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START-UPS CAN RAISE $3 MN VIA ECBS ANNUALLY: RBI “KARNATAKA IS FIRST TO BRING “START UP POLICY”

 
 
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START-UPS CAN RAISE $3 MN VIA ECBS ANNUALLY: RBI “KARNATAKA IS FIRST TO BRING “START UP POLICY”
by System Administrator - Monday, 17 October 2016, 2:31 PM
 

By : M.S.Yatnatti Editor and Video Journalist Bengaluru :  With a view to boosting innovation and promoting job creation, the Reserve Bank on recently said start-ups can raise external commercial borrowings (ECBs) of up to 3 million in a financial year.They will be permitted raise the overseas funds in rupees as well as in foreign currency .India has the third-largest number of start-ups globally. In January, Prime Minister Narendra Modi had unveiled a slew of incentives for them including tax holiday, inspector raj-free regime, capital gains tax exemption and Rs 10,000 crore corpus to provide funds. Government has also relaxed procurement norms for them.Statement on developmental and regulatory policies announced by RBI said start-ups have the potential to play a significant role in economic growth and job creation by spurring innovation and injecting competition."Taking into account the available funding channels from overseas for start-ups, the RBI, in consultation with the Government of India, will allow such entities to raise ECB up to USD 3 million or equivalent per financial year either in INR or in any convertible foreign currency or a combination of both," it said.It will issue guidelines in this regard by month-end. A National Credit Guarantee Trust Company is being envisaged with a budgetary allocation of Rs 500 crore per year for the next four years.

Information technology is one of the most important mass employers in the country today providing significant value addition and employment creation. IT major Infosys has reportedly increased the salary of its top executives but the base scale for entry-level software engineers has not changed for more than five years. The company started its higher salaries' package toCEO Vishal Sikka who will get Rs 30 crore ($5.08 mn) annual pay package when compared to $23,000 (Rs 14 lakh) taken by his predecessor S D Shibulal.Infosys pays around Rs 23-27,000 for entry-level software engineers with BE and Rs 12-15,000 for entry-level BSc freshers, according to sources. According to experts, starting salaries offered by other IT companies are in the same range.

Be different startup .Find unsolved problems of customers and solve it, everybody has problems. Many have many problems .Few problems are universal. Few problems are local few are national and few are international .Find unsolved problems. Companies succeed because they solve and understand the unsolved problem and come up with solutions that are very different from what others do. Put yourself in the customer's position; perhaps you would have experienced a pain point yourself. You may not fully understand the difficulty unless you experience it yourself .Develop deep customer insights. Secret of your success is in Passion, determination, vision, agility, team play, fund-raising skills.What exactly defines the DNA of a booming startup? What do some of the biggest names in the investment community look for in startups and entrepreneurs Clarity of vision Domain expertise? What key factors do successful entrepreneurs attribute to their triumph? Need to be understood diligently.