1.20 Crore sanctioned in Favor of 12 startups

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SRINAGAR:  The first Start-up Task Force meeting was held under the chairmanship of Commissioner Secretary Industries and Commerce, M.K. Dwivedi, on Wednesday in Jammu.

The Task Force sanctioned funding of Rs 1.20 crore for the product research, development and marketing to 12 selected Startups under J&K Startup Policy.

The Policy was launched in 2018 and Jammu and Kashmir Entrepreneurship Development Institute (JKEDI) was designated as the nodal agency for the implementation of the Policy in Jammu and Kashmir.

The aim is to nurture and inspire the young and entrepreneurial brains of Jammu and Kashmir to pursue innovation and entrepreneurship by creating a vibrant and conducive startup ecosystem in J&K.

During the meeting, the Commissioner Secretary appreciated the efforts of JKEDI and said that more such startups will be scouted from the region. He directed that the nodal agency should continue to handhold the startups and provide all possible help to them.

He also stressed on the need to bring onboard investors and venture capital firms to develop a robust structure of financial assistance.

Earlier, G.M. Dar, Director, JKEDI, briefed the Commissioner Secretary about various initiatives taken up by JKEDI for the facilitation of startups in J&K.

Later, 18 startups pitched their cases for funding, in which 12 were approved while 6 were asked to review their revenue models and marketing strategies. The startups were approved under various sectors like Edu-tech, agriculture, healthcare, waste management, and in various other fields.

The benefits of the J&K Startup policy include providing office space, assistance in product research, monthly allowances, energy assistance, international patent filing cost reimbursement, tax benefits, exposure visits, infrastructure support, financing and other academic interventions.

It also provides special attention to the startups with disruptive value additions in certain focus sectors like food processing and allied activities, agriculture including horticulture and floriculture, textiles, apparel & fashion technology, renewable energy, handicrafts & handlooms, electronics system design and manufacturing, and information technology-enabled services.

However, the policy is open to all the sectors for availing benefits.

The meeting was attended by Special Secretary, Industries & Commerce Department, representatives from Startup India, Head, TBI-IIIM and Incubation Manager of Centre for Innovation Incubation and Business Modeling (CIIBM), JKEDI.

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