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Jan 29, 2020
Govt notifies 'National Startup Advisory Council'

The government has notified the structure of the National Startup Advisory Council which will be chaired by Commerce and Industry Minister.

The council will suggest measures to foster a culture of innovation amongst citizens and students in particular, promote innovation in all sectors of economy across the country, support creative and innovative ideas through incubation and create an environment of absorption of innovation in industry.

"It will also suggest measures to facilitate public organizations to assimilate innovation with a view to improving public service delivery, promote creation, protection and commercialization of intellectual property rights, make it easier to start, operate, grow and exit businesses by reducing regulatory compliance's and costs, promote ease of access to capital for startups, incentivize domestic capital for investments into startups, mobilize global capital for investments in Indian startups, keep control of startups with original promoters and provide access to global markets for Indian startups", Commerce and Industry Ministry said in a statement on Tuesday.

The Council will consist of the non-official members, to be nominated by Central Government, from various categories like founders of successful startups, veterans who have grown and scaled companies in India, persons capable of representing interests of investors into startups, persons capable of representing interests of incubators and accelerators and representatives of associations of stakeholders of startups and representatives of industry associations.

"The individual names will be notified later", the ministry said, adding that the non-official members will be nominated by the centre whose term would be for a period of two years.

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