Start-up Kashmir

1 min read
STARTUP JK

Start-ups have emerged as a crucial driver of economic growth and innovation in regions across the globe. Start-ups provide a platform for young entrepreneurs to bring their innovative ideas to life. Instead of conforming to the structure of existing jobs, entrepreneurs have the freedom to create new products, services, or solutions that address unmet needs or challenges in society. Start-ups are engines of job creation and economic growth. By launching new ventures, entrepreneurs not only create job opportunities for themselves but also employ others, thereby contributing to overall employment generation and economic development in their communities. Now, the newly approved start-up policy for Jammu and Kashmir is all set to build an entrepreneurial ecosystem in the Union Territory. The decision to revise and implement a fresh policy, approved by the Administrative Council chaired by Lieutenant Governor Manoj Sinha last week, is bound to nurture entrepreneurial talent and boost economic development. The key objective of the J&K start-up policy 2024-27 is ambitious yet pragmatic: to establish 2000 new start-ups in the region over the next five years. This initiative is not merely about creating businesses; it’s about building a culture of innovation, risk-taking and enterprise among the local populace. By setting up a Venture Capital Fund of Rs. 250 Crores, with an initial infusion of Rs. 25 Crores, the government aims to provide crucial financial support to budding entrepreneurs, ensuring that promising start-ups have access to the necessary capital to fuel their growth and expansion. The provision of one-time seed funding, up to Rs. 20 lakhs, to selected start-ups further incentivizes entrepreneurship and encourages individuals with innovative ideas to take the leap into business ownership. However, it’s noteworthy that the emphasis is not solely on quantity but also on quality. By prioritizing a smaller number of carefully selected start-ups for seed funding, the government aims to ensure that resources are utilized efficiently and effectively, maximizing the long-term impact on the economy. This approach reflects a strategic vision for sustainable economic growth, where investments are directed towards ventures with the greatest potential for success and scalability. Furthermore, the revised policy recognizes the importance of strengthening the incubation and acceleration ecosystem for start-ups. By providing entrepreneurship facilities to students, women, and other aspiring entrepreneurs, the government seeks to democratize access to resources and support, enabling a diverse range of individuals to pursue their entrepreneurial aspirations. Crucially, the implementation and monitoring of the start-up policy will be overseen by a High-Powered Committee and a Task Force Committee, ensuring accountability and effective execution of the initiatives outlined in the policy. This institutional framework reflects a commitment to transparency and governance in the implementation of developmental programs. Therefore, the approval of the J&K start-up policy 2024-27 represents a significant step towards creating a vibrant and robust entrepreneurial ecosystem in the region. By providing financial support and creating an enabling environment for start-ups to thrive, the policy sets the stage for accelerated economic growth, job creation and socio-economic development in Jammu and Kashmir.