Goyal said the company can be industry-led, similar to Invest India, which can manage its own affairs.
Startup India is currently hosted by Invest India, the country’s national investment promotion body.
“We will support it as a catalyst so that, in terms of policy, it goes in the right direction. It will have an independent board and organisational structure and we will do a little bit of oversight,” Goyal said, adding that the National Startup Advisory Council can also be a part of it.
The Startup India initiative was launched by the Department for Promotion of Industry and Internal Trade (DPIIT) in 2016 to support entrepreneurs and build a strong startup ecosystem.
“I took a decision just a few days ago… Please finalise the setting up of a Section 8 company so that the National Startup Advisory Board is also a part of the new startup,” Goyal said, adding that Startup India has emerged as a powerful ecosystem in its own right and should have its own home.
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He added that SIDBI can also actively participate in this venture and that it is professionally owned and managed by startups. “How do we recognise our unicorns? Why not have a system where we issue shares also in that Section 8 company to all those who become unicorns? We need to find ways to encourage people to support that,” he added.
“And then that company can start owning these technology assets as well, so that way it will be agile and industry-leading… so that it can make sure that trade secrets are not revealed,” Goyal said.
BHASKAR raise
The Minister inaugurated the Bharat Startup Knowledge Access Registry (BHASKAR), a digital platform targeting the Indian startup ecosystem, which would serve as a hub where startups, investors, service providers and government agencies can come together to collaborate, exchange ideas and accelerate growth.
Helping emerging players connect, collaborate and compete with each other.
BHASKAR, a StartUp India programme, will bring everyone together. It will be a LinkedIn, X, Facebook, said DPIIT Secretary Amardeep Singh Bhatia.
“This platform will bring everyone together,” Bhatia said, adding that it will be like a social media platform for startups.
With over 1.4 lakh startups recognised by DPIIT as of August 2024, India has established itself as one of the largest and most dynamic startup ecosystems in the world.
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