Dehradun : In an innovative move, the state of Uttarakhand has established a large venture fund worth Rs 200 crore to support the startups. This historic declaration was made at the Global Investors Conference startup session in Uttarakhand, where seasoned professionals gave young, ambitious entrepreneurs priceless advice on business development and investment strategies.
The Uttarakhand government’s venture fund highlights its dedication to fostering innovation by offering vital financial support to enable ground-breaking ideas to become profitable businesses. Ranked among the top five states in the country for startup growth, Uttarakhand is becoming a sought-after location for business ventures, providing a plethora of chances for young people to become job creators.
Presidencing over the startup session, Cabinet Minister Dr. Saurabh Bahuguna outlined the state’s goal of becoming a vibrant startup cluster. A new startup policy, intended to empower entrepreneurs and improve their economic viability, has been put into place to reinforce this objective.
Understanding the financial limitations that early-stage companies confront, the government has set aside a sizeable venture fund of Rs 200 crore to offer critical funding. Furthermore, acknowledged startups are eligible for a monthly honorarium that varies from Rs 10,000 to Rs 15,000, which emphasizes the state’s dedication to supporting successful entrepreneurship.
With just four companies in 2016 and rising exponentially to 950 startups recognized by the Central Government and 152 recognized by the State Government, the state has seen a spectacular boom in startup activity. New entrants are being nurtured by established firms, which helps them reach important milestones.
Within the purview of the new policy, up to Rs 1 crore in funding is available for the creation of new incubation facilities, with an extra Rs 50 lakh set out for expansion initiatives. Startups who understand the value of intellectual property are eligible for financial support of up to Rs 5 lakh for product patents, plus an extra Rs 10,000 for trademark help.
The session’s esteemed panelists, which included Price Water House Coopers Pvt. Ltd.’s Dr. Udit Sharma, Global SVP Subi Chaturvedi, Lovely Professional University’s Dr. Aman Mittal, Log Nine’s Akshay Singhal, and commercial counselor Ajay Singh, had a thorough conversation about Uttarakhand’s startup sector’s potential. Additionally, they gave the emerging startup community priceless insights and strategic mantras for attaining business success.