HYDERABAD: The State government decided to provide support to startups in the form of grants for their innovative solutions that have the potential to address the local and social issues in rural areas. Through GO MS No 08 issued on Tuesday, the Information Technology, Electronics and Communications Department has decided to set aside a total corpus of Rs 20 lakh per year with a view to supporting Telangana-recognised startups with up to Rs 1 lakh for their prototype, Rs 2 lakh through pilot grant and between Rs 0.2 to Rs 2 lakh through seed grant.
This is to enable an innovative idea into a working prototype, to provide a platform for faster experimentation and modify approaches from idea to market journey, to financially assist to conduct pilot study of innovative product/service and to provide financial assistance to the startup for proof-of-concept, product trials, market entry and commercialisation.
The recommended startups will be nominated to one of the state-supported incubators, with all the incubation support cost borne by Telangana State Innovation Cell (TSIC). Applications from interested startups are accepted throughout the year under the incentives section of Startup Telangana’s website http://startup.telangana.gov.in.
SGST Reimbursement, Waiver of Patent fee for startups recognised by Telangana Government
The Telangana government made amendments to a government order issued earlier, where five fiscal incentives were announced for startups. As part of the Information Technology, Electronics and Communications Department’s amended scheme, a startup recognised by the State government can avail reimbursement of SGST on a yearly basis by paying it to the concerned department. This is applicable only on SGST paid to Telangana and for a maximum total annual turnover of Rs 1 crore for the first five years of operation, with an overall reimbursement limit of Rs 10 lakh per startup during the period. The cost of filing and prosecution of patent applications will be reimbursed to the incubated startup companies to a limit of Rs 2 lakh per Indian patent awarded. For foreign patents on a single subject matter, up to Rs 10 lakh would be reimbursed. This incentive also covers the design patent and trademarks
T-Hub selects 21 startups for second round of T-Angel
T-Hub selected 21 startups for the second edition of T-Angel, their investment programme for startups. T-Hub aims to secure investments for a minimum of 10 startups. A five-member investment committee will evaluate the startups and decide on the investments. An in-depth assessment of the business plans will be conducted by T-Hub to map the straining gaps in the startups’ journey of raising funds. Shortlisted startups will then undergo intensive training