Monthly allowance of Rs.20,000, which may be provided to a 'recognized Startup entity’ for a period of one year, if it fulfills any of the following conditions:

•  Startup has got total equity financing by SEBI registered AIF Category 1 & 2 fund or Angel Networks in the range of (at least) Rs. 5 Lakh to Rs. 1.00 crore; or

• Startup has a patent filed in the entity name and published in the Journal by the India Patent Office in areas affiliated with the nature of business being promoted; or

• Sanction letter of funding / grant to the entity by Government of India or any State Government; or

• The startup has got a revenue run rate of Rs. 50 thousand to Rs. 10 Lakh per month over the last three months at least.

• Once recognized under Startup Odisha Initiative, a startup entity can apply online for the monetary benefit by filling a standard form online.

• The Nodal Agency will review the monetary application of the startup entity and will share its review online with the Startup Secretariat within next 2 weeks of receipt of such application. However, Nodal Agency may schedule a call or a meeting with the startup entity, if it deems necessary, within the first week of receipt of such application.

• Startup Secretariat will collate all such applications and undertake due diligence of the applications and requisite documents and present them with its recommendation to the Task Force for consideration and final approval within next 2 weeks of receipt of such application. Result will be published online and also emailed to the concerned Startup entity.

• Once approved by the Task Force, Startup will receive the monetary benefit(s) directly in the entity's bank account.

Need-based assistance would be provided to 'recognized Startup entity' towards the cost of raw materials/components and other related equipment that may be required for product development/existing product imporvement. However, this assistance will be provided only in case(s) where innovation is dependent on specific raw material / equipment and subject to approval by the Startup Council.

Application Procedure

• Once recognized, a startup entity can apply online for the monetary benefit with Startup Odisha initiative by filling a standard form online.
• The Nodal Agency will review the monetary application of the startup entity and will share its review online with the Startup Secretariat within next 2 weeks of receipt of such application. However, Nodal Agency may schedule a call or a meeting with the startup entity, if it deems necessary, within the first week of receipt of such application.
• Startup Secretariat will collate all such applications and undertake due diligence of the applications and requisite documents and present them with its recommendation to the Task Force for consideration and final approval within next 2 weeks of receipt of such application. Result will be published online and also emailed to the concerned Startup entity.
• Once approved by the Task Force, Startup will receive the monetary benefit(s) directly in the entity's bank account.

Startups will receive a product development and marketing/publicity assistance of upto a maximum of Rs. 15 lakh from the State Government for the purpose of introducing an innovative product to the market.

Benefit may be given to a 'recognized' Startup entity for introduction of innovated product in the market , if it fulfills any of the following conditions :

• Startup has got total equity financing by SEBI registered AIF Category 1 & 2 fund or Angel Networks of at least Rs. 25 Lakh; or

• Sanction Letter of funding / grant to the entity by Government of India or any State Government of at least Rs. 5 Lakh; or

• The startup has got a revenue run rate of Rs. 10 Lakh per month over last six months at least.

•  Once recognized, a startup entity can apply online for the monetary benefit with Startup Odisha initiative by filling a standard form online.

•  The Nodal Agency will review the monetary application of the startup entity and will share its review online with the Startup Secretariat within next 2 weeks of receipt of such application. However, Nodal Agency may schedule a call or a meeting with the startup entity, if it deems necessary, within the first week of receipt of such application.

•  Startup Secretariat will collate all such applications and undertake due diligence of the applications and requisite documents and present them with its recommendation to the Task Force for consideration and final approval within next 2 weeks of receipt of such application. Result will be published online and also emailed to the concerned Startup entity.

•  Once approved by the Task Force, Startup will receive the monetary benefit(s) directly in the entity's bank account.

Startups will be reimbursed 100% of the patent registration cost up to maximum of Rs.10 Lakhs as per the Odisha Industrial Policy 2015.

•  Any entity incorporated/registered not prior to 5 years with an annual turnover that does not exceed Rs. 25 Cr in any preceeding financial year.

•  The entity must either be registered in Odisha or employ at least 50% of its total qualified workforce in Odisha.

•  Such entity should not be an extention of existing family business; or formed by splitting up or reconstruction of a business already in existance.

•  Such entity should be working towards innovation development, deployment or commercialization of new products, processes or services driven by technology or intellectual property and makes it scalable for achieving commercial success.

There would not be any minimum turnover requirement for MSMEs participating in public procurement process. All State Government Departments and Agencies will additionally relax condition of prior experience with respect to Startups in all public procurements subject to meeting of quality and technical specifications.