IIT Madras Director, Professor V. Kamakoti, on Friday said the government essentially aims to support deep-tech startups as they grow in their journey.
His comment came as the government expanded the definition of startups to include deep technology firms as a separate sub-category as part of its revised guidelines to strengthen the Startup India programme, for developing the country as a global innovation powerhouse.
Speaking to Media, Kamakoti said: “Deep-tech startups receive seed funding, angel funding, and develop certain prototypes. They are almost ready to reach the next technology readiness level, which we call TRL 9”.
TRL 9 (Technology Readiness Level 9) represents the highest level of technology maturity, where a system is fully proven and qualified through successful operations, such as in space missions or full-scale commercial deployment.
The new sub-category of “Deep Tech Startup” has been introduced for entities working on cutting-edge and breakthrough technologies.
In recognition of the long gestation periods, high research and development intensity, and capital-intensive nature of deep technology enterprises, the eligibility criteria for this category have been expanded, with the age limit extended from 10 years to 20 years from the date of incorporation or registration, and the turnover limit enhanced to Rs 300 crore.
The revised criteria also include an increase in the turnover limit for recognition of a startup from the existing level of Rs 100 crore to Rs 200 crore, keeping in view the evolving startup ecosystem and the need to support enterprises at different stages of their business lifecycle, according to the government.
Besides, the startup recognition eligibility has been extended to cooperative entities to promote innovation-driven growth at the grassroots level in agriculture, allied sectors, rural industries and community-based enterprises.
Accordingly, Multi-State Cooperative Societies registered under the Multi-State Cooperative Societies Act, 2002, as well as Cooperative Societies registered under state and Union Territory Cooperative Acts, are now eligible for startup recognition, subject to the fulfilment of other applicable criteria.
