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Asian Institute of Research, Journal Publication, Journal Academics, Education Journal, Asian Institute
Asian Institute of Research, Journal Publication, Journal Academics, Education Journal, Asian Institute

Economics and Business

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ISSN 2775-9237 (Online)

asian institute research, jeb, journal of economics and business, economics journal, accunting journal, business journal, managemet journal
asian institute research, jeb, journal of economics and business, economics journal, accunting journal, business journal, managemet journal
asian institute research, jeb, journal of economics and business, economics journal, accunting journal, business journal, managemet journal
asian institute research, jeb, journal of economics and business, economics journal, accunting journal, business journal, managemet journal
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Published: 08 August 2023

Government Support for Startups: A Comprehensive Analysis of Funding Initiatives and the Role of the Indian Government in Nurturing the Startup Ecosystem

Anurag Piyamrao Wasnik, Abhinav Jain

Atal Innovation Mission, Indian Institute of Technology

asian institute research, jeb, journal of economics and business, economics journal, accunting journal, business journal, management journal

Download Full-Text Pdf

doi

10.31014/aior.1992.06.03.523

Pages: 98-107

Keywords: Innovation, Entrepreneurship, Government grants, Startups, Global Innovation Index

Abstract

This research paper explores the role of government funds and initiatives in nurturing and enhancing startup ecosystems. Focusing on the Indian context, the study examines the comprehensive support provided by the Indian government to promote the growth and development of startups. Through a robust methodology involving secondary research and systematic review of government sources, the research identifies and catalogs nearly 50 distinct startup schemes, including grants, subsidies, incubators and financial assistance programs. The Indian government has dedicated divisions and ministries, such as Atal Innovation Mission and the Department for Promotion of Industry and Internal Trade (DPIIT), to provide comprehensive assistance to new enterprises. Moreover, the government has prioritized the establishment of high-quality incubators and accelerators across the country to foster collaboration, innovation, and knowledge exchange among entrepreneurs. The research underscores the vital role played by government funds and initiatives in overcoming financial barriers and empowering startups to pursue innovative ideas. The remarkable progress made by India in the Global Innovation Index rankings further demonstrates the positive impact of government investment in nurturing a thriving startup ecosystem. The success stories of other vibrant startup ecosystems, such as Singapore, Israel, and Barcelona, further underscore the importance of government funding and initiatives in driving startup growth and success. The research concludes that government support serves as a catalyst for the development of vibrant startup ecosystems, driving economic growth, job creation, and societal advancement. The research contributes to the existing knowledge on entrepreneurship and startup ecosystem development, enabling stakeholders to capitalize on the government's support system.

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