The Department for Promotion of Industry and Internal Trade (DPIIT) tasked with easing doing of business has so far recognised 50,000 startups in India. To be counted as one, your must startup must not be older than 10 years. It should be incorporated as a private limited company, a registered partnership firm or a limited liability partnership. The annual turnover should not exceed Rs 100 crore. The business cannot be formed after 'splitting up or reconstructing an already existing business.' And of course innovation is the key! The startup should be working on developing a product or service with a scalable business model.