Beyond Grants: Public Procurement Support for Startups

1. Beyond Grants: Public Procurement Support for Startups It is quite challenging for startups in their infant age to find customers and generate revenue. The great, potential, and useful source to obtain revenue and credibility is public procurement. Public Procurement Support for Startups and the procurement process under Startup India Registration is going to be explained in this article. In simple words, public procurement is the process in which government agencies purchase goods and services from private entities or from individuals. Procurement entity shall mean government departments, local bodies in the state, universities, public sector undertakings of the government, cooperative institutions in the state, and societies formed by the government. Public Procurement Support for Startups: Why it matters! Public procurement is a great opportunity for startups to gain good exposure, generate revenue, and build credibility which also helps them gain a good reputation among the customers. Government contracts help provide a stable and balanced source of revenue and help startups produce quality goods and services. It should also be noted that these government contracts also help in building up relationships with various government agencies, which gives various benefits to the startups like an increase in creditability and building trust which improves the business of the startup. Understanding the Public Procurement Process

2. To know more about public procurement, first, the public procurement process must be known. The public procurement process differs from country to country and it is done as per the jurisdiction of a particular country. Here is the common public procurement process: •Identifying the Need: Firstly, the particular government agency determines the need for the goods or services. •Defining the Requirements: After identifying, the government agency defines the requirements for the goods or services and it publishes the Request for Quotation (RFQ) or Request for Proposal (RFP). •Soliciting Bids or Proposals: The potential vendors will respond to the RFP (Request for Proposal) or RFQ (Request for Quotation) with a proposal or bid. •Evaluating the Bids or Proposals: Then the agency will start evaluating the proposals or bids. It is done based on certain criteria like past performance, price, and quality. •Awarding the Contract: Once all the above process is completed successfully, the agency will award the contract to the winning bidder.