1. Eligible Startup:
As define by the Government of India’s ‘Startup India’ initiative, an entity shall be considered as a ‘startup’-
- The date of its incorporation/registration is not prior to seven years. In case an entity is engaged in the biotech sector, the date of incorporation/registration should not be prior to ten years.
- Its annual turnover does not exceed INR 25 crore, for any preceding financial year.
- It is working towards innovation, development, deployment or commercialisation of products, processes or services driven by technology or intellectual property; An entity that develops a business model based on some innovation and makes it scalable for achieving commercial success.
- It is registered in Nagaland or employs at least 60 percent of its total qualified workforce from indigenous inhabitants of Nagaland.
- Such an entity should not be an extension of an existing family business; or formed by splitting up or reconstruction of a business already in existence.
Entity means a private limited company (as defined in the Company Act, 2013), or a registered partnership firm (registered under section 59 of the Partnership Act, 1932) or a limited liability partnership (under the Limited Liability Partnership Act, 2002).
Incubator is any organization designed to accelerate the growth and success of entrepreneurial ventures:
- The incubator will provide critical facilities like plug-n-play working space, conference rooms, video conferencing and broadband connectivity along with research and testing labs.
- Incubator will also provide other services like business and administrative assistance, financial counselling, accounting assistance, legal and regulatory guidance, patent registration, etc.
- Organize various capacity building, skilling and training programs.
- Provide access to mentors and investors.