The National Startup Advisory Council

Jan 23, 2020 | by Avantis RegTech Legal Research Team

A |  A

Commercial Compliance

The Department of Promotion of Industry and Internal Trade (DPIIT) on January 21, 2020, notifies the National Startup Advisory Council to advise the Government on measures needed to build a strong ecosystem for nurturing innovation and startups in the country to drive sustainable economic growth and generate large scale employment opportunities amongst citizens and students in all sectors of economy across the country, including semi-urban and rural areas. 

The National Startup Advisory Council shall be chaired by Minster for Commerce & Industry and will have members from various categories like founders of successful startups, veterans, persons capable of representing interests of investors into startups; incubators and accelerators, representatives of associations of stakeholders of startups and industry associations. The Joint Secretary of DPIIT shall be the Convener of the Council and Startup India Division of DPIIT shall provide secretarial assistance to the Council. The term of the Non-official members of the Startup Advisory Council shall be for a period of two years.

The Council shall suggest following measures to:-

a) Support creative and innovative ideas through incubation and research and development to transform them into valuable products, processes or solutions to improve productivity and efficiency;

b) Facilitate public organizations to assimilate innovation with a view to improving public service delivery;

c) Promote creation, protection and commercialization of intellectual property rights;

d) Make it easier to start, operate, grow and exit businesses by reducing regulatory compliances and costs; 

e) Promote ease of access to capital for startups; 

f) Incentivize domestic capital for investments into startups; 

g) Mobilize global capital for investments in Indian startups;

h) Keep control of startups with original promoters;

i) Provide access to global markets for Indian startups;

j) Create an environment of absorption of innovation in industry.

[Notification F. No. 5(24)/2019-Startup India]


Related Updates

Alternate Text

Get updates on the go on RuleZbook Mobile App.