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.