Under the Student Startup and Innovation Policy (SSIP) 2.0 over the last four years, 1,543 startups have received financial assistance from the state government, according to a release.
“A total allocation of Rs 300 crore has been made under SSIP 2.0 for a five-year period, with an annual grant of Rs 60 crore. Of this, Rs 30 crore is allocated to technical education, Rs 12 crore to i-Hub, Rs 10 crore to higher education, and Rs 8 crore to schools. Under this policy, 5,684 innovations were supported to create PoC/prototypes and 2,296 to file IPRs through 339 institutions in the state, and more than ₹32.38 crore has been provided under PoC/fund support,” the state government stated in a release.
As many as 620 startups received direct support through Gujarat Startup and Innovation Hub (i-Hub) in Ahmedabad which was established under the SSIP policy as a facility that supports early-stage innovators and startups in transforming ideas into successful enterprises. So far, i-Hub has provided direct assistance to about 620 startups.
With the support of i-Hub, Manan Bateriwala, founder of Keepsake Automation, sharing his entrepreneurial journey said, “I began my career as a freelancer. When we decided to establish a company, i-Hub guided us at every stage, from company formation and scaling to compliance and legal support. The centre also helped us build our brand identity and provided opportunities to participate in exhibitions. Today, our company employs 37 people. We have received a total grant of Rs 15 lakh from the Gujarat government, and this support has played a key role in my journey as a successful entrepreneur.”
Startups incubated at i-Hub have created around 1,400 skilled jobs across the state, while their combined market valuation has reached approximately Rs 3,569 crore, the state government said. “Through i-Hub, startups have secured more than Rs 416 crore in private funding from various venture funds. In addition, i-Hub has expanded its outreach to over 20 districts through a hub-and-spoke model and has raised awareness about startups and innovation among more than 4 lakh youth,” it added.
Under the WEstart initiative launched to promote women’s participation in the startup sector, assistance has been provided to 196 women-led startups, accounting for nearly 30 per cent of the total supported startups. To further strengthen the startup and innovation ecosystem in the state, four new centres will be established in Vadodara, Surat, Rajkot, and Mehsana over the next year, following the i-Hub currently operational in Ahmedabad.