SAMRIDH: MeitY’s Second Round of Startup Accelerators Kicks off to Foster Product Innovation

On 4 September 2024, the Ministry of Electronics and Information Technology (MeitY) initiated the second group of students to participate in the SAMRIDH program. MeitY's S. Krishnan, the Secretary, was the one who initiated the program.

The Government of India has set a goal of cultivating 300 businesses, and as part of its 100-day agenda, it will choose and provide support to 125 startups through possible accelerators. This will allow them to reach their future goal. A statement released by MeitY said that the interested accelerator may apply for the second cohort of SAMRIDH.

By the National Policy on Software Products (NPSP)-2019, the ministry has revealed that it is actively trying to promote the expansion of India's software product industry. According to the ministry, the Indian software product industry, which includes startups, is receiving support from a variety of programs.

These programs include Centres of Excellence (CoEs), the Technology Incubation and Development of Entrepreneurs (TIDE) program, the Next Generation Incubation Scheme (NGIS), the Information and Communication Technology Grand Challenges, and Gen-Next Support for Innovative Startups (GENESIS), among others.

Addressing SAMRIDH: Encouraging Software Startups in India

According to the National Policy on Software Products–2019, SAMRIDH is a flagship program of MeitY that supports the acceleration of startup companies. Launched in August 2021, the SAMRIDH initiative has the objective of providing financial assistance to 300 software product companies, with a total expenditure of INR 99 crore, over four years. With the help of potential and established accelerators throughout India, SAMRIDH is being implemented. These accelerators offer services to startups such as making their goods market-fit, developing a business strategy, connecting them with investors, and expanding their operations internationally. Additionally, MeitY is providing matching capital of up to INR 40 lakh. MeitY Startup Hub (MSH), which is part of Digital India Corporation (DIC), is the organization that is putting the plan into action.

Commenting on the development, Edul Patel, co-founder and CEO, Mudrex stated, "The government’s continued commitment to nurturing India’s startup ecosystem through initiatives like the SAMRIDH programme is well appreciated. The launch of the second cohort is an exciting development, especially for smaller startups. Having access to top accelerators that provide crucial mentorship, funding, and resources is a game changer for young entrepreneurs. The matching funding of up to INR 40 lakh, combined with guidance on making products market-fit and scaling internationally, provides invaluable support to entrepreneurs who are just starting up. This initiative truly encourages budding entrepreneurs in building tech solutions from India to the world."

Multi-Agent Accelerator System for SAMRIDH

Twenty-two accelerators from 12 different states were chosen to participate in the inaugural cohort of SAMRIDH after open requests for ideas were issued. The list of accelerators includes organizations that receive support from the government, academic institutions, entities from the business sector, and platforms that provide finance for early-stage start-ups. A multi-level screening procedure is then utilized by these accelerators to choose five to ten companies in each of the following categories: health technology, education technology, agriculture technology, consumer technology, financial technology, software as a service (SaaS), and sustainability.

Ministry of Electronics and Information Technology Supporting 3600+ Tech Startups

The Technology Incubation and Development of Entrepreneurs (TIDE 2.0) Scheme was launched in 2019 by the Ministry of Electronics and Information Technology (‘MeitY’) with a budget of INR 264.62 crore, spread out over 5 years.

StartupTalkyNitin Konde