SMALL BUSINESS - Govt to scale up network of incubators, accelerators to spur start-ups: Vaishnaw

Government is committed to scaling up the network of incubators and accelerators massively over the next three years, Minister for Electronics and IT Ashwini Vaishnaw said on Tuesday as he pledged Centre's support for entrepreneurs and start ups to grow to the next level.

On the occasion of `Azadi Ka Amrit Mahotsav', Vaishnaw launched the 'Amrit Mahotsav Shri Shakti Challenge 2021' to encourage technology solutions developed by women entrepreneurs which facilitate women's safety and empowerment, an official release said.

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In his address, Vaishnaw observed that for a country of over 130 crore people, mere 100-300 incubators would not be suffice.

"I believe for a country of 1.3 billion people, 100, 200, or 300 odd incubators won't do. We will be scaling up the network of incubators and accelerators to phenomenally multiple levels...10X to 40X is the kind of numbers we are going to look forward to in the next three years," he said.

All of these would be professionally managed, and housed in institutions and industries where they add "real value".

The minister further added that the government would be supporting the entrepreneurs and startups in the initial risk phase which is the most challenging phase, as angel investors and venture capitalists may not like to risk their time and money.

The government will do its bit and provide support to entrepreneurs, Vaishnaw said adding: "We are looking for a million entrepreneurs to make their mark and create new jobs".