The start-up fund will be set up in collaboration with IKG Punjab Technical University.
On December 6th, The Punjab Government reportedly announced its plan to come up with an INR 100 Cr start-up fund for supporting the Micro, small and medium enterprises (MSME) sector and entrepreneurship. CM Amarinder Singh made the announcement at the two-day Progressive Punjab Investors Summit 2019.
Reports suggested that the start-up fund will be decided & arranged in association with IKG Punjab Technical University for the promotion of incubators. Moving on Venture Capitalists as well as angel networks such as Bharat Fund and Indian Angel Network may contribute to the corpus fund.
The CM however also announced about a dedicated MSME marketing cell. The state has even set up a working group which is chaired by the Chief Secretary in order to ensure expeditious delivery on every proposal discussed at the summit. Within a month a report would be submitted by the working group.
Investors of industry-friendly policies were assured by the state government while portraying the strength of Punjab MSMEs. Also,the state government at the summit signed an agreement with Atal Incubation Centre at ISB (Mohali) of supporting Agri-tech start-ups.
According to a research, Punjab has more than 1000 active start-ups wherein about 140 start-ups are known to have registered with the Department of Promotion of Industry and Internal Trade. The numbers nevertheless are increasing each day.
Chandigarh, the capital of the state has specifically witnessed great attention from multiple entrepreneurs and has also seen the growth of many such start-ups that are innovative and creating history too. The city was in fact ranked in Start-up Ranking 2018 by DPIIT among the ‘start-up beginners.
The growth however of the state’s star-up ecosystem has been gradual and slow. A different research suggests that in 2019 only four star-ups were funded in Punjab which included Chandigarh. The total amount here was more than $8 Mn.
Out of all such initiatives and efforts in Punjab, the major step has been the state’s Start-up and Entrepreneurship Development Policy of 2017. The policy which got implemented in 2017 is applicable for five years and it works with the aim of creating a conducive environment for the growth of start-ups.
The state government has also given seed funding along with incentives for start-ups, events and opportunities for investors and entrepreneurs to network and connect.