The Bharat Startup Knowledge Access Registry (“BHASKAR”) initiative, under the Startup India program, is a significant effort led by Piyush Goyal, India’s Union Minister of Commerce and Industry, to bolster the Indian startup ecosystem. BHASKAR is a digital platform designed to centralize, streamline, and enhance collaboration among key stakeholders within the entrepreneurial ecosystem, including startups, investors, mentors, service providers, and government bodies. The Bhaskar Initiative aims to create a vibrant environment for startups, capable of competing on the global stage while solving local challenges. The Bhaskar Initiative has several key objectives aimed at creating a holistic support structure for startups:
1. Personalised Identification and Networking: Every stakeholder will be assigned a unique BHASKAR ID, for their profile, a personalised dashboard which will enable them to connect and collaborate with like-minded people and provide them access to various services. Start-ups that already have DPIIT Startup Recognition can apply for BHASKAR ID by using their Startup India log-in credentials to log onto BHASKAR.
2. Providing Financial Assistance: One of the core components is facilitating funding for startups, especially in early and growth stages. This includes easing access to venture capital, angel investors, and government-backed funds. The DPIIT Joint Secretary Sanjiv said the department has urged over 100 corporates and unicorns to set up incubation centers for manufacturing sector start-ups.
3. Integration with Global Markets: The initiative also focuses on expanding the global footprint of Indian startups by promoting cross-border collaborations, partnerships, and access to international markets.
4. Technological Advancement: Leveraging cutting-edge technologies such as AI, blockchain, and clean energy, the BHASKAR Initiative aims to position Indian startups as leaders in the global tech revolution.
5. Mentorship and Skill Development: To build a strong foundation for startups, the initiative emphasizes on the importance of skill development, providing access to mentors, industry experts, and training programs.
6. Sectoral Focus: While the Bhaskar Initiative is open to startups across various industries, it focuses creating sustainable impactful businesses in agritech, healthtech, and fintech sectors which are deemed vital to India's future economic growth.
7. Public-private partnership model: The Bhaskar Initiative encourages collaborations between the government, corporates, and investors. For instance, industry experts from large corporations would be invited to mentor start-ups.Additionally, the initiative pushes for the revival of struggling startups, offering them a chance to restructure and reposition themselves in the market through expert guidance and financial support.
Conclusion:
The Bhaskar Initiative is a transformative program under the larger Startup India campaign, launched in 2016, but with a more targeted approach toward solving the unique challenges faced by startups. Through Bhaskar, the government aims to provide a more structured support system that includes not only funding but also mentorship, regulatory ease, and market integration. It highlights the government's role as an enabler of innovation and business growth, while also aligning the startup ecosystem with the broader goals of economic growth and social progress. BHASKAR will bring all the stakeholders together as it will be like a social media platform for start-ups. In conclusion, Piyush Goyal's Bhaskar Initiative marks a significant step forward in shaping India's entrepreneurial future.
Sources:
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