J&K Startup Policy 2024-27: Govt eyes 2000 new start-ups in next five yrs; to start annual competition

Wajahat Shabir. Updated: 2/24/2024 3:17:13 AM Front Page

Schools, Unito have courses on "Entrepreneurship Development”, provide travel assistance to investors

SRINAGAR: Aimed at fostering a supportive environment and creating a conducive start-up ecosystem in Union Territory, the administration under Jammu and Kashmir Startup Policy 2024-27 has issued several measures and initiatives
In supersession of Startup Policy, 2018 notified vide Government Order No. 224-IND of 2018 dated 13.09.2018, the sanction is hereby accorded to the implementation of Jammu and Kashmir Startup Policy, 2024-27, reads the order issued by Vikramjit Singh Commissioner/Secretary to the Government.
As per the policy, the government will engage with entrepreneurs, mentors, investors and catalysts through various interventions, tie-ups and scheduled events. Enrich entrepreneurs through the means of institutions and enable them to access various education programs that would scale Start-up performance (Pre-Incubation, Incubation, Acceleration, etc.)
Establish new incubation centres across Jammu and Kashmir with state-of-the-art facilities. Support the Startups in attracting investments and other various initiatives to access the market globally and domestically. Facilitate setup of at least 2000 new startups in Jammu & Kashmir in the next 5 years.
The Government of Jammu & Kashmir will set up Venture Capital Funds of 250 Crores.
The Government of Jammu & Kashmir will infuse a maximum of Rs 25 Crores as an initial fund to this venture capital fund. The venture capital fund shall be managed in a professional manner. It shall attract funding from different market sources such as angel investors, entrepreneurs, accelerators, incubators and other funding entities so to reach total fund value of 250 Crores.
Loan Guarantee Programs: The eligible start-ups recognized with JKEDI and Department for Promotion of Industry and Internal Trade (DPIIT) shall be facilitated to avail loan under Credit Guarantee Scheme for Start-ups as per the rules and regulations laid down by DPIIT for Credit Guarantee Scheme for Start-ups.
A one-time assistance up to 20 lakhs (4 equal installments) shall be provided to start-ups recognized by JKEDI. This seed funding shall be provided to the start-ups for developing prototype/ introduction of an innovative product or service in the market/marketing of the product or any other activity for scaling up of their startup venture allowed by Start-up Task Force Committee.
Assistance for Mentorship: The government of Jammu & Kashmir, through JKEDI shall earmark a special fund of Rs 10 Lakhs for providing specific/complex/technical mentorship support for the start-ups recognized by JKEDI, which is locally not available in the incubation centres, educational institutes, or any Government institutes of Jammu & Kashmir.
High-Level Empowered Committee (HLEC) for Start-ups: HLEC, a decision-making body shall periodically monitor the performance of the Jammu & Kashmir start-up ecosystem.
A task force with the following composition shall monitor the implementation of the policy and decisions of HLEC on a regular basis.
As per the policy, JKEDI shall support incubation centres in enriching their content through technical tie-ups with leading institutes across the globe and suppomt in conducting various technical sessions for start-ups.
To encourage, motivate and recognize well-performing, potential & promising start-ups of Jammu & Kashmir, there will be an annual Start-up competition where awards will be given to J&K's successful start-ups for their contribution towards the growth of the local Start-up ecosystem.
Start-up Award Category include J&K's top 3 Start-ups of the year, J&K's top 3 Women Start-ups of the year (iii) J&K's top 3 Emerging Start-up of the year, J&K's top Social Start-up of the year, Top 2 Start-up Incubation Centre of and Top 2 Start-up Mentors of J&K.
Each category from (i) to (vi) winners will be awarded a Certificate of Recognition and a cash prize of 50,000 for the 1st position, 30,000 for the 2nd position and 15,000 for 3 positions every year on National Start-up Day, i.e., 16th January.
Universities/Colleges may introduce the concept of Student Entrepreneur in Residence (SER). Outstanding students who wish to pursue entrepreneurship can take a break of one year, any time after completing a first academic year, to pursue entrepreneurship full time.
Syllabus Update: Schools, Colleges and Universities shall be advised to update their respective curriculums to include a compulsory course on "Entrepreneurship Development" as an optional subject, to inspire students with the aspiration, capacity and inclination towards entrepreneurship.
Travel Assistance: Government of Jammu & Kashmir shall provide support to recognized start-ups of JKEDI in approaching global universities/ accelerators/ incubators/investors for grants/funds/acceleration programs or for incubation. Such travel assistance shall be limited to a maximum of (one) international and 3 (three) domestic visits per start-up during the policy tenure.

Comment on this Story