Union Minister Piyush Goyal inaugurated the Bharat Startup Access to Knowledge Registry (BHASKAR) | Photo: X / @PiyushGoyal
Commerce and Industry Minister Piyush Goyal on Monday suggested setting up a non-profit company to bring together all the initiatives and agencies of the Start-Up India programme under one roof.
The minister said the venture can be industry-led, similar to Invest India, a key investment-boosting body. He urged startups to form a Section 8 or a non-profit company to bring the National Startup Advisory Council (NSAC) within the ambit of the startup.
The move, when implemented, will allow the industry to become more independent. Goyal also said that the distribution of shares in the new company to recognise and encourage unicorns would empower entrepreneurs.
“I made a decision a few days ago, I think the process has already been set in motion. Please finalise the creation of a Section 8 company so that the National Emerging Business Advisory Board will also be part of the new emerging business,” the minister said.
“Startup India is based at Invest India. I think Startup India has now become such a powerful ecosystem in its own right that it should have its own headquarters,” he added.
The minister was speaking at the launch of the Bharat Startup Knowledge Access Registry (BHASKAR) initiative, which will serve as a hub where startups, investors, service providers and government agencies can collaborate and exchange ideas.
“Let’s make this a one-stop shop for disseminating all data for engagement and interaction, a one-stop shop for the entire ecosystem through simple, easy-to-use links, and easy to navigate,” he said.
The broader idea is to build the world’s largest digital registry for the startup ecosystem. The platform will have features like networking and collaboration, provide centralized access to resources, create personalized identification, enhance discoverability, and support India’s global brand. It also aims to bridge the gap between startups, investors, mentors, and other stakeholders, enabling seamless interaction across sectors.
“With over 140,000 startups recognised by DPIIT as of August 2024, India has established itself as one of the largest and most vibrant startup ecosystems in the world. However, this tremendous growth has also led to fragmentation of resources and stakeholders. BHASKAR aims to bring challenger incubators, policy makers and other key stakeholders of the startup ecosystem under one roof to facilitate accessibility and traceability,” an official statement said.
First published: September 16, 2024 | 8:00 p.m. IS
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