West Bengal is recognized as the leader for regulatory change. Silpa Korun Bangla Gorun (set up industry to develop Bengal) has been the motto of the state government for the youth to come forward with innovative ideas and set up new enterprises in the state. In recent years supporting mission and spotlight in the development of business in the state by the public authority has prompted the startup culture making strides. Making West Bengal rise as one of the top new business hotspots in India by giving the most empowering environments to help and support startup business in the state is the present ambition of the West Bengal Government. The vision of the policy is to make the state an exceptional center for the women and the rustic youth to join this development and add force to the cycle of startup-led industrial growth of the state.
Key Highlights of the State’s Startup Policy
The Government of West Bengal visualizes an empowering climate to address the goals of youth and proposes to draw in with all partners in the advancement of an eco-framework for fortifying the new business with appropriate incubation and mentoring infrastructure, quick track legal help, and an organization of suitable financing offices. The state government has taken several praiseworthy initiatives in establishing:
- A comprehensive startup policy to support startups at all stages. To carry out a steady administrative system that empowers bother-free and time-headed legal clearances for all new businesses.
- Entrepreneurship cells in all districts
- A provision of self-certification for startups under applicable labour laws.
- A fund-of-fund to incentivize funding of all startups in the state.
- An entrepreneurship program is added to the curriculum of the educational universities to encourage the youth to start something of their own.
- A Digital application gateway West Bengal MSME Equity Fund.
- The policy for anyone having an innovative idea or mindset can set up a business in the state.
Making West Bengal rise as one of the top new business hotspots in India by giving the most empowering environments to help and support startup business in the state is the present ambition of the West Bengal Government.
Enabling Environment and Institutional arrangement for Startups
The State has built up an environment with consistent admittance to new companies across the state. Making a proper framework including coaching and handholding support by utilizing existing the leading specialized business associations like IIM Calcutta, IIT Kharagpur, CSIR labs in West Bengal, IIEST, etc. are all the state’s priority. The incubators are the critical asset of the state as they are the important tool for economic development and for creating job opportunities across the state. The Government is strengthening the existing technical business incubators to have a greater number of in-house startups besides providing mentoring to the new ones and thus saving time.
The Institutional Startup ecosystem of the state is the pyramidal process with entrepreneurship development center (EDCN) at the base, moving upwards with mentorship, funding process, Including Incubators, fast track clearances, WB MSME fund and various other angle funds, state task force on startup to finally top with the start-up policy.
What is the Procedure of Setting up a Business in the State?
- Any individual or a group of individuals having an innovative idea or concept are eligible along with the students of EDCN universities, state’s TBI incubators and investment bankers.
- Access to the Government forms, incentives, and services will be through the portal www.startupbengal.in
- Funding will be given as per the venture’s own administrative process.