It must be an entity registered/ incorporated as a:
- Private Limited company under the Companies Act, 2013, or; Registered partnership firm under the Indian partnership Act, 1932 or Limited Liability Partnership under the LLP Act, 2008.
- 5 Years must not have elapsed from the date of Incorporation/registration.
- Annual Turnover (as defined in the Companies Act, 2013) in any preceding financial year must not exceed Rs. 25 Crores.
- Startup must be working towards innovation, development, deployment or commercialization of new products, processes or services driven by technologies or intellectual property.
- The startup must aim to develop and commercialize A new product or service or process: or A significantly improved existing product or service or process that will create or add value for customers or workflow.
- Startup must not merely be engaged in: Developing products or services or processes which do not have potential for commercialization, or; Undifferentiated products or services or processes, or; Products or services or processes with no or limited incremental value for customers or workflow
- The startup must not be formed by splitting up or reconstruction of a business already in existence.
- The startup has obtained certification from the Inter ministerial Board set up by DIPP to validate the innovative nature of the business and, Be supported by a recommendation (with regard to innovative nature of business in a format specified by DIPP, from an incubator established in a post graduate college in India or; Be supported by an incubator which is funded (in relation to the project) from GOL as part of any specified scheme to promote innovation, or; Be supported by a recommendation (with regard to innovative nature of business) in a format specified by DIPP, from an incubator recognized by GOL, or; Be funded by an incubation fund / angel fund/ private equity fund/Accelerator/ Angel Network duly registered with SEBI* that endorses innovative nature of the business, or; Be funded by GOL as part of any specified Scheme to promote innovation, or; Have a patent granted by the Indian Patent and Trademark office in areas affiliated with the nature of business be promoted.
*DIPP may publish a ‘negative’ list of funds which are not eligible for this initiative.