With the goal of encouraging and supporting innovation and disruption in the Indian startup ecosystem, the Department for Promotion of Industry and Internal Trade (DPIIT), on Friday, invited applications for the first-ever National Startup Awards 2020.
The programme aims to recognise and reward exceptional startups and ecosystem enablers which are developing innovative products and solutions and scalable industries that possess a high potential for employment generation or wealth creation, along with demonstrating measurable social impact.
Announcing the launch of the awards, Commerce and Industry Minister Piyush Goyal said, ”The measure of success will not only be the financial gains for the investors but also the contribution to the social good.”
He further added, ”The Awards will recognize exceptional startups across various categories that are providing innovative solutions to solve real problems and challenges for India, developing innovative technologies, products and solutions from India to the world, building businesses that are scalable, sustainable and responsible and delivering measurable developmental gains.”
Incubators and Accelerators that play a key role in helping develop a robust startup ecosystem in the country will also be rewarded and recognised by the National Startup Awards.
The awards will be presented to startups in 35 different categories, which can be grouped under 12 specific sectors, including education, agriculture, energy, finance, food, health, enterprise technology, Industry 4.0, tourism, space, security, and urban services. Three special awards will also be presented to startups by educational institutions, for creating a legitimate impact in in rural areas, and contributing to women entrepreneurs.
The ministry also said, “A cash prize of Rs 5 lakh each will be awarded to the winning startup in each area. The winner and 4 runners-up will also be given opportunities to present their solutions to relevant public authorities and corporates for potential pilot projects and work orders. They will also be given priority for participation in various national and international startup events.”
Additionally, a cash prize of Rs 15 lakh each will also be awarded to one winning Incubator, and one winning Accelerator, on the basis of merit.
Applications for the awards will be open till 31st December 2019, post which, the selection procedure will begin.