National Start-up Advisory Council (NSAC)

Context:

Central Government reconstituted National Start-up Advisory Council (NSAC).

• It nominated non-official members upon completion of the two-year term of the NSAC.

National Startup Advisory Council (NSAC):

• Notified by – Department for Promotion of Industry and Internal Trade, Ministry of Commerce and Industry.
• Aim – To advise Government on fostering innovation and startups for sustainable economic growth and widespread employment.
• Composition –
  • Members from relevant line Ministries, Departments, and Organizations
  • Non-official members include founders of successful startups, persons representing interests of investors, incubators and accelerators, etc.
  • Term of Non-official members – 2 years or until further orders, whichever is earlier.
• Headed by – Union Minister of Commerce & Industry
• Key functions –
  • Foster a culture of innovation amongst citizens and students.
  • Mobilize global capital for investments in Indian startups.
  • Keep control of startups with original promoters.
  • Provide access to global markets for Indian startups, etc.
• Programs and initiatives – Mentorship, Advisory, Assistance, Resilience, and Growth (MAARG) programme, National Mentorship Program, Adoption of NavIC Grand Challenge, Startup Champions 2.0 etc.

Indian Start-up ecosystem:

• 3^rd largest ecosystem for start-ups globally as of May 2023.
• In terms of Global Innovation Index (GII) – 2^nd among lower middle-income economies and 1^st among Central and Southern Asian economies.

Terms Related to Start-ups:

• Decacorn – A current valuation of over USD 10 billion.
• Unicorns – Start-ups founded after the year 2000 with a valuation of USD 1 billion.
• Gazelles – Start-ups that are most likely to go Unicorn in the next three years.
• Cheetahs – Start-ups that could go Unicorn in the next five years.

Source: PIB

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Previous Year Question

What does venture capital mean?

[UPSC Civil Services Exam – 2014 Prelims]

(a) A short-term capital provided to industries
(b) A long-term start-up capital provided to new entrepreneurs
(c) Funds provided to industries at times of incurring losses
(d) Funds provided for replacement and renovation of industries

Answer: (b)

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