National Entrepreneurship Awards is a way of promoting the economic progress of the micro entrepreneurs across the country by the Ministry of Skill Development and Entrepreneurship (MSDE).
These awards are held annually and it recognizes the efforts of young and aspiring entrepreneurs along with their Ecosystem Builders for their contribution towards entrepreneurship advancement in the country.
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NEA is an initiative by the Government of India to recognize, honor, and aid the micro entrepreneurs to develop their business and contribute to the fast growing economy of the country. The aim of these awards is not only to improve the marketability of the businesses or the businessmen but also to aid these young entrepreneurs towards up scaled business systems and better products and services through the prize money.
The NEA is also eminent as it values all the milestones of an entrepreneurial journey - a hunger for victory, motivation, sincerity, and perseverance to do whatever it takes. It is therefore necessary to show openhanded support to these small business possessors.
You can nominate any micro entrepreneur whom you believe has done exceptionally well in his/her new venture and deserves recognition for his hard work. All you have to do is register at www.neas.gov.in . The last day of nominations was 16th November 2018. There are 43 particularly planned awards to be distributed. 39 of them are to Award the Young Entrepreneurs and the remaining 4 Awards are for the Entrepreneurship Ecosystem Builders. The eligibility criteria is as follows:
- The applicant must be below the age of 40 years
- The applicant must be a first generation entrepreneur
- The Entrepreneur must have more than 51% or more equity and possession of the business
- Women applicants must independently/jointly own 75% or more of the venture
Rewards for the Winners
The winners shall be awarded in an elegant and high profile Ceremony. This ceremony shall be organized by the Ministry of Skill Development & Entrepreneurship. The winner shall be awarded with a Cash Prize, a Trophy and a Certificate. The total Cash Prize that will be given to the winners will sum up to Rs 2.3 Crore which is divided in various categories. The prize range for Enterprise/ Individual Businessmen is Rs 5 lakh and that for Organizations/ establishments is Rs 10 lakh.
There are three broad categories for the nominations:
- Entrepreneurs with seed capital less than 1 lakh
- Entrepreneurs with seed capital between 1 lakh to 10 lakhs
- Entrepreneurs with seed capital between 10 lakh to 1 Crore
The NEA awards is a great push for the startups to get recognition and grow based on the monetary aid of the cash prize. It also gives a chance to the budding entrepreneurs to disseminate their ideas amongst a bigger audience and to let people know more about their vision and goals. A recognition like this gives a moral boost to the first generation entrepreneurs who have just started their journey.