Even the best idea in the world can’t get off the ground without a sustainable source of finance behind it. For startups, securing funding for a product can be a daunting prospect — especially if the founders are coming from the security of salaried employment with an established company.If we’re starting a company that we hope will one day reach a billion dollar valuation or more, we’ll need a different kind of strategy from the beginning.
Fortunately, today there are numerous avenues open for startups to secure funding.Things have changed. Today, startup founders can easily access numerous organizations, websites and experts to help them launch their startups and see them thrive. India is gradually moving towards the startup ecosystem. Therefore, in order to boost entrepreneurship, Government has created an entire ministry dedicated to helping new businesses. These initiatives are promoting startups in India.
In January 2016, Prime Minister of India launched Startup India Initiative. It changed the definition of a startup in terms of the scale and the horizon. The idea is to increase wealth and employability through increasing entrepreneurial spirit. They have given startups tax benefit under this scheme .It is one of the best Indian government initiatives for startups as it is providing lots of policies for entrepreneurship.
SIDBI Startup Mitra – Startup offerings by state governments
SIDBI Startup Mitra’ – first ever national platform for the Indian startup ecosystem is unique platform for all aspiring startups, incubators, accelerators and startup financing organisations to register and leverage the power of the startup ecosystem in India.
State governments in India have launched various policies and schemes specifically to support and promote start up development.
Simplifying the process of Starting an SME
samllIB.in is SIDBI’s effort to support Indian SMEs by simplifying the procedure of starting and setting up a business in India. This platform helps entrepreneurs to identify business opportunities all along learning from other successful startups. It also gives access of technologies from IITs and other trustworthy institutions. It also helps SMEs to understand about how to get collateral free loans from banks and related formalities etc. Basically smallB Forum act as discussion platform to take inputs on different subject matter from experts.
Business Services Helpline for Startups and SMEs
IndiaFilings – Helping on Legal and Regulatory Requirements
IndiaFilings is another dedicated platform that is committed to helping startups and entrepreneurs to start and manage their business with no hassle! This is an initiative started by Verve Financial and aims to educate startups on the legal and regulatory requirements. It has a dedicated team of experts including Chartered Accountants, Lawyers, Accountants, Chartered Engineers, Bankers, Company Secretaries and lots more to provide a wide-ranging service for startups and SMEs. This is one stop shop helping new businesses, start-ups, private limited companies, one person company, trust and many others in obtaining IPR, tax registration, import export code and lots more. IndiaFilings is committed to 24/7 customer support. It utilizes modern technology to ensure the delivery of quality business services through its wide extended online and offline networks.
SME Toolkit India – Provides Helpful Tips and Advice for SMEs
Another impressive one stop resource for stratups is SME Toolkit India! Unlike above mentioned one stop shops, it is a cooperative initiative from International Finance Corporation (IFC), the World Bank Group and ICICI Bank. This platform provides valuable tips and advices to small businesses in India to make them competitive at global level. It offers a number of free resources like software for website development, business planning, accounting, marketing etc. Apart from a wide range of resources, Startups can also list businesses for free all credits along with receiving valuable industry updates and advice from world famous mentors and entrepreneurs.
Collaborating banks, buyers and sellers for transactions
State Bank of India has developed SBI for SME and for newbie startups platform to cater the developing needs of SMEs related to financing and funding. It has created an online two-way platform to take the banks, buyers and sellers all together for easy financing across Startups segment.Those companies can explore financing schemes from different banks easily. It has Electronic Vendor Financing Scheme which is completely a web based solution for offering instant credit to suppliers of reputed companies. This scheme allows both the industry leaders and its vendors to get benefits by making funds available. SBI bank has a wide extended network with specialized startups loan facilities across the country.
Free Startup Credits
In order to be eligible for free credits or a discounted startup plan, most companies require your startup to be a part of an accelerator/incubator.Companies like Snap Accelerate provides companies with the resources and support they need to scale their marketing and customer acquisition strategies with snap.
Another app available for startups is Zoho One. It is a bundle of 40 different applications, for both web and mobile. You can pick any of the apps from this assorted suite, and be business sorted.
For cloud computing , very popular is Hatch by DigitalOcean. Hatch helps developers create, launch, and scale their startups. This includes a range of perks to get you started, including 12 months of DigitalOcean credit to easily deploy and scale your infrastructure.
Amazon Web Service Activate program provides startups with the resources they need to quickly get started on AWS — including credits, training, and support and even With $120,000 in free IBM Cloud Credits, Startup with IBM can put your business on the path to transformative growth.
These are just few collection of awesome companies offering free/discounted plans for eligible startups.
It’s up to the newbies to decide which plan carter their needs best.