In 2016, Gujarat had only 24 start-ups within its border. However, over the past years, that number has increased to 1717 start-ups in 2021 and a total of 2609 up to date, as a recent TIMES article reports. Through the Government’s policy efforts and increased awareness of the tools and mechanisms available, entrepreneurs are more eager to start their own businesses.
One of the critical mechanisms was to make start-ups eligible for the fast-track patent application process, allowing students and young entrepreneurs to untap the full potential of their innovations. In addition, the government launched the Start-ups Intellectual Property Protection Program (SIPP), smoothing the patent filing process through registered facilitators at a reduced cost.
Last but not least, having the innovation ecosystem mature has attracted a considerable number of investors, something fundamental for the steady, long-term growth of young companies.
- Publication date
- 4 August 2022