The Innovative Ventures and Technologies for Development (INVENT), a British
government-supported programme, has successfully incubated 160 startups in
low-income states of India since its inception in 2016.
Initially, the programme facilitated $4.7 Mn to 139 Indian startups. However, 58
of these ventures were able to obtain follow-up investments from leading venture
capital firms which mounted total investments raised by these startups to $18.6
[https://retail.economictimes.indiatimes.com/news/industry/invent-programme-supports-startups-in-low-income-states/71610511] , INVENT has invested in segments like agri-business, healthcare, education,
energy, livelihood and skill development. Most of these startups are based in
Rajasthan, Madhya Pradesh, Uttar Pradesh, Chhattisgarh, Bihar, Jharkhand, Odisha
and West Bengal.
Talking about the success of the initiative, INVENT programme leader Mohammad
Azhar said, ?Programmes such as INVENT excel at raising venture capital funds,
creating jobs in low-income sectors and designing remarkable go-to-market
strategies for start-ups in the social sector.? He further added that the
tangible results of INVENT?s outreach cemented his belief.
The government?s technology development board, which works under the Ministry of
Science and Technology, has also helped INVENT in implementing the programme in
the country. Besides national and international networks, 80 industry experts
have also come up, showing support to these startups. They have helped the
startups to create market connects and follow-on investments for their
The startups backed by the programme have so far created 1930 direct and around
27K indirect jobs. Interestingly, 40% of these jobs were taken up by women.
Collectively, these 160 startups have created an impact in the lives of 15 lakh
people across the country, according to a statement.
IncubatingRural India ?
Prime Minister Narendra Modi-led government has been continuously working
towards building the startup ecosystem of the country and make it easier to
grow.?In a bid to boost the rural startup ecosystem, the government has launched
several initiatives focusing more on agritech and rural-focused ventures.
In May 2019, the National Bank for Agriculture and Rural Development (NABARD)
hadannounced INR 700 Cr venture capital fund
investments for agriculture and rural-focused startups.
The startup village entrepreneurship programme launched in 2015 fostered 1.82
lakh entrepreneurs over a period of four years, across 14 states. The government
spent an estimated INR 484 Cr
[https://inc42.com/buzz/governments-startup-village-entrepreneurship-programme/] for this project.