Bihar can be a great destination, if you are building a new startup. According to the Principal Secretary of Industries Department, Sandeep Poundrick, the new startup policy of the state government takes care that the startup's approval and seed fund is given faster. 31 new startups were provided an initial seed fund of Rs 1.8 crore by the Department of Industries last week.
Several facilities are being provided on behalf of Bihar Startup Fund, including assistance in obtaining hand holding and venture capital from Seed Capital.
Mr. Sandeep Poundrik said that under the Bihar startup policy there is a provision for subsidy up to Rs 3 lakh for acceleration program. A success fee of 2 percent is also being paid when Angel Investors invest. If investment is received from SEBI Registered Angel, a matching loan has also been provided from Bihar Startup Fund.
The working facility center and coworking space have been arranged for startups at Patna's Maurya Complex and Fraser Road BSFC Building which will be allocated from January 1, 2023. This would lead to office arrangements for startups at a lower cost to start the startup.
A Startup Support Unit (SSU) under Department of Industries shall be created for effective implementation of this Policy. SSU shall be responsible for creating a conducive policy environment for sustained growth of Start-up ecosystem in the state.
Under the Bihar startup policy, the application has to be made through an online portal medium, which will be opened from December 1 and one month time will be given. To guide and give technical support the youth in relation to startups, the Department of Industries has created a Zero Lab Incubation Center which operates in the udyog bhavan, Patna, in collaboration with IIT Patna.
Apply from here - https://startup.indbih.com/
The portal will remain open till 5 PM December 31.
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