Key features of the scheme (National Startup Awards 2021)

Holistic development of the nation –

The central government has implemented the startup award scheme for the overall development of the business and commerce sectors in India. The scheme also offers necessary assistance to the micro and small scale ventures.

Encouraging startup owners –

This award scheme has been implemented to attract the attention of the startup owners. Additionally, it also encourages the business accelerators and incubators to help as many ventures as possible.

Healthy competition –

The scheme promotes a healthy competition among the startups. As they compete with one another to get to the top spot, they implement policies, which play an instrumental role in the betterment of the venture.

Cash prize –

The winners will attain a significant financial reward that can be utilized for the expansion of the business. The applicants can get anything between Rs. 5 lakhs and Rs. 15 lakhs, depending on the category.

Selected sectors –

The central government has already selected fifteen separate categories, under which the startups, incubators and accelerators can apply.

Wealth creation –

The establishment of new startups will increase the inflow of cash in the government coffers. This money can be used for supplying the necessary facilities in the rural and urban areas.

Employment generation –

The sward scheme is an ingenious way to encourage the establishment of more small scale companies in the country. As more businesses open up, it will assist in the eradication of job crunch in the market.

Social betterment –

The development of the startups pave the path for the betterment of the society. It will have various social impacts, which can be measured. The collected data will enable the government to come up with better developmental policies.

The Eligibility Criteria for Startups is as follows (National Startup Awards 2021)

STARTUPS

The entity should be a DPIIT-recognized startup. The entity must submit their certificate of incorporation or partnership deed
The entity must have hardware or software product or a process solution that is present in the market
The entity must have all applicable trade trade-specific registrations (example: CE, FSSAI, MSME, GST Registration, etc.)
There should not have been any default in the last three years (FY17-18, 18-19, 19-20) by the entity or any of its promoters or any of their group entities
The entity must submit Audited Financial Statements (Balance Sheet, Profit & Loss Account) for the last three financial years (FY 2017-18, 18-19, 19-20). In case of unavailability of audited financial statements for FY 2019-20, entity may submit provisional financial statement for FY 2019-20 issued by a chartered accountant

Cash prize for the winner in every category (National Startup Awards 2021)

Startups –

As for the applicants, which fall in the startup category, the committee will pick one winner and two runner-ups. However, only the startup winner will attain the cash prize of Rs. 5 lakhs. The runner-ups will acquire the opportunity to present their model in front of the respective central ministry.

Incubators –

Among the applicants, who fall in the Incubator category, only one will be selected for attaining the cash prize. The winner will be able to acquire Rs. 15 lakhs from the central government.

Accelerators –

It has been mentioned in the award scheme draft that one winner will be selected from this category. The central government will hand over a financial award of Rs. 15 lakhs to the accelerator category winner.

Documents necessary for application (National Startup Awards 2021)

DPIIT certificate –

The primary document that must be uploaded on the official portal, during registration is the DPIIT certificate.

Business ownership documents –

Whether the startup is owned by a solo owner or is founded on a partnership basis, the necessary documents, supporting these facts must be uploaded with the application form.

GST and MSME registration papers –

The applicants need to attach the digitized copies of certificates, issued in the name of the startup by the central MSME and GST departments.

Financial audit documents –

The applicant also needs to attach scanned copies of all the financial audit documents, which light on the inflow and outflow of cash.

Non-defaulter certificate –

It is mandatory for the applicants to attach a scanned copy of a certificate that highlights that he/she is not a defaulter to any bank or other financial institute.

How to get registration form and apply for the scheme? (National Startup Awards 2021)

Official website –

During the announcement of this scheme, the central government had stated that the authority will launch an authorized portal for the convenience of the interested applicants. To get to the portal, you need to click on the link

Online application –

When the homepage opens, you will see the banner ad of the scheme with the name “National Startup Awards 2020.” As soon as you place the mouse pointer on the ad, you will see the “Apply” option.

Application categories –

As soon as you click on the “Apply” button, the application page will open up. Here, you will see three separate categories. You need to pick the category that meets your profile. One can click on any of the three options – “Apply as Incubator” or “Apply as Startup” or “Apply as Accelerator.”

Registration process –

Once the category selection is complete, the site will bring up the registration box. In case an applicant has already enrolled, he/she can click on the “
Login” option. First time applicants have to click on the tab that is marked as “Register.”

Digitized registration form fill-up –

As soon as you click on the “Register” option, you will get access to the digitized registration form. You need to fill in the numerous fields with correct information.

Official login –

Once you have completed the online registration process, you need to click on the “Login” tab for the official initiation process. You need to type in the correct credentials, tick the capchat box and click on the Log In option.

Filling the profile form –

Once the applicant has logged in on the portal successfully, he/she can gain access to the application profile form. It has several sections, which must be filled in by the respective applicant.

The respective department has already stated that a special jury committee will be formed. They will scrutinize and assess the activities of the applicants, and the future prospect of the ventures. They decision of the jury will be final and the names of the winners will be announced on the day of the ceremony.

(National Startup Awards 2021)

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