BENGALURU: Since the turn of the decade, start-ups have gradually begun to shape the country’s economy, with over 4000 start-ups creating 80,000 – 85,000 jobs. India currently stands as the third largest base of technology – startups and it is only going to get better in the coming years. The emergence and impact of start-ups is not gone unnoticed by the government, which is now planning to financially assist technology incubation centres that helps start-ups in setting up their business.

Of the thousands of start-ups that are cropping up each year, at least 500 of them are seeded in about 200 incubators throughout the country. Last year alone the department of science and technology that handles about 100 incubators, spent around Rs 40 crore on these incubators in a bid to increase the number of business incubators.

"If we get enough number of companies from the incubators, India will be different ten years from now," IIT Madras professor Ashok Jhunjhunwala told Economic Times.

This move by the government will enable incubators to oversee the funding of at least 25 new start-ups every year. It will also come up with new schemes for innovation by starting business challenge program in five lakh schools, to ingest innovation in schools.

ET reports that Jhunjhunwala has been involved in incubation at the IIT Madras incubation centres, which has so far formally incubated 99 companies in three incubators in its research park whilst in IIT Bombay, the Society for Innovation and Entrepreneurship (SINE) has incubated 78 companies.

"The more science there is in a startup, the richer the ecosystem needs to be. Startups need depth of expertise in many areas, and founders usually do not have all the technical knowledge. They need equipment hard to find except in a government lab, but the equipment in labs are not available easily to outsiders. Startups also need help with intellectual property strategy," V Premnath, director of NCL Venture Centre told ET.

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