Startup Budget expectations: Startup tourism, employment compliance, and more
Amit Vasistha and CEO, MyGALF a wellness-tech platform for corporates says Government should consider the following in the budget
1) Employment compliance: Startups are generally very lean and streamlined organizations with limited budgets. The current labor law or employment compliances end up consuming high costs and time for the startup founders or leadership teams. They end up rather hiring personnel on contracts instead of full-time resources. Govt. should consider lean compliance packages or requirements for organizations with less than 50 Crores in turnover.
2) Certifications and Funding: The Startup India Seed Fund Scheme (SISFS) and other related avenues have clearly given a big boost to the startup ecosystem. Building on the same; the government could consider providing proper assurance or ranking certifications to high-performing startups as an option. This will help increase investor confidence in good startups and open-up funding sources that are on the fence. Banks could also consider providing preferred interest rates using funding models like CCD to such high-performing startups
3) Plug and Play Incubators: Clearly, there has been a lot of traction in terms of the appointment of incubators through the PM Narendra Modi-led SISFS. That said, if we are looking for high-velocity growth for startups then we need higher growth in an incubator or co-working avenues jointly supported by the government. This is one massive avenue for cost and equity management for the founders.
4) Startup Tourism: A low-hanging fruit but with a massive impact on multiple industries government should propel a massive startup tourism charter plan under the Azaadi Ka Amrit Mahotsav at Indian level. This will attract a lot of international and domestic investors to consider visiting Startup events and micro-ecosystems in India
Startup Budget expectations: Startup tourism, employment compliance, and more https://lnkd.in/dSiQ6E34
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