Startup is an entity that develops a business model based on some innovation and makes it scalable for achieving commercial success. According to Department for Promotion of Industry and Internal Trade (DPIIT), under the Union Ministry for Commerce and Industry, an entity shall be considered as a Startup upto a period of ten years from the date of incorporation/ registration, if it is incorporated as a private limited company (as defined in the Companies Act, 2013) or registered as a partnership firm (registered under section 59 of the Partnership Act, 1932) or a limited liability partnership (under the Limited Liability Partnership Act, 2008) in India. The turnover of the entity for any of the financial years since incorporation/ registration should not exceed one hundred crore rupees.The entity should be working towards innovation, development or improvement of products or processes or services, or if it is a scalable business model with a high potential of employment generation or wealth creation. However an entity formed by splitting up or reconstruction of an existing business shall not be considered a 'Startup'. For the iStart initiative, the startup selection is sector agnostic and are focused on providing innovative solutions in social and clean-tech, mobile and information technology, Internet of Things, 'IT for X' in areas of garment and crafts, mining and SME manufacturing and services, and disruptive ideas/technologies in any sector.
The Government of India (GOI2006) has defined Women entrepreneur as “an enterprise owned and controlled by women having a minimum financial interest of 51% of capital and giving at least 51% of employment generated in the enterprise for women”. Women Led Startups are considered as the Startups with a woman as Founder or Co-Founder or CXO
Grassroot Innovations can be understood as products and processes that have been developed in response to challenges and opportunities in a local context. These grassroots innovations often have the potential to be turned into entrepreneurial ventures and generate a livelihood for the innovator as well as others in the community. Grassroots innovations are most often developed in the face of limited material, financial, knowledge and infrastructural availability.