Visit to MP Start-up Centre
7th November 2023: The BSSS Incubation Centre and Entrepreneurship Development Cell organized a visit to MP Start-up Centre which is located in GTB Complex, TT Nagar, Bhopal. The start-up center is promoted by the Government of Madhya Pradesh to develop a Start-up Ecosystem in the state and also to support start-ups. Forty-one students which combined of students enrolled in Essentials of Entrepreneurship Development along with students from various academic courses and couple of Incubates of BSSS Incubation Centre had participated in the visit and they were accompanied by Mr. Arun Panicker (Manager, BSSS Incubation Centre),
On reaching the centre, the students were welcomed by the officials of MP Start-up Centre who were Mr. Arunabh Dubey (Finance) and Mr. Mushtaq Ali (Marketing). Mr. Dubey welcomed the students by introducing his organization and himself. About the organization he briefed on the history of establishment and how they are being promoted by the Government of Madhya Pradesh for supporting start-ups nurtured in the state.
Mr. Dubey detailed the students how their organization is assisting the start-up from the state to develop and grow which are:
- Guiding and assisting Start-ups of the state.
- Coordinating/continuous liaison with various departments of the State Government for necessary approvals for smooth functioning of the ecosystem.
- To resolve complaints relating to any approval/promotion and any other issues.
- It can review the start-up ecosystem of the state and make necessary recommendations to the state government.
- The center aims to make Madhya Pradesh a self-reliant start-up and innovation hub by promoting an innovation driven start-up ecosystem.
- The center will facilitate to pitch/ showcase their services/products across various investment, market and other related platforms to encourage startup/innovative entrepreneurship.
- It will also help in providing mentorship support and raise capital/other financing from required investors from angel investors/corporate investors/other funding agencies registered with SEBI/RBI/other competent authorities.
- To provide guidance and support to the start-ups in resolving the problems faced by them in the context of company and tax laws.
- Organizing Boot Camps, Challenge Competitions, Road Shows and Investor Meets/Workshops in and outside the State.
- Will act as a single window agency for start-ups and incubators.
- Pre-market study and evaluation.
Financial Assistance
For Start-ups and incubators established in the state –
- Assistance on investment received - For a start-up that has received funds/investments from a financial institution recognized by SEBI /RBI, assistance will be given.
- In the above context, assistance of Rs. 5 lakhs will be given to the concerned incubators located in Madhya Pradesh.
- Additional assistance to Startups set up by Women.
- Event Organization Assistance.
- Incubation Upgradation Assistance - One time assistance of Rs.5 lakhs for the up-gradation of Incubators.
- Lease Rental Assistance.
- Patent Assistance.
Special financial assistance and support for product-based start-ups
- Concurrent License/Consent facility for one year.
- Facility to use the required machine in MSME Technology Centre, Bhopal and Indore.
- Training Expenditure Reimbursement
- Employment Generation Grant
- Exemption on Electricity Duty
- Concession in Electricity Tariff
- The benefits of the facilities provided in the MSME Investment Policy, 2021 will be available subject to the conditions.
Financial assistance / non-financial assistance under the State Innovation Challenge-
Special Financial Assistance will be provided to the received and selected concept for redressal of four high-impact economic-social problems of the state. The nature of assistance will be as follows –
- Grant up to Rs.1 crore, which will be provided in maximum four phases or as decided by the competent committee for this purpose.
- Exemption or reimbursement and ex-post facto clearance from all necessary license/consent charges.
- Procurement Assistance in state for two years.
- Utilization of facilities, office space and meeting arrangements with office support available in Atal Bihari Bajpai Institute of Good Governance and Policy Analysis, Bhopal.
- If a product-based start-up is selected, then it will also be able to get the benefits of the facilities provided for product-based start-ups in the policy.
Post the detailing of the support and assistance the MP Start-up Centre team discussed with the students of The Bhopal School of Social Sciences who are having Start-up ideas and provided their expert guidance to them. Ms. Simra Khan a student of B. Com Economics 5th semester, discussed her startup idea on female footwear design. Apart from the team of MP Start-up Centre, other students from the college also gave their suggestions and feedback to Simra’s idea. Centre’s team suggested her to apply for an IPR on priority and how it can be beneficial for her business. Couple of other students also discussed their start-up ideas to which the team and students gave their suggestions and feedback.
After all the detailing and discussion, the session came to an end with Mr. Arun Panicker presenting the vote of thanks to the Father Principal Dr. John P.J. for permitting for the visit and the team at Madhya Pradesh Startup Centre for their expert guidance and motivation to the students of The Bhopal School of Social Sciences on pursuing startups.
