Goa Startup Policy: Here's What You Don't Know About It

Goa Startup Policy: Here's What You Don't Know About It

β€ŒGoa is considered a very famous tourist attraction. But Goa has been in everyone's focus recently and that is not because of its tourist point. According to the recent reports and the updated startup policy of Goa, it is looked up to be considered as a top 25 place for startups in Asia by the year 2025. To accomplish these goals, a few guidelines along with a policy was introduced in the year 2017 by the Goa Government.

Reasons To Select Goa As A Startup Place
Updated Goa Startup Policy 2021
Effects Of Goa Startup Policy
FAQs

Reasons To Select Goa As A Startup Place

Before going up to the exact topic, we should first consider our option of selecting Goa as a destination for Startup.

Goa is considered a beautiful place to spend your vacation over there. But along with that, it is also considered a good option to build up your business in Goa. This place has good Infrastructure to look up as our first option in the favour of selecting Goa as a place of Startup. It has a good setup of water connection and electricity supply.

Another reason to select Goa as a place for Startup is the reason behind it being less expensive than the cities like Mumbai, Delhi, etc. The accommodation and renting services are less expensive than some other popular places.

The living standards of Goan people are quite impressive. They are almost perfect to serve or help you in your startup by giving up their precious time in your startup. The lifestyle lived by the people of Goa is considered to be capable of maintaining a proper work-life balance.

The other reason to consider Goa can be because of its growing technical aspects and many technology hubs taking up their bases in Goa. As it is very much involved with tourists, your startup can have a chance of getting in touch with different people depending upon your business field.

If you are looking to start a startup in the management field, you can get many opportunities there. Another great point to note is that it is well connected and quite easy to travel up to Goa from anywhere in India.

With these many reasons to consider, we can say with confidence that Goa is a good place for Startup.

Updated Goa Startup Policy 2021

The Vision for the updated Goa Startup Policy is to make it one of the most preferred Startup Destinations in India. And to also make Goa count up in the top 25 Startup destinations of Asia by the year 2025.

The updated version of the Goa Startup Policy was concerned with adding up a few changes in the old policy all depending upon the required alterations.

The vision was the same for earlier as well as the updated Startup Policy provided by the government of Goa.

The objectives of the updated version of Startup Policy with their simple meanings are explained below:

  1. The updated version of the policy is to make Goa a good place for high-value startups by availing the facility of good geographical features as well human resources.
  2. The process of building a robust startup place by inviting the best business-minded people to set up their base in Goa.
  3. To assist and appreciate local businesses that are Goan startups and Goan enterprises.
  4. To provide approx 6000 job opportunities to Goan people. The process is to convert approx 500 innovative and technology-enabled startups and build sustainable startups in Goa by fulfilling their necessary demands and presenting them with the facility of support for the next 3 years.
  5. To provide the essential support to different field firms such as developing technology and innovation hubs, centers of excellence, R&D labs, Incubation centers for the next 3 years.
  6. The involvement of technology-based studies in the curriculum of students. This can be done by including the collaboration of industry and academics and by introducing DIY modules in the curriculum of students in the Goan Education System. Along with these, there can be a few online courses for students that can be included in the University curriculum.
  7. To create a stable environment and prepare Goan students to be able to work for high-level startups while achieving a great result in their professional growth.
  8. To keep a track of the progress related to policy and evaluate its pros and cons. This is to make the best policy that can increase the growth rate of startups and allow frontiers to set up their business over her as for technology enablement as per ongoing situations.
  9. To provide and arrange the funds for their support by different means to motivate the startups:
  • The idea to P-o-C (Proof of Concept) Fund
  • Seed Loan Fund
  • Working Capital Fund
  • Women Entrepreneurs Development Fund.
  • Research & Development Fund
  • Student Innovation Fund
  • Skill Development Fund
  • Incubation Support Fund

The major difference or adaptation of objectives is done based on two factors only:

The first is to create an opportunity for at least 6000 employment for this to be achieved, 500 innovative startups were required and the support given to them is for 3 years only. Whereas in the earlier policy, there was just the need of creating 100 successful startups to provide 5000 job employment with the support being given up for 5 years.

Another major difference is in the funds provided to startups. The updated startup policy has also given special attention to women, as it has provided the facility of funds for women entrepreneurs. This facility was missing in the earlier policy.

We can say after the updated policy came, it is easier for women also to start their startups in Goa.

This term of policy will be active for three years from the date of notification.

Effects Of Goa Startup Policy

From the time it was implemented in the year 2017, it has been proved to be a success for some people. According to the current status, there are approx. 111 startups being successfully introduced and are seen stepping the ladder of success.

The funds given to those startups have a total count of approx. 1.1 crores. And they are provided with the facilities promised by the goa government.

In the year 2021, there has been a new policy, or can be said as the updated version of the old policy was introduced. The main aim was to employ approx. 6000 people. The other thing that it focuses on is local firms. The updated policy is to provide them with funds for their development. It also focuses on the promotion of employing local people for their benefit. And the most important focus is to educate their students with some particular knowledge right from the start of their education system.

Earlier, when this policy was introduced, there was the main focus of only one field and that is the IT sector. However, this time it has been kept open for all sectors.

When there are innovations taking place in a world, women are also a strong part of them. Similarly, in the earlier policy, there were no specific funds kept for women which sometimes used to make them hesitate. However, the updated policy will allow them to start their startup with proper funds being provided to them through the government of Goa and funds collected for them.

The earlier policy had a great effect on Goa and was proved to be successful till the termination. But the proper result for the new policy is still awaited and can be fully appreciated only after it starts showing its effects.

The overall condition of goa startups is quite good and is attracting the attention of many big companies.

Conclusion

Startups are considered as the revolutionary practices of the market. The destination of startups is one of the most important factors to worry about.

Goa is considered within the best destination places for startups. With its updated version of startups terms and policy, it is a much better option to build up the base of your startup in Goa.

FAQs

Is Goa good for startups?

Yes, with the new Goa Startup Policy. Goa is good for startups. Because of its great infrastructure and affordable real estate. It becomes a feasible environment for a startup.

What is the main business in Goa?

The main business of goa includes Tourism, Agriculture, and Mining. But with the need of other businesses. A startup idea that can work well can be also a business in Goa.

How can I start a business in Goa?

You can start with Photography, Fish Farming, Travel agencies, Rental agency, Guesthouses, Spa and wellness, Commercial transportation, Restaurants/beach shack, etc.

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