Our Correspondent
Kohima | February 27
Nagaland Startup Policy 2019 was laid on the floor of the House today by Chief Minister Neiphiu Rio.
Nagaland Startup Policy aims to establish Nagaland as a model startup leader in the region, by creating a culture of entrepreneurship that nurtures creative and innovative youth, allowing them to build successful startup companies, become job creators and contribute toward building a healthy and sustainable economy.
Out of 19.79 lakh population of Nagaland as per 2011 census, more than 60% of the population is in the age group of 15-59.
Startup India is a flagship initiative of the Government of India, intended to build a strong ecosystem for nurturing innovation and startups in the country, which will drive sustainable economic growth and generate large scale employment opportunities. Startup India aims at empowering startups to grow through innovation and design.
With an aim to accelerate and promote local entrepreneurs in Nagaland, the department of industries & commerce has been appointed as nodal department to implement the Startup policy for the state which will create an enabling environment for startups to grow, by ensuring knowledge exchange, capacity building, policy interventions and access to funding.
The objective of this policy is to facilitate the growth of at least 500 startups in the next five years, with a focus on establishing innovative “Made in Nagaland” products and services, establish a world class state incubator, in partnership with global leaders on a PPP mode, which will nurture, guide and support existing and aspiring start-ups to become successful business ventures, mobilizing funding for investment in Startups through various interventions, including establishing a Fund of Funds, inculcate and stimulate a culture of creativity, innovation and entrepreneurship by creating the requisite environment for learning and experimentation during all stages of education and achieve creation of direct and indirect employment in the private sector.
The Nagaland Startup Policy 2019 shall be effective for a period of five years from the date of its notification or until notified, whichever is earlier.
The policy stated that the state is committed to encourage and support women entrepreneurs in the state. Special efforts will be made to identify women entrepreneurs in rural and urban Nagaland, create awareness among women entrepreneurs on various state and centrally sponsored schemes and 25% funds will be dedicated to promote startups by women entrepreneurs in the state.
INCENTIVES GST Reimbursement
Startups selected under this Policy shall be eligible for annual reimbursement of state GST paid in sales of goods for a period of 3 years up to a maximum of Rs. 5 lakhs per startup per year.
Stamp Duty Reimbursement
Startups selected under this policy shall be eligible for 100% reimbursement of stamp duty/registration fee/conversion fee on sale/lease deeds for first transaction.
Digital Upgradation Subsidy
Startups selected under this policy shall be eligible for digital upgradation subsidy of 50% of capital expenditure for purchase of computers, smart phones, related hardware and software subjected to a ceiling of Rs. 5 lakh per startup.
Broadband connectivity reimbursement
Startups selected under this policy shall be eligible for 50% rental reimbursement for a maximum period of two years subject to a ceiling of Rs. 2 lakhs. It may include any rent being paid to an incubator/co-working space.
Power Subsidy
Startups selected under this policy shall be eligible for power subsidy of @50% subject to a limit of Rs. 10 lakhs per annum for a period of five years.
Reimbursement of patent filing cost
Startups selected under this policy shall be eligible for reimbursement up to 100% of the actual cost (including filing fees, attorney fees, search fees, maintenance fees) for patent filing with a maximum limit of Rs. 2 Lakh for filling domestic patent and upto Rs. 5 lakhs for filing international patent. This reimbursement shall be payable 50% after the patent is filed and the balance 50% after the patent has been granted.
Marketing and promotion assistance
Startups selected under this policy shall be eligible for reimbursement of 50% of the actual marketing and promotion costs (including travel costs) incurred by a startup in listing fees for online and offline advertisements, in store promotions, publishing or digital marketing materials, trade show participation, market research, etc subject to maximum of Rs. 5 lakh per startup.
Encourage public procurement
The state government will encourage participation of startups in public procurement by waiving off prior experience or turnover requirements so long as the product meets the desired specifications and encourage consortium of eligible companies with startups in bidding for state government projects which will bring in the elements of innovation and new ideas.
Startups selected under this Policy shall be eligible for incentives/provisions under Nagaland Industrial and Investment Policy in force. However, the incentive for the same component cannot be claimed from more than one scheme.
Selection of start-ups
• Eligible applicants need to fill up the online application forms and submit through the Startup Nagaland portal
• First level screening will be done by the Nagaland Innovation Society
• Selected Startups have to pitch their innovative business idea in front of a panel in the Startup Council who will select the Startup based on their innovation, business plan, feasibility, scalability and budget, etc.
