J&K UT admin aims to fuel start-up success: LG
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J&K UT admin aims to fuel start-up success: LG

Mega event unites stakeholders & investors, creating synergy on a single platform  Emphasises student & entrepreneur creativity for J&K's growth & intellectual property 

Post by RK News on Thursday, November 9, 2023

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Jammu, Nov 08 - Lieutenant Governor Manoj Sinha inaugurated the 'Igniter,' the largest start-up festival in the Jammu and Kashmir Union Territory, held at the University of Jammu today. This grand event was organised in collaboration with Jammu University, J&K Start-up Association, J&K Bank, J&K Rural Livelihood Mission, Mission Youth, and various government departments, including Tourism, Science and Technology, and Skill Development.
In his address, Lt. Governor Sinha commended the organisers and participants for bringing together various stakeholders and investors on a single platform. He emphasized the significance of university and college campuses as fertile grounds for innovative ideas and stressed the importance of creating an environment conducive to nurturing these ideas.
"I strongly believe Start-Ups reflect the force shaping the economy in the networked age," remarked the Lt. Governor, underscoring the vital role of start-ups in today's economic landscape.
To foster an ideal entrepreneurial climate, Lt. Governor Sinha highlighted the need for facilities such as cross-campus collaboration, dedicated workspaces, mentorship programs, industry partnerships, and avenues for innovation. He noted that such an enabling environment and challenges would spark new innovations and solutions.
"A great idea will always survive in the long run if the entrepreneur considers market dynamics, customer preferences, evolving technology, and timely execution of business plans. The competition for ideas and execution must begin on campus," added the Lt. Governor.
Lt. Governor Sinha emphasized that by unlocking the creativity of students and budding entrepreneurs, Jammu and Kashmir could experience high growth rates and generate knowledge products and intellectual property with direct benefits for the region and the nation.
He reiterated the commitment of the Union Territory Administration to create a start-up ecosystem, providing access to capital and resources, promoting innovation and entrepreneurship, and fostering networking opportunities for start-ups and investors.
At this significant event aimed at promoting start-up ecosystems in J&K, Lt. Governor Sinha showcased examples of successful start-up ventures from around the world and debunked common myths associated with new start-ups.
The Lt. Governor pointed out that start-ups and unicorns have witnessed remarkable growth since 2014, thanks to the "Vocal for Local" movement, championed by Prime Minister Narendra Modi. He identified vast potential for start-ups in various sectors, including Tourism, Health, Logistics, Handloom, Handicraft, Horticulture, Agro-based initiatives, and IT-enabled services in J&K.
To support and incentivize successful start-ups, Lt. Governor Sinha directed J&K Bank to provide financial assistance and aid.
During the event, several Memorandums of Understanding (MoUs) were signed between Jammu University and key stakeholders, including JK Bank, J&K Start-up Association, Department of Science and Technology, and the Department of Skill Development, to foster collaboration and knowledge sharing.
The Lt. Governor also unveiled the National Innovation and Start-up Policy (NISP) of Skill Incubation Innovation Entrepreneurship Development Centre, University of Jammu, and launched five other crucial initiatives to bolster the start-up ecosystem. Additionally, he inaugurated a One MW Grid Connected Rooftop Solar Power Plant installed at the University of Jammu.
The Vice-Chancellor of the University of Jammu, Sh Umesh Rai, provided an extensive overview of the event and highlighted key initiatives undertaken by the university.
Several dignitaries, including Rajinder Sharma, Mayor of JMC, Rajeev Rai Bhatnagar, Advisor to the Lt. Governor, Saurabh Bhagat, Commissioner/Secretary of the Skill Development Department, and Sudhir Gupta, Executive Director of J&K Bank, as well as guests from across the country, students, and stakeholders, were in attendance.