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Over 550 startups mentored for incubation and funding support

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NEW DELHI: For incubation and funding support more than 550 Startups have been mentored, 2,20,000 registrations have been achieved and over one lakh queries have been handled by the Startup India Hub as of June, 2018.

Eighty incubation centers including Atal Incubation Centres and Established Incubation Centres have been selected for funding by the NITI Aayog in the second phase of Statrup India programme announced in May 2018. Nineteen Incubation Centres were selected in the first phase in year 2017-18.

Atal Innovation Mission has launched the Incubation Centre Monitoring and Evaluation Platform in July 2018 where data related to incubation performance is submitted by incubators every month. The performance analysis will be conducted once there is sizable data from monthly reports.At present, more than 360 start-ups have been incubated in the Atal Incubation Centres and Established Incubation Centres, established by the Atal Innovation Mission.

Thirty-one incubators have been setup under Startup India Initiative by the Department of Bio-Technology and their performance is reviewed on yearly basis by National Level Experts. The Department of Science and Technology has set up 11 Technology Business Incubators (TBI) under the Startup India action plan. The performance of the TBIs is evaluated during periodic review by the National Expert Advisory Committee on Innovation, Incubation and Technology Entrepreneurship.2441 schools have been selected for establishing tinkering labs under Atal Innovation Missionand Rs. 12 Lakh each has been disbursed to 1657 tinkering labs.15 Startup Centres have been approved for building Innovation Centres at National Institutesjointly by Department of Science and Technology and Ministry of Human Resource Development.

Startup India portal has been developed to provide one stop solution for all queries related to the Startup India initiative and Startup India mobile app has also been developed to provide on the go services and information to users. 11,129 Startups have been recognised till 15th July 2018 and over 2,15,000 registrations achieved under learning & development module.

Patent filing has been made faster for Startups and 1029 facilitators have been empanelled to assist Startups in fling of patents and trademarks. 743 applications have received rebate of up to 80% on patent fees and have also received legal assistance. Trademark facilitation has been extended to 1095 Startups as of June, 2018.

Public procurement norms has been relaxed for Startups by the Ministry of Micro, Small and Medium Enterprise.Provision has also been made for faster exit of Startups in Resolution Process under Insolvency and Bankruptcy Code.

Rs. 500 crore has been released to SIDBI in FY16 and Rs. 100 crore in FY 17 out of Fund of Funds for Startups of Rs. 10,000 crore. Total amount of FFS is to be released over two Finance Commission cycles, that is, by the year 2025. Total commitments under FFS stand at Rs.1285.7 crore to 27 Alternative Investment Funds (AIFs). 142 Startups have received funding under FFS with catalysed investment of Rs. 602.60 crores.

This information was given by the Minister of State of Commerce and Industry, C. R. Chaudhary in the Lok Sabha today.

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5g

Ericsson signs $8.3 billion 5G deal with Verizon

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NEW DELHI:Ericsson said that it has signed $8.3 billion agreement with Verizon to provide its industry-leading 5G solutions to accelerate the deployment of Verizon’s world-class next-generation 5G network in the U.S.

Niklas Heuveldop, President and Head of Ericsson North America, says: “This is a significant strategic partnership for both companies and what we’re most excited about is bringing the benefits of 5G to U.S. consumers, enterprises and the public sector. We’re looking forward to working with Verizon to leverage solutions like Cloud RAN and our Street Macro, adding depth and versatility to 5G network rollouts across the U.S.”

“With this new agreement, we will be able to continue driving innovation and widespread adoption of 5G,” said Kyle Malady, Chief Technology Officer for Verizon. “We are pleased to continue this work through our long-standing relationship with Ericsson.”

Under this $8.3 billion USD agreement, Verizon will deploy Ericsson’s 5G MIMO C-band, low-band and millimeter wave (mmWave) solutions to enhance and expand Verizon’s 5G Ultra Wideband coverage, network performance and user experience. Ericsson’s technology solutions, including Massive MIMO, Ericsson Spectrum Sharing and Ericsson Cloud RAN, complement the high-performing Ericsson Radio System portfolio to support 5G services. Ericsson’s industry-leading software functionality provides end-users with the speed and performance they expect from 5G networks.

In 2020, Verizon was the first communications service provider to receive a commercial 5G mmWave Street Macro base station from Ericsson’s award-winning new state-of-the-art U.S. smart factory in Lewisville, Texas. Ericsson is committed to building and accelerating the nationwide build-out of 5G across the country.

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Mobile Services

Comviva launches next gen digital wallet and payment platform-mobiquity Pay X

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NEW DELHI: Comviva, the global leader in mobility solutions, today announced the launch of mobiquity Pay X, its next generation digital wallet and payment platform.

Mobiquity Pay is amongst the world’s largest digital financial services platforms, powering over 70 digital wallets and payment services for 130+ million consumers and processing over 7 billion transactions exceeding USD 130 billion annually in more than 50 countries.

With its new next generation mobiquity Pay X platform, Comviva has enhanced all aspects of digital financial solution, including scalability, faster deployment and time to market, simpler user lifecycle management & experience and enhanced security.

This new platform is completely built on microservices based architecture with fully independent and reusable components. The enhanced modularity facilitates faster time to market and greater scalability.

Mobiquity Pay X has enabled Open APIs to easily integrate with third party systems and extended financial ecosystem. To enhance user experience, the platform now offers a revamped slicker mobile app for consumers, agents, merchants and other business users and provides an advanced User Management System (UMS) that allows back-office users to easily manage the complete lifecycle of consumers, agents, merchants, and other business users seamlessly. Its intuitive user-interface, predefined templates and real-time feedback help quickly perform operations.

The new platform significantly strengthens security with robust authentication and authorization modules. It provides complete flexibility to easily configure various PIN, password and access rules as per the requirements. Its advanced session management capabilities help identify all active sessions and logins from a user through multiple devices and takes corrective action to prevent frauds.

Speaking on the launch, Srinivas Nidugondi, EVP and Chief Growth and Transformation Officer at Comviva, said, “COVID has significantly accelerated the growth of digital financial services and the entire financial ecosystem is growing at its fastest pace ever. Customer demand and public health priorities are pushing contactless payment adoption and our next generation mobiquity Pay X platform shall help financial service providers scale their digital wallet and payment services faster and seamlessly. With this new platform, Comviva has completely automated the software delivery process. The time to market has improved significantly with continuous product development, integration, testing, release and deployment.”

Mobiquity Pay X offers Order and Payment System that provides consumers a unified view of transactions performed by various payment instruments. It provides end-to-end tracking of entire payment transaction across all stages. It also enables back-office users to view status of payment transactions and identify failed and ambiguous transactions to take corrective actions like refund to complete the order-payment cycle.

The new mobile app is built using best-in-class design practices and has rich features including self-registration, biometric login, profile personalization, payment through multiple instruments (prepaid wallet, card, bank account), favourite transactions, multi-currency support, currency conversion, real time transaction tracking, referral bonus, merchant/agent locator, dynamic QR Code and many more.

With an enhanced monitoring and alerting system, mobiquity Pay X quickly aggregates system logs and key performance indicator data and provides a real-time bird’s eye view of critical operational parameters through visual dashboards. mobiquity Pay X has capability of proactive disaster management by identifying threshold breaches for critical application and system parameters in advance and providing real-time notifications for corrective actions.

Comviva has pre-integrated best-in-class technology in the areas of digital KYC and Personal Financial Management (PFM) to offer unparalleled value to consumers. These pre-integrated solutions in addition to offering enhanced experience to consumers, also significantly cut down cost and time to market while launching a digital wallet service. The platform also offers a document management system that provides flexibility to back-office users to quickly retrieve KYC documents a centralized repository for regulatory and business purpose.

 

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IT rules 2021 empowering, protecting users, asserts Ashwini Vaishnaw

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NEW DELHI: IT and communications minister Ashwini Vaishnaw on Sunday said the new information technology rules are empowering and protecting users.

He added that the new IT rules will ensure a safer and more responsible social media ecosystem in India.

“Reviewed the implementation and compliance of Information Technology Rules, 2021 along with my colleague Shri Rajeev Chandrasekhar ji. These guidelines are empowering and protecting users and will ensure a safer and responsible social media ecosystem in India,” Vaishnaw said on a social media account.

The new rules which came into effect from May 25 mandate social media companies to establish a grievance redressal mechanism for resolving complaints from the users or victims.

All significant social media companies, with over 5 million user base shall appoint a grievance officer to deal with such complaints and share the name and contact details of such officers.

The big social media companies are mandated to appoint a chief compliance officer, a Nodal Contact Person and a resident grievance officer. All of them should be a resident in India.

Twitter, which had been in the eye of the storm over its alleged failure to comply with the new IT rules in India, has named Vinay Prakash as its Resident Grievance Officer for India, according to the company’s website.

However, Facebook-owned Whatsapp has challenged the new IT rules for social media intermediaries requiring the messaging app to trace chats and make provisions to identify the first originator of information, saying they violate the right to privacy and are unconstitutional.

Whatsapp further alleged the requirement of intermediaries enabling the identification of the first originator of information in India upon government or court order puts end-to-end encryption and its benefits at risk.

Some of the media houses have also challenged the new IT rules and the matter is sub-judice.

Source: Press Trust of India

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