J&K will have leading startup ecosystem by 2027: LG Sinha

Jammu, Mar 3:  Lieutenant Governor Manoj Sinha Sunday said that by 2027 Jammu and Kashmir would have a leading startup ecosystem.

Launching the ‘New Jammu and Kashmir Startup Policy 2024-27’ at the Avinya Startup Summit, the LG said, “The new startup policy aims to establish J&K as one of the leading startup ecosystems by 2027. It is a giant leap for startups and innovators of J&K.”

He said that the policy had been meticulously drafted to establish 2000 startups in J&K by 2027, underscoring the commitment of the J&K administration to foster a dynamic entrepreneurial ecosystem.

Congratulating the young entrepreneurs and innovators on the occasion, Sinha highlighted the key features of the new J&K Startup Policy saying that the policy aims to set up a Rs 250 crore Venture Capital Fund with an initial infusion of Rs 25 crore from the J&K administration.

He said that this fund would provide crucial support for growth, and early-stage financial handholding, and encourage growth of viable business models.

The LG reiterated the commitment of the J&K administration to establish and empower new incubation centres, seed funding through JKEDI for developing prototypes of innovative products and provide additional support to female entrepreneurs, through the new startup policy.

“New policy will provide patent-related assistance, financial assistance for mentorship to recognised startups, facilitation for DPIIT registration and additional need-based support to start-ups working in diverse fields,” he said.

Addressing the entrepreneurs and innovators on the occasion, Sinha called for collective action to build a dynamic economic environment in J&K where business could thrive, investment could prosper, and entrepreneurs could actualise their aspirations.

He also talked about the challenges and growth opportunities in different sectors in J&K.

“J&K has 722 registered startups, with a notable focus on gender inclusivity, boasting 254 women-led startups. The J&K startup ecosystem exhibits a diverse landscape with construction and engineering emerging as a key player, constituting 49 percent of the total startups, followed by skill development (12 percent), oil and gas transportation (12 percent), IT consulting (8 percent), business support services (7 percent), food processing (6 percent), and agri-tech (5 percent),” the LG said.

He said that this showcases entrepreneurial diversity and the presence of startups across various industries.

Sinha said that the policy reflects a comprehensive survey on government support, incubator collaboration, and policy requirements.

“Notably, 69 percent of startups seek support for marketing and branding while the collaboration with incubators is at 7.89 percent, presenting an opportunity for increased engagement,” he said. “J&K is home to 12 incubators, playing a vital role in nurturing and guiding startups during their early stages.”

The LG said that the ecosystem benefits from collaborations with 16 partnerships and Memoranda of Understanding (MoUs) established with various institutions and organisations to provide additional support and resources.

“I invite the potential investors from across the country to explore the unlimited possibilities present in J&K and contribute to the growth journey of J&K,” he said.

Sinha impressed upon the financial and academic Institutions to play a vital role in effective on-ground implementation of the new startup policy.

Chief Secretary, Atal Dulloo; Commissioner Secretary, Industries and Commerce Department, Vikramjit Singh; Divisional Commissioner, Jammu, Ramesh Kumar; MD and CEO J&K Bank, Baldev Prakash; Director IIM Jammu, B S Sahay; Director, Industries Jammu, Arun Manhas; President J&K Startups Association, Ishan Verma, officials of J&K administration, SIDBI, Startup India, and young entrepreneurs were also present on the occasion.

CEOs and representatives of various companies and startup ventures like Via ENS, Branding Elves, Fast Beetle, Fix and Ease, Pure Mart, MGM, and Tramboo Sports were also present on the occasion.