New Delhi [India] May 31 : The Department for Promotion of Industry and Internal Trade (DPIIT) suggested corporates to establish manufacturing-focused incubators to help startups.
DPIIT said it is undertaking various measures to encourage the startup ecosystem and the industry at large to foster innovation in manufacturing by supporting and collaborating with startups and developing manufacturing incubators.
Stressing the need to provide support to startups in the manufacturing sector, DPIIT said "the startups require support from several ecosystem stakeholders to grow and scale."
Manufacturing-focused incubators can be one of the most important drivers of support for startups as they provide essential pilot, scaling, and manufacturing facilities that can provide plug-and-play options to product startups, reducing the burden of high capex investments, it added.
"All parts of the startup ecosystem can come together to support manufacturing startups through the creation of more manufacturing incubators which will nurture innovation and growth of the overall manufacturing capabilities of the nation," the DPIIT added in the release.
"Corporates can gain competitive advantage in markets and gain new customers faster, as working with incubated startups can help corporates reduce research and development (R&D) costs and time. The R&D boost gained from working with startups and innovators can allow corporates to enhance internal teams and promote intrapreneurship, boosting overall competitiveness in the economy," it said.
DPIIT suggested that corporates can institutionalize in-house incubators and incubation programs in several ways to help these startups.
DPIIT added that the eligible entities can seek help from the government initiatives meant to help startup ecosystem.
The Startup India initiative, Atal Incubation Centres (AICs), National Initiative for Developing and Harnessing Innovations (NIDHI), Technology Incubation and Development of Entrepreneurs (TIDE), Biotechnology Industry Research Assistance Council (BIRAC), and Innovations for Defence Excellence (iDEX), are some of the major government initiative to promote startup ecosystem in the country.
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