In News:

• Ministry of Electronics and Information Technology (MeitY) launches 2nd Cohort of Startup Accelerators of MeitY for Product Innovation, Development and Growth (SAMRIDH).

About SAMRIDH Scheme:

• SAMRIDH is a flagship programme of MeitY for startups acceleration under National Policy on Software Products – 2019.
• The SAMRIDH programme, launched in August 2021 aims to support 300 software product startups with outlay of ?99 crore over a period of 4 years.
• SAMRIDH is being implemented through potential and established accelerators across India which provide services like making products market fit, business plan, investor connect and international expansion to startups plus matching funding upto ?40 lakh by MeitY.
• The scheme is being implemented by MeitY Start-up Hub (MSH), Digital India Corporation (DIC).
• In the first round of cohort, 22 Accelerators spread across 12 states are supporting 175 startups, selected through a multilevel screening process.
• Major Objective:
  • The SAMRIDH scheme aims to support existing and upcoming Accelerators to select and accelerate potential IT-based startups to scale.
  • Among others, the program focuses on accelerating the startups by providing customer connect, investors connect and connect to international markets
• Eligibility of Accelerator:
  • Should be a registered Section-8/Society, [Not-for-Profit Company (eligible to hold equity)] having operations in India.
  • The Accelerator and the team are recommended to have more than 3 years of startup experience and should have supported more than 50 start-ups of which at least 10 startups should have received investment from external Investors
  • The Accelerator should have an experience of running startup program cohorts with activities listed as desirable under SAMRIDH program.