As entrepreneurs in Mumbai, it’s not just enough to have a great idea. You need to validate how economically feasible your idea is, fine-tune it if needed, and find ways to take it to the stage of implementation. The entire journey from ideation to implementation passes through different stages, where having the help and guidance of industry experts and mentors as well as peer support plays a crucial role. By choosing a coworking space in Mumbai, you can get a one-stop solution to take your ideas to fruition. However, there are several other options too. From government initiatives and private organizations to accelerators and incubators, a lot is on offer in Mumbai to help you implement your great business ideas. Let’s look into some of these to help you get a clear idea of the available options.
If your idea needs applying for industry design patents, utility patents, trademark applications, and copyrights (restricted to computer code) for which you’ll need financial aid, you can benefit from the Maharashtra government’s financial assistance scheme for innovative startups announced in December 2020. The first phase of this scheme aims to support 125 to 150 eligible startups financially with Rs 2 lakh to Rs 10 lakh.
If bringing your idea to life via setting up a startup in Mumbai needs funds, you can benefit from Maharashtra Innovation and Start-up Policy 2017. This five-year plan (2017-22) aims to attract ₹ 5000 crores as start-up investment, build a pool of funds with ₹ 2,500 crores for youth entrepreneurship activities, and assist in venture capital funding of at least ₹ 2,000 crores, particularly for start-ups. To support the strong innovation environment in Mumbai, the Maharashtra State Innovation Society offers several schemes. From financial assistance (for Intellectual property and product/system testing/certification costs) to supporting incubators, helping FinTech startups via Mumbai FinTech Hub, and facilitating access to mentors, it can help you at different stages of your entrepreneurial journey.
You could even check here to know more about the state government’s incentives for startups.
10,000 Startups Incubation Programs of NASSCOM are designed to incubate startups and help them raise funds. However, your startup needs to have a minimum viable technology product (please note: it doesn’t refer to services) to be eligible for the programs. If you’re a women entrepreneur in technology, you should check the Tech.WE program.
If your business idea is tech-based and needs an incubator in Mumbai to nurture and support it, CIBA (Centre for incubation and business acceleration) can help. From business plan assistance, consultation, and seed funding to product prototyping, growth acceleration, and finding mentors, and coworking office space, among others, CIBA can assist with all.
Tech ideas and startups can also find support in venture creation at different stages from IIT Bombay’s SINE (Society for Innovation and Entrepreneurship). If you’re looking for a private player that can take your startup from a mere idea to a financially viable venture, startup accelerator Aristos Labs in Goregaon, Mumbai (with offices in Bangalore and Zurich too) could be worth checking out.