Definition

Startup Definition (AS DEFINED BY DIPP)

  • (Source: https://www.startupindia.gov.in/)

Startup means an entity, incorporated or registered in India:

  • Upto a period of seven years from the date of incorporation/registration or upto ten years in case of Startups in Biotechnology sector.

  • As a private limited company or registered as a partnership firm or a limited liability partnership.

  • With an annual turnover not exceeding Rs. 25 crore for any of the financial years since incorporation/registration.

  • Working towards innovation, development or improvement of products or processes or services, or if it is a scalable business model with a high potential of employment generation or wealth creation Provided that an entity formed by splitting up or reconstruction of an existing business shall not be considered as a startup.

STUDENT STARTUP:

  • Student Startup is any student-led innovation based startup that has been founded by the efforts of one or more student(s) and / or alumni (not more than 5 years from graduation), from any university / educational institute in the state, with or without the help of faculty guides and external support agents. Recently, AICTE has developed a national roadmap for student startup support system.

INNOVATION:

  • Conceptually, any innovation implies substantial improvement in the ways of doing things, producing goods or providing services. It may involve a new use of an existing resource or producing or delivering existing goods or services through new methods or new instruments/materials.

INNOVATION DEFINITION:

  • Innovation can be defined simply as a "new idea, device or method".

  • However, innovation is often also viewed as the application of better solutions that meet new requirements, unarticulated needs, or existing market needs.

  • Such innovation takes place through the provision of more-effective products, processes, services, technologies, or business models that are made available to markets, governments and society. The term "innovation" can be defined as something original and more effective and, as a consequence, new, that "breaks into" the market or society.

  • Innovation is related to, but not the same as, invention.

  • As innovation is more apt to involve the practical implementation of an invention (i.e. new/improved ability) to make a meaningful impact in the market or society.

  • Not all innovations require an invention. Innovation often [quantify] manifests itself via the engineering process, when the problem being solved is of a technical or scientific nature.

Definition SSIP