Help With New Business Start Up – Government Support for startups has become the need of the hour, The pandemic has exploded the entrepreneurs and startup ecosystem.
Most of them are facing cash crunches and venture capital drying up. Money is the biggest concern for startups. Venture Capitalists are starting to pull their investments. In addition, start-ups witnessed a slow fundraising process, accompanied by non-responsiveness from investors.
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Moreover, the global workforce has not remained untouched by its spillover. Startups are starting to lay off employees and cut wages. StartupGenome research says that every three out of four employees quit their employer.
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While 39% of them laid off 20% or more of their staff, two-thirds of them admitted to cutting 60% or more of their full-time employees. In the US, the economy experienced the sharpest drop in employment with 20.5 million people losing their jobs.
Then, to solve this and reduce the impact of the pandemic on startups, the government of many countries has taken action to save the Startup ecosystem in their country.
Below we list some of the government’s initiatives for supporting startups during the ongoing financial crisis.
Government support for startups, first and foremost, includes the SBIR Program that offers funding to small and high-tech businesses for research, design, innovation, development, and with bag testing. technological ideas.
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If the extramural R&D budgets of Federal agencies exceed $100 million, they must allocate funding to SBIR & STTR. For entities to qualify, they must operate a for-profit business with fewer than 500 employees.
The program aims to finance cooperative R&D partnerships created between small businesses and a research institution. Meanwhile, these institutions can be Federal R&D Centers, Universities, non-profit research institutes, etc.
SBIR & STTR have the same criteria for qualifications with the same three-phase program. That includes Concept Development (Phase I), Prototype Development (Phase II) & Commercialization (Phase III)
STEP helps small businesses that are into exporting products, and helps overcome obstacles that may arise while exporting products. In addition, it offers grants, to cover costs related to entering and expanding international markets.
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In addition, entities eligible for STEP financial support can participate in foreign trade missions, an opportunity to design products for international trade, website globalization support and e-commerce capabilities. In addition, startups can still get eligibility to participate in trade shows, exhibitions, and training workshops.
The EDA is an arm of the United States Department of Commerce. Formed in 1965, the administration works to offer technical assistance and grants to startups with economic and financial difficulties.
In addition, it focuses on creating new employment opportunities, maintaining existing jobs, and stimulating commercial and economic growth. In addition, it prioritizes, use of equity, building economic stability, workforce development, technology-based and environmentally sustained development, with an effort to increase FDI and exports.
KKR’s Small Business Builders is an initiative under KKR’s larger covid relief fund. In addition, its main focus is on businesses that are in the process of business pivoting to increase the response to the pandemic and belong to groups that have not been historically recognized or provide important services to the community.
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In addition, it aims to provide support to individuals, communities, and businesses that are overburdened by the impact of covid. The program offers grants of $10,000 to small businesses for COVID-19 recovery in partnership with Hello Alice.
The Amber Grant Foundation aims to empower women entrepreneurs and help them achieve their business dreams. Established in 1998, the foundation offers $10,000 per month under the Amber Grant money. In addition, it started offering $25000 grants at the end of each year for women with promising business plans.
Under the Government’s support for startups, it established NASE in 1981, a non-profit & membership-based Grant facility. Its purpose is to support founders and entrepreneurs of small and micro-businesses. However, the entity must be a member of it for 90 days to be eligible for the grant.
In addition, its membership offers benefits such as access to business guidance, legal and tax information, discount programs, and life insurance benefits. Through the grant facility entities, can serve their businesses with financial needs for marketing, advertising, hiring employees, increasing facilities, and more.
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The Restaurant Revitalization Fund (RRF) is provided under the American Rescue Plan Act by the SBA. The project offers to finance restaurants and food businesses that have lost their income due to pandemics.
Meanwhile, the program aims to provide funding to match pandemic losses of up to $10 billion per business. Eligible entities include Restaurants, Food stands, food trucks, food carts, Caterers, Bars, lounges, taverns, Snacks and non-alcoholic beverage bars, Bakeries, Brewpubs, tasting rooms, taprooms, etc.
Stacy’s Rise Project supports Female-Founded Businesses. And help women entrepreneurs grow their businesses by opening doors to various facilities such as funding, mentorship, and community networking.
The 2021 edition of Stacy’s Rise Project is sponsored by Stacy’s Pita Chips, along with the powered company Hello Alice. In addition, it has a grant award of $10,000 for women with small businesses and mentoring opportunities for women business owners.
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To support startups, the government promotes Small Business Development Centers (SBDCs) in partnership with the U.S. Small Business Administration (SBA), which is available throughout the United States and territories. The Center offers free marketing, financing and business related assistance, to stay competitive in the current market.
US residents can connect with the nearest SBD centers to learn about opportunities for financing, business assistance, and training facilities. Entities can also avail themselves of free business consulting, affordable business training services, technology development, manufacturing assistance, and more.
SVOG includes about $16billion in grants. The purpose of this program is to serve small businesses affected by economic conditions. It was amended by the American Rescue Plan Act under the administration of the Office of Disaster Assistance of the SBA.
Eligible entities can enjoy the benefits of grants of up to 45% of gross earned revenue. The beneficiary can avail a maximum of $10million as a grant award. In addition, the program also reserves $2 billion for qualified applications with nearly 50 full-time workers.
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Don’t miss this opportunity to learn the secrets of successful trading. Buy this book today and start your journey to success! The term startup refers to a company in the early stages of operations. Startups are founded by one or more entrepreneurs who want to develop a product or service for which they believe there is a need. These companies usually start with high costs and limited profits, so they seek capital from various sources such as venture capitalists.
Startups are companies or businesses focused on a product or service that the founders want to bring to market. These companies often do not have a fully developed business model and, more importantly, lack sufficient capital to proceed to the next phase of the business. Most of these companies are initially funded by their founders.
Many startups turn to others for additional funding, including family, friends, and venture capitalists. Silicon Valley is known for its strong venture capitalist community and is a popular destination for startups, but is widely considered the most demanding arena.
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Startups can use seed capital to invest in research and to develop their business plans. Market research helps determine the need for a product or service, while a comprehensive business plan outlines the company’s mission statement, vision, and goals, as well as management and marketing strategies. .
The first few years are very important for startups. This is the time that entrepreneurs should use to concentrate on raising capital and developing the business model.
There are several different factors that entrepreneurs need to consider as they try to get their startup off the ground and begin operations. We’ve listed some of the most common ones below.
Location can make or break any business. And this is always one of the most important considerations for anyone starting out in the business world. Startups must decide whether their business is conducted online, in an office or home office, or in a store. The location depends on the product or service offered.
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For example, a technology startup selling virtual reality hardware may need a physical storefront to provide customers with a face-to-face demonstration of complex product features.
Startups should consider what legal structure suits them best
