Goa’s startup ecosystem sees an increase in new registrations

With the Goa government’s aspirations to make Goa the creative hub of India, startups saw a steep growth in 2023 with the new registrations almost surpassing pre-Covid levels.

Around 52 new units were registered with the Startup Promotion Cell (SPC) of Goa last year. The Goa Startup Digest which was released on National Startup Day gives a clear picture of the startup ecosystem in Goa. As per the information, startup registrations increased in 2023 after seeing a decline during the pandemic years.

The report further states that Goa is a prospective startup destination as there are around 1049 startup entrepreneurs in the State. The Department for Promotion of Industry and Internal Trade (DPIIT), New Delhi has granted recognition to 441 startups. The SPC has 223 startups registered with it, and serves as a portal for startups interested in claiming incentives.

Being one of the first four states to implement a Startup Policy, there are varied startups across all sectors. The IT services sector has 57 percent; the Food & Beverage sector has 35 percent, and the Healthcare sector has 30 percent. Although the Tourism industry is the largest in the state, it has only 29 percent of the registered startups.

Of the 441 startups, around 34 percent are in the early stage that is they have crossed an important stage and are now looking towards growth. 25 percent are still in the ideation stage which involves solidifying a specific idea into a business plan. The remaining 41 percent are in the scaling and validation stage.

The Centre has given Rs 15 crore worth of grants to Goan startups as well as the state, with the state government contributing Rs 3.5 crore as incentives under various schemes.

Goan startups have raised Rs 1300 crore by way of private funding from angel investors as these investors are eager to aid upcoming units.

Startup Transerve, Panaji was recently acquired by Precisely, the global leader in data integrity, for an undisclosed amount on January 1, 2023.

Goa’s startup ecosystem comprises six incubators, 15 co-working spaces, 15 startup cafes, and 18 Atal Tinkering Labs. Molbio at the Verna industrial estate, having a valuation of Rs 1.6 billion, is the only unicorn in the state.

The Goa Startup Mission celebrated the National Startup Day 2024 with a day-long event that included a master class, a corporate bridge, a founder’s club meeting, and felicitation of startups by Rohan Khaunte, the IT Minister.

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