Government sets up National Startup Advisory Council to Strengthen Start-up Ecosystem
- The government has set up a National Startup Advisory Council (NSAC) that will advise the Centre on measures needed to build a strong ecosystem for nurturing innovation and start-ups in the country.
- The Council, which will be chaired by the Union Minister of Commerce and Industry.
The NSAC will be responsible to suggest measures to:
- foster a culture of innovation among students and others
- facilitate public organisations to assimilate innovation, promote creation, protection and commercialisation of intellectual property rights
- make it easier to start, operate, grow and exit businesses by reducing regulatory compliances and costs
- promote ease of access to capital for start-ups
- incentivise domestic capital for investments
- mobilise global capital for investments
- keep control of start-ups with original promoters
The members of the Council, other than chairperson, will consist of:
- non-official members to be nominated by the Centre, (with a term period of two years)
- ex-officio members, not below the rank of joint secretary, nominated by ministries, departments and organisations concerned
- founders of successful start-ups
- veterans who have grown and scaled companies in India
- persons capable to represent interests of investors into start-ups
- persons capable of representing interests of incubators and accelerators and representatives of associations of stakeholders of start-ups and representatives of industry associations.