Punjab startup ecosystem is all set to encourage budding entrepreneurs and gives them the freedom to capitalize on their ideas and convert them into impactful business ventures with the support of iconic reforms by the state government. The Government of Punjab has launched and introduced many schemes and initiatives to encourage the ideas and innovation spirit of the youth. These schemes will encourage the budding entrepreneurs to avail not just financial incentives but also gain mentoring and incubation support while setting up their startup in Punjab. Take a look at how Punjab Govt is nurturing the entrepreneurial spirit and giving just the right impetus to create ever-lasting success stories of startups –
- Punjab Student Entrepreneurship Scheme to encourage startups by students: Punjab government recognizes the fact that student entrepreneurship is a significant contributor to the startup ecosystem in the state. The students need a slight push to put their ideas into action and don the avatar of budding entrepreneurs. Punjab Student Entrepreneurship Scheme is one of the key initiatives spearheaded by the Startup Punjab Cell, under the aegis of CM Capt. Amarinder Singh. Under this scheme, all universities, colleges, polytechnics that have incubators on campus will provide for 20% attendance relaxation and 4% grace marks in academic courses for the students who pursue entrepreneurship and innovation during their studies. The students are required to secure a minimum of 75% attendance including the special attendance for which the student is eligible under this scheme. Each university should have a mechanism to consolidate and recommend award of marks / attendance based on the letters from the university incubators However, the students shall not be allowed to avail this special attendance to skip any of the examinations fixed by the college/ university as applicable.
- Pro-startup collaborations: To provide technical and business mentorship to entrepreneurs in the state,Startup Punjab has signed MoUs with IIT Ropar, 18.hConsulting, Boss4Ladies and GirlsXTech in 2019. Startup Punjab followed this up with MoUs with TAN Advisor (Angel Investor network in Punjab) and the Chandigarh Group of Colleges (CGC Landran) in January 2020. Startup Punjab also collaborated with Chandigarh Angels Network to launch a 6 week virtual acceleration program “iCAN” to help startups identify their problem statement, identify target market, formulate solution and value proposition, identify competition, map their sales process and define the pricing framework, create a business model, and develop their pitch. iCAN’s first cohort selected consisted of 6 startups from diverse fields including Ludhiana based EdTech startup Whizrobo, and Mohali based e-Learning startup Sors Technica. All these collaborations are meant to offer support, both financial as well as intellectual, to the budding entrepreneurs.
- Events and Promotional Platforms: The State Government organized the biggest startup event in the region – TiECon Chandigarh 2020 in association with TiE Chandigarh at ISB Mohali on 29th February, 2020. During the event, the govt announced several key measures meant to strengthen the state’s startup ecosystem which included setting up Rs 100 Cr Startup Fund at Punjab Technical University. It is worth mentioning that 25% of these funds will be dedicated to promoting Startups by reserved category and women entrepreneurs. The State Govt also announced that it will establish an incubator at Kalkat Bhawan, Mohali, to promote Agri startups to drive growth in the agriculture sector and fuel the State’s economy. To promote ease of doing business for startups in the state, it was also announced that the first 100 startups every year may be reimbursed the cost incurred on the AoA and MoA during registration of a company with Registrar of Companies, GOI. Startup Punjab continues to evangelize entrepreneurship in Punjab by organizing webinars, incubation programs, and acceleration programs for startups.
- Boosting Women Entrepreneurship: Women Capacity Development Workshops are being organized in the state by Startup Punjab in association with Startup India and with Foundation for Innovation and Technology Transfer (FITT), IIT Delhi. These workshop focus on Venture Ideation & Business Model validation, Governance, Legal Compliance, IP & Patents, Marketing & Branding, Finance & Financial Decisions, and Customer Acquisition Strategy & Scaling up.
Punjab Government recognizes the charisma of startups and young entrepreneurship. The success momentum created by techno-startups like AgNext Technologies, A2P Energy and Mooo Farm have gained global recognitions and inspired thousand others to leverage their innovations and R&D. The young and vibrant entrepreneurs can connect with Startup Punjab team at MAIL ID
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