The promotion of entrepreneurship is increasingly being recognized as an important means of unleashing the productive and innovative potential of the youth and is considered as one of the primary sources of job creation, economic competitiveness and prosperity.
The Small Industries Development Bank of India (SIDBI), being the principal financial institution for the promotion, financing and development of the MSME sector in India, has developed and hosted a website, www.smallB.in that serves as a virtual mentor and handholding forum for potential, budding and even existing entrepreneurs.
The website is quite exhaustive, covering various aspects such as scouting for business opportunities, understanding various forms of business organization, learning basic legal aspects, business plan preparation, understanding various requirements for obtaining credit from banks and financial institutions, knowing policies of regulations, schemes and incentives offered by the central states and governments.
Other benefits of the website include unraveling the process of identification of business opportunities, generate ideas and learn from some of the most successful start-ups in the world, find links and resources for franchise opportunities available in India, access technologies from ITs and other premier institutions for commercialization, discover the essential steps involved in incorporating a new business in India.
It also features the key steps, regulations and procedures involved in setting up of a new enterprise, easily access policy measures, schemes and incentives offered by the central and state governments, features the various sources of finance, how to capitalize a business, how to prepare a detailed project report for a bank or financial institution, how to access collateral-free loans from banks, and also give an overview of venture capitalists in India and how to approach them.
The website has had around 5 million hits since its launch and a rating of 4.30 rating on a 5-star rating poll. The website is SIDBI’s attempt to inspire all individuals to look at the business opportunities all around and to demystify and simplify the process of starting a business in India.
SIDBI’s ‘smallB.in’ won the 2015 ADFIAP Outstanding Development Award under the Technology Development category.