Startups are entities recognised by the Department for Promotion of Industry and Internal Trade (DPIIT), incorporated in India as a Private Limited Company, Partnership Firm, or Limited Liability Partnership, that have been in existence for not more than ten years, have an annual turnover not exceeding ₹100 crore in any financial year since incorporation, and are working towards innovation, development, or improvement of products, processes, or services, with a scalable business model capable of generating employment or wealth.

Innovators are individuals, researchers, or early-stage teams, whether incorporated or not, engaged in creating new or significantly improved products, processes, or services that address real-world problems, typically at the idea, prototype, or proof-of-concept stage, demonstrating originality, technical feasibility, and potential for commercialisation or scaling, including patent holders, technology developers, or scientific research innovators ready to progress towards market readiness.

Enterprises (MSMEs) are registered Micro, Small, or Medium Enterprises under the Ministry of MSME’s Udyam Registration system, engaged in manufacturing or services, and classified based on investment and turnover — Micro enterprises having investment up to ₹1 crore and turnover up to ₹5 crore, Small enterprises with investment up to ₹10 crore and turnover up to ₹50 crore, and Medium enterprises with investment up to ₹50 crore and turnover up to ₹250 crore — seeking to expand capabilities and competitiveness, including in international markets.