Government Of India To Set Up 51 New Incubator To Aid New Startups Succeed

Youth In Cmag - 20th June 2019

A startup incubator is a collective program planned to aid new startups to succeed. Incubators help businessmen solve some of the problems which a person usually comes across while running a startup by providing workspace, investment funding, guiding, and training. The main objective of an incubator is to help entrepreneurs grow their business. Business incubation programs are mostly financed by private companies or municipal organizations and public institutions, such as universities and colleges. The encyclopedia defines business incubators as "An organization designed to accelerate the growth and success of entrepreneurial companies through an array of business support resources and services that could include physical space, capital, coaching, common services, and networking connections." The government of India has planned to set up 51 new incubators for startups in the department of information and communications technology all over India as a section of its Technology Incubation and Development of Entrepreneurs also known as TIDE 2.0 scheme. "Proposals for incubation centres will be invited from organisations of higher learning and R&D organisations across India- having incubation facilities" the Ministry of Electronics and Information Technology (MeitY) tweeted. On 18th June 2019, WhatsApp India announced 5 winners and handed each of them with $50,000 cheques. The startups include MedCords, Melzo, Javis, Gramophone, MinionLabs.The winners were selected from 1700 entries on the basis of innovative thinking, the scale of impact and problem-solving ability.

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