National Startup Advisory Council (NSAC)

In the dynamic landscape of India's rapidly evolving entrepreneurial ecosystem, the National Startup Advisory Council (NSAC) stands as a beacon of guidance and innovation. Established by the Department for Promotion of Industry and Internal Trade (DPIIT), NSAC plays a pivotal role in steering the course of startups and innovation across the nation. 

In this comprehensive guide, we will delve into the intricacies of NSAC, its functions, and its significance in shaping India's startup landscape.

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What is NSAC?

The National Startup Advisory Council, abbreviated as NSAC, is a body constituted by the DPIIT. This council serves as a vital advisory board, offering insights and recommendations to the government on strategies to nurture innovation and startups. Its overarching goal is to foster a robust ecosystem that fuels innovation, drives sustainable economic growth, and generates substantial employment opportunities.

Composition of the Council

The NSAC comprises various key members who contribute to its diverse perspectives and expertise:

• Chairman: The council is chaired by the Minister for Commerce & Industry, a prominent figure in India's policymaking landscape.
• Convener: The Joint Secretary of the Department for Promotion of Industry and Internal Trade acts as the convener of the council, responsible for its coordination and facilitation.
• Ex-officio Members: These members are nominees of concerned Ministries, Departments, and Organizations, each holding the rank of Joint Secretary or higher.
• Non-official Members: Appointed by the Central Government, these members represent different categories, including successful startup founders, seasoned entrepreneurs with a track record of scaling companies in India, and individuals capable of advocating for the interests of startup investors. Their term lasts for two years.

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NSAC's Core Functions

NSAC fulfills a range of vital functions aimed at fostering innovation and bolstering the startup ecosystem in India. Here are some of its key responsibilities:

Fostering a Culture of Innovation

One of NSAC's primary roles is to suggest measures for instilling a culture of innovation among citizens and students. It aims to promote innovation across all sectors of the economy, fostering an environment where groundbreaking ideas can flourish.

Enabling Public Organizations to Embrace Innovation

NSAC recommends strategies to facilitate public organizations in integrating innovation into their processes. This is envisioned to enhance public service delivery, stimulate the creation, protection, and commercialization of intellectual property rights.

Promoting Business Ease

To boost the startup ecosystem, NSAC focuses on making it easier to initiate, operate, expand, and exit businesses. This involves streamlining regulatory compliances and minimizing associated costs, along with enhancing access to capital for startups.

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The State of Startups in India

• India's startup ecosystem has rapidly ascended to become the third-largest globally in terms of the number of startups. In 2020 alone, more than 15,000 startups emerged, marking a remarkable ascent from 5,000 startups in 2010.
• Several underlying factors have contributed to the growth of India's startup ecosystem. These include widespread smartphone and internet penetration, the prevalence of cloud computing, the availability of application programming interfaces (APIs), and the establishment of a national payments infrastructure.
• Despite these accomplishments, India continues to face challenges in realizing the full potential of startups. Complex regulatory environments, concerns related to diversity and the digital divide, and scaling issues are some of the hurdles that must be overcome.

Related Initiatives

From evaluating state support for startup ecosystems to fostering global collaboration at the SCO Startup Forum, these programs empower startups on their journey to success.

Ranking of States on Support to Startup Ecosystems

This initiative serves as an evaluation tool to strengthen the support provided by Indian states and union territories to build robust startup ecosystems. It aims to create an enabling environment for startups to thrive.

SCO Startup Forum

The Shanghai Cooperation Organisation (SCO) Startup Forum, launched in 2020, focuses on collectively developing and enhancing startup ecosystems. This collaborative effort seeks to harness the potential of startups within the SCO member nations.

Prarambh Summit

The 'Prarambh' Summit provides a platform for startups and young minds worldwide to nurture new ideas, innovations, and inventions. It serves as a catalyst for fostering innovation on a global scale.

Startup India Seed Fund Scheme

Startup India scheme extends financial assistance to startups, supporting activities such as proof of concept, prototype development, product trials, market entry, and commercialization. It plays a vital role in propelling startups towards success.

Fisheries Startup Grand Challenge

In collaboration with Startup India, the Department of Fisheries, Ministry of Fisheries, Animal Husbandry & Dairying inaugurated the Fisheries Startup Grand Challenge. This initiative seeks to promote innovation within the fisheries sector.

National Startup Awards 2021

The National Startup Awards aim to recognize and reward exceptional startups and ecosystem enablers. These awards celebrate enterprises that offer innovative products or solutions, possess the potential for significant employment generation and wealth creation, and demonstrate measurable social impact.

Conclusion

The National Startup Advisory Council (NSAC) plays a pivotal role in shaping India's entrepreneurial landscape. Through its diverse composition and key functions, NSAC serves as a guiding force, steering innovation and startups towards a future brimming with potential and promise.

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