Frequently asked questions
All startups that conform to the criteria defined in the Maharashtra State Innovative Startup Policy 2018 are eligible to apply. Accordingly, a startup must:
- Be incorporated as a private limited company (as defined in the Companies Act, 2013) OR registered as a partnership firm (under Section 59 of the Partnership Act, 1932) OR as a limited liability partnership (under the Limited Liability Partnership Act, 2008) in India
- Have been incorporated/registered within the last seven years (in the case of startups in the biotechnology and/or social sector the period shall be up to ten years)
- Not have exceeded a turnover of Rs.25 Cr in any of the financial years since its incorporation/registration
- Be working towards innovation, development or improvement of products or processes or services, or if it is a scalable business model with a high potential of employment generation or wealth creation.
- Furthermore, startups must have a “minimum viable product” and be ready to demonstrate “proof of concept”. Idea-stage ventures shall not be considered at this point.
Applications are open until 11:59pm on 5th Jan 2019.
All applicants shall be notified of the results on 21st Jan 2019.
From 28th Jan to 1st Feb 2019, the 100 finalists will make a pitch to an esteemed panel of Government officials, investors, incubators, and experts from industry and academia.
In the 6 to 12 months following the event, 24 startups will receive support from the Government in deploying their solutions and demonstrating proof-of-concept.
Startups in sectors that align with the mandate of the Government will be given a preference. Accordingly, seven sectors have been identified along with an additional eighth miscellaneous category for startups.
- Education & Skills
- Infrastructure & Mobility
- Sustainability (i.e. Clean Energy, Water Conservation, and Waste)
- FinTech / Financial Inclusion
Startups not falling in the above categories will still be eligible for benefits mentioned in FAQ #4
Startups will be evaluated on the following parameters
- Unique Value Proposition
- Leadership Team
- Social Impact
- Sustainability & Scalability
- Relevance for government
- Technology Advantage (if any)
Post screening, 100 startups will be shortlisted for the pitches which will take place during the Startup Week. The shortlisted startups will pitch to a panel that includes relevant government department officials, industry, academia and investors.
The shortlisted startups would be allowed 10 minutes to present their pitch and another 10 minutes for any Q&A. The results will be declared on the last day of the Startup Week.
24 startups shall receive Government work orders of up to Rs.15 lakhs each. The Government shall provide startups with access to personnel, data and other means of handholding while the startups pilot their solutions over a period of 6 to 12 months.
Additionally, the Maharashtra State Innovation Society (MSInS) shall partner with multiple investors and incubators for the purpose of the Startup Week. These partner organisations shall consider the top 100 finalists for funding and mentorship. Select startups apart from the 24 winners shall also avail benefits like access to exhibition space and networking with VCs/ ecosystem partners, access to specific ecosystem events, free credits from our partners, international linkages and any other benefits as decided by MSInS.