar Bharat. (ANI)

(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)