In Jammu and Kashmir, a startup revolution is unfolding. J&K Startup is poised to explore new horizons, but what lies behind this transformation? The answer: the New Jammu & Kashmir Start-up Policy- 2024-27, a much-anticipated initiative formally inaugurated by Lieutenant Governor of Jammu and Kashmir, Manoj Sinha at Avinya Startup Summit.
This policy marks a significant turning point, offering seed funding, incubators, and a rising wave of women-led startups. It is more than just a framework; it’s a recipe for innovation, job creation, and economic growth in Jammu and Kashmir.
Currently, there are roughly 200 registered startups with the Jammu and Kashmir Entrepreneur Development Institute (JKEDI), as noted by Zahid Ali Dar, Project Manager JKEDI. He also mentioned that before the arrival of the new J&K Startup policy, the institute had received around 500 preliminary registrations for new startups. Pertinently, under Startup India, there are over 650 startups from J&K, he added.
J&K proudly hosts 12 incubators, underscoring its steadfast commitment to nurturing emerging startups. The government is set to provide one-time assistance of up to 20 lakhs to recognized startups in four installments. Additionally, alongside this financial support, a capital grant of 50 lakhs will be provided to scale up the operations of incubators and accelerators. Furthermore, as part of its comprehensive startup assistance program, the policy includes provisions for mentorship, guidance, and collaborations with angel investors, financial institutions, and premier institutes.
Moreover, the policy offers a comprehensive startup assistance program, including mentorship, guidance, and collaborations with angel investors, financial institutions, and premier institutes.
Key Initiatives of the Policy:
1. Venture Capital Fund: A significant highlight of the policy is the establishment of a Rs. 250 Crore Venture Capital Fund, with an initial infusion of Rs. 25 Crores from the J&K Administration. This fund is poised to provide crucial support for growth, offering early-stage financial handholding and fostering the growth of viable business models.
2. Empowerment Initiatives: With a keen focus on empowerment, the policy endeavors to establish and empower new incubation centers. It also aims to provide seed funding through JKEDI for the development of innovative prototypes, alongside extending additional support to female entrepreneurs.
3. Support Mechanisms: The policy encompasses a comprehensive suite of support mechanisms, including patent-related assistance, financial aid for mentorship to recognized startups, facilitation for DPIIT registration, and need-based support for startups operating across diverse fields.
The unveiling of the new startup policy is not only poised to give wings to startups but also to support incubators and accelerators in Jammu and Kashmir. It represents a bold step towards harnessing the entrepreneurial potential of the region and fostering a thriving startup ecosystem.
At the Avinya Startup Summit, Lieutenant Governor Manoj Sinha unveiled the eagerly anticipated ‘New Jammu & Kashmir Start-up Policy- 2024-27’, setting the stage for a profound transformation in the region’s entrepreneurial landscape.
Expressing his optimism, Lieutenant Governor Sinha emphasized, “The New Start-up Policy aims to establish J&K as one of the leading start-up ecosystems by 2027. It is a giant leap for startups and innovators of Jammu Kashmir.”
The policy, meticulously drafted by the UT Administration, charts a course to nurture a dynamic entrepreneurial ecosystem, with a resolute commitment to fostering the growth of 2,000 startups in J&K by 2027.
Highlighting key features of the policy, Lieutenant Governor Sinha underscored the establishment of a Rs. 250 Crore Venture Capital Fund, with an initial infusion of Rs. 25 Crores from the J&K Administration. This fund is poised to provide crucial support for growth, offering early-stage financial handholding and encouraging the development of viable business models.
Moreover, the policy aims to empower entrepreneurs through the establishment of new incubation centers and provisions for seed funding. It also extends support to female entrepreneurs, furthering the agenda of gender inclusivity in the start-up ecosystem.
In his address to entrepreneurs and innovators, Lieutenant Governor Sinha called for collective action to build a dynamic economic environment where businesses can thrive, investments can prosper, and entrepreneurial aspirations can be realized.
Addressing the challenges and growth opportunities in different sectors, Lieutenant Governor Sinha highlighted the diversity of the Jammu & Kashmir start-up ecosystem. With 722 registered startups, including a notable focus on gender inclusivity with 254 women-led startups, the region showcases a vibrant tapestry of entrepreneurship.
“J&K UT has 722 registered startups, with a notable focus on gender inclusivity, boasting 254 women-led startups. The Jammu & Kashmir startup ecosystem exhibits a diverse landscape, with Construction & Engineering emerges as a key player, constituting 49% of the total startups, followed by Skill Development (12%), Oil & Gas Transportation (12%), IT Consulting (8%), Business Support Services (7%), Food Processing (6%), and Agri-Tech (5%). This showcases the entrepreneurial diversity and the presence of startups across various industries”, he said.
The Lt Governor further said the policy reflects a comprehensive survey on government support, incubator collaboration, and policy requirements. Notably, 69% of startups seek support for Marketing & Branding, while the collaboration with incubators is at 7.89%, presenting an opportunity for increased engagement.
Jammu & Kashmir is home to 12 incubators, playing a vital role in nurturing and guiding startups during their early stages, the Lt Governor said.
Furthermore, collaborations with incubators and institutions play a pivotal role in nurturing and guiding startups during their formative stages. Lieutenant Governor Sinha noted the ecosystem’s benefits from partnerships and Memoranda of Understanding (MoUs) established with various entities, underscoring a collective commitment to provide additional support and resources.
Inviting potential investors to explore the limitless possibilities in the Union Territory, Lieutenant Governor Sinha emphasized the pivotal role of financial and academic institutions in ensuring effective implementation of the new start-up policy.