Govt launches SAMRIDH scheme to help startups in their initial phase

 SAMRIDH will create a conducive platform for Indian software product startups to enhance their products and secure investments for scaling their business

Just over a week after the newly appointed Minister of Electronics and Information Technology (MeitY) Ashwini Vaishnav said the government will support startups and entrepreneurs in their initial phase, where they face most challenges, he launched Startup Accelerators of MeitY for Product Innovation, Development, and Growth (SAMRIDH) program on Wednesday.

SAMRIDH will create a conducive platform for Indian software product startups to enhance their products and secure investments for scaling their business. The program is being implemented by MeitY Startup Hub (MSH).

The government will support startups and entrepreneurs in the most challenging phase which is the initial risk phase, Vaishnaw had said earlier.

The SAMRIDH initiative will not only provide funding support to startups but will also help in bringing skill sets together which will help them become successful, Vaishnav said Wednesday.

“Employment in traditional as well as new-age industries is a stated mission of our government and is also the vision of Prime Minister Shri Narendra Modi. Initiatives and schemes like SAMRIDH will help accelerate the implementation of that vision,” he added.

Technology can play a role in accelerating and in taking a quantum jump in reaching out to people, which would have otherwise taken many years. Using the energy of startups these areas can be reached within months, the minister said.