With the existing Goa Startup Policy set to expire in September 2020, the state government has started working on a revamped policy that will address regulatory bottlenecks and enhance funding avenues for startups. In addition, the Goa Startup Policy 2020 is being designed with a post Covid-19 world in mind.
IT minister Jennifer Monserrate.
Startup Promotion Cell (SPC), Department of Information Technology (DoIT), Government of Goa.
For Startup Goa, start-up means an entity meeting the following criterion:
1. Up to seven years from the date of incorporation / registration in the State of Goa.
2. With annual turnover not exceeding INR 25 crore in any of the preceding financial years.
3. Working towards pure-play innovation, development, or improvement of products or services, powered by engineering or internet based software or technology.
To make Goa one of the most preferred start-up destination of India, and make it feature in the top 25 start-up destinations in Asia by 2025. Stated objectives:
- To make Goa an aspirational geographical and human resources base for high value start-ups.
- To invite the best entrepreneurial minds to make Goa their professional base, and thereby build a robust start-up eco-system in the state.
- To provide assistance to the Goan entrepreneurs and local start-ups.
- To endeavour to create at least 100 successful start-ups in Goa in the next 5 years, targeting generation of employment for at least 5000 Goans.
In late July 2020, the Goa Technology Association questioned the move to revise the 2017 startup policy when several startups have failed to benefit from the startup schemes.The Goa Startup Policy 2017 offered 14 incentives, but the SPC has received 77 applications from startups for these schemes. Of these 77 applications, 68 startups applied for just three schemes, while nine applications were for five schemes. The remaining six schemes got no takers.