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A start up is a young company that is beginning to develop and grow, is in the first stages of operation, and is usually financed by an individual or small group of individuals
a.Salient features of startups in India
DIPP (Department of Industrial Policy and Promotion) though has defined an entity as startup till up to 10 years from its incorporation date if is turnover for any of the financial years since its incorporation hasn’t exceeded INR 100 crores.
Innovation, scalability and generation of employment and wealth are the key features that DIPP associate with startups.
Around 19,414 entities have been recognized as Startups by DIPP as on date.
Indian startup ecosystem is the 2nd largest in the world and is expected to witness YOY growth of 10-12% .
Startups have redefined and in certain cases disrupted the markets and changed the way business is conducted in India.
Bangalore, Mumbai and NCR top startup destinations with over 65% of the total Indian startups.
d.Structuring the correct set up for startups :
Having the brilliant idea that is innovative and solves a problem.
Building the concept from ground up and making a scalable model to attract talent and investments.
Selecting the right talent to nurture the idea.
Choosing the right entity that would benefit the startups – Company or Limited Liability Partnership.
Determination of source of seed money – founders, families, friends, incubators or angel funds.
Obtaining registrations with various statutory authorities .
Mapping the business plan for the initial operations.
Choosing between bootstrapping or bringing in investments.
Decision to sell the start up or acquire additional funds to grow.
Implementation of need base SOP, Software’s, so that all you need to focus is on business expansion.