A Start-Up may be defined as a newly established business, incorporated either as a private limited company, sole proprietorship firm, registered partnership firm, or a limited liability partnership (hereinafter referred to as “LLP”). A Start-Up is engaged in developing new products or providing services through the use of innovation. It is nothing but an idea that manifests into a commercial undertaking. The Department of Industrial Policy and Promotion (hereinafter referred to as “DIPP”) defines a Start-Up as an entity incorporated or registered in India comprising the following: a. Not more than seven years have elapsed since the date of incorporation/registration of the entity (in case of start-ups in the biotechnology sector, the period will extend up to ten years from the date of incorporation/registration); b. The start-up entity should be a private limited company, registered partnership firm, or a limited liability partnership firm; c. Turnover of the entity does not exceed twenty-five crore in the last five financial years. The entity should be working towards innovation, development, or improvement of products or processes and services or if it is a scalable business model with a high potential for employment generation or wealth creation.