Jammu, Mar03: Lieutenant Governor Manoj Sinha inaugurated the highly anticipated ‘New Jammu & Kashmir Start-up Policy 2024-27’ at the AvinyaStartup Summit. He extended his congratulations to the young entrepreneurs and innovators on this historic occasion.
“The New Start-up Policy aims to establish J&K as one of the leading start-up ecosystems by 2027. It marks a significant milestone for the startups and innovators of Jammu Kashmir,” stated the Lt Governor.
He emphasized that the Policy has been meticulously crafted to foster the establishment of 2,000 startups in J&K by 2027, showcasing the commitment of the UT Administration to nurture a vibrant entrepreneurial environment.
Highlighting the key features of the new J&K Start-Up Policy, the Lt Governor announced the setting up of a Rs. 250 Crore Venture Capital Fund, with an initial infusion of Rs. 25 Crores from the J&K Administration. This fund will provide vital support for growth and early-stage financial assistance, encouraging the development of viable business models.
The Lt Governor reaffirmed the UT Administration’s commitment to establishing and empowering new incubation centers, providing seed funding through JKEDI for developing prototypes of innovative products, and offering additional support to female entrepreneurs through the new startup policy.
The new policy will also offer patent-related assistance, financial aid for mentorship to recognized startups, facilitation for DPIIT registration, and additional need-based support to startups operating in various fields.
Addressing the entrepreneurs and innovators, the Lt Governor called for collective action to build a dynamic economic environment in the UT, conducive to business growth, investment, and the realization of entrepreneurial aspirations.
He discussed the challenges and growth opportunities in different sectors in Jammu Kashmir. The UT currently boasts 722 registered startups, with a notable focus on gender inclusivity, including 254 women-led startups.
The Lt Governor highlighted the diverse landscape of the Jammu and Kashmir startup ecosystem, with Construction & Engineering emerging as a dominant player, constituting 49% of the total startups, followed by Skill Development (12%), Oil & Gas Transportation (12%), IT Consulting (8%), Business Support Services (7%), Food Processing (6%), and Agri-Tech (5%).
He emphasized that the policy reflects a comprehensive survey on government support, incubator collaboration, and policy requirements. Notably, 69% of startups seek support for Marketing & Branding, while the collaboration with incubators is at 7.89%, indicating an opportunity for increased engagement.
Jammu & Kashmir is home to 12 incubators, playing a vital role in nurturing and guiding startups during their early stages, the Lt Governor noted. He highlighted the benefits of collaborations, with 16 partnerships and Memoranda of Understanding (MoUs) established with various institutions and organizations to provide additional support and resources.
The Lt Governor extended an invitation to potential investors from across the country to explore the unlimited possibilities present in the Union Territory and contribute to the growth journey of Jammu Kashmir. He urged Financial and Academic Institutions to play a crucial role in the effective on-ground implementation of the new startup policy.
The event was attended by dignitaries including AtalDulloo, Chief Secretary; Vikramjit Singh, Commissioner Secretary, Industries & Commerce Department; Ramesh Kumar, Divisional Commissioner Jammu; ShBaldevPrakash, MD and CEO J&K Bank; Prof BS Sahay, Director IIM Jammu; ArunManhas, Director, Industries Jammu; ShIshanVerma, President JK Startups Association, officials of UT Administration, SIDBI, Startup India, as well as young entrepreneurs.
CEOs and representatives from various companies and startup ventures such as Via ENS, Branding Elves, Fast Beetle, Fix and Ease, Pure Mart, MGM, Tramboo Sports were also present.
