'Start up India' initiative has been started by Government of India for creating conducive environment for start-ups in India. Explain the pre-conditions for determining an entity as a start up venture.

A start up company is an entrepreneurial venture which is typically an emerging, fast growing business that aims to solve an unmet need by developing a viable business model around an innovative product, service, processor a platform. A startup is usually a company designed to effectively develop and validate a scalable business model. The Government of India has announced "Startup India" initiative for creating a conducive environment for startups in India. Various ministries of the Government of India have initiated a number of activities for the purpose. To bring uniformity in the identified enterprises, an entity shall be considered as a "startup" Upto 5 years from the date of its incorporation/registration If its turnover for any of the financial years has not exceeded ₹25 crore and It is working towards innovation, development, deployment or commercialization of new products, processes or services driven by technology or intellectual property. Any such entity formed by splitting up or reconstruction of a business already in existence shall not be considered as "startup".