How Keeping Updated With Latest Technology News Helps the Company to Innovate

Technology is associated with world-changing innovations that revolutionize how we live. But technology can also play a big role in the smaller scale, incremental improvements that are really important in business innovation. Many startup business models are leveraging the latest technologies to cater to India’s Tech Startups. According to the Startup News India, technology is penetrating deep into the country’s business culture driving innovation that is rooted in making people’s lives easier.

How Latest Technology News can help?

The development of technology has paved the way for various innovations. With the digitization of information, more and more businesses are increasingly leveraging the benefits of digital tools to improve their prospects. Technology has been crucial in turning this process into a complete success. Some of the ways technology can help business innovate are:

Improve communication

Innovation being a team effort depends largely on good communication and collaboration. Technology can help workers communicate and collaborate when they are in the field, working remotely. This helps in fostering a flexible and stimulating workplace that can help the team to get motivated to generate innovations.

Manage Ideas

Using technology like idea management software can help systematize the innovation efforts of employees. This includes tools for workers to propose and work together on ideas, choose promising concepts and develop them into new products or improvements in operations. This software can include social networking tools to promote collaboration and metrics to track your innovation performance.

Improve products

Technology can help be more innovative in business operations and product development.

Track Performance

In order to innovate it’s important to understand and analyze the performance and where one needs to improve. Technology can help a business monitor the performance through performance metrics so that innovation efforts can be targeted.

Monitor customer feedback

Technology can help a business get better feedback from customers and analyze it more effectively which can lead to innovations in product design, marketing, and customer relations

Upcoming Startups in India: Eligibility and Tax Exemptions

Startup India campaign is a program launched by the Indian government to boost entrepreneurship in India. The action plan is aimed at promoting bank financing for startups, simplifying the incorporation of the startup process and grant of various tax exemptions and other benefits to startups.

Eligibility for Upcoming Startups in India

As per the Government Startup Action plan, the followings conditions must be fulfilled in order to be eligible as a Startup:

1.    The startup should be registered in India for less than seven years and for technology startups up to 10 years from its date of incorporation.

2.    The annual turnover must not exceed Rs 25 crores in any of the preceding financial years.

3.    The startups should be directed towards development, deployment, innovation or commercialization of new products, processes or services driven by technology or intellectual property.

4.    The business must not be formed by splitting up or reconstruction of a business already in existence.

5.    The startup must obtain certification from the Inter-Ministerial Board setup.

6.    It can be incorporated as a private limited company, registered partnership firm or a limited liability partnership.

Tax exemptions allowed to Eligible Upcoming Startups in India under Startup India Program

According to the latest Business News, the following tax exemptions have been allowed to eligible startups:

1.    Exemption from tax on long term capital gains: The startups will be exempted from the tax on a long-term capital gain if the long-term capital gain or a part thereof is invested in a fund notified by the Central Government within a period of six months from the date of transfer of the asset. 

2.    Tax exemption on investments above the fair market value: The government has exempted the tax being levied on investments above the fair market value in eligible startups.

3.    3 year tax holiday in a block of seven years: The startup is eligible for getting 100% tax rebate on profit for a period of three years in a block of seven years provided that annual turnover does not exceed Rs 25 crores in any financial year.