Countdown Begins: J&K's Game-Changing Startup Policy Nears!

A development that will transform the startup landscape in Jammu and Kashmir, Lieutenant Governor Manoj Sinha has revealed that J&K’s new Startup Policy for 2023 is on the brink of being officially notified next month in October. The policy, according to experts, is set to create a dynamic ecosystem for startups, fostering innovation, job creation, and economic growth.

The announcement was made during the valedictory session of the J&K Startup Conclave 2023 held in Srinagar.

Nurturing Innovation and Economic Growth

The upcoming J&K Startup Policy 2023 is poised to be a game-changer for the entrepreneurial landscape in the region.

Talking to TICE News, Ajaz Ahmed Bhat, Director of the J&K Entrepreneurship Development Institute (JKEDI), highlighted its significance, saying, "The new policy provides a roadmap for nurturing innovation, creating jobs, and driving economic growth."

One of the standout features of the policy is the provision of seed funding. Recognized startups in Jammu and Kashmir will receive a one-time assistance of up to Rs 20 lakh, distributed in four equal instalments from the J&K government.

How Will The New Startup Policy Support Incubators and Accelerators in J&K?

To catalyze the growth of startups, the government will allocate a capital grant of Rs 50 lakh for incubators and accelerator infrastructure, aimed at scaling up their operations. The goal is to ensure that at least one incubator is established in each district, further nurturing entrepreneurial talent across the region.

The Startup Ecosystem in J&K

Currently, there are 106 registered startups with JKEDI, complementing the larger national initiative, Startup India, which boasts 621 startups. Notably, 217 of these startups are led by women entrepreneurs, reflecting a growing trend of female empowerment in the business sector. 

Additionally, the region houses 13 incubators, demonstrating its commitment to providing a supportive environment for emerging startups.

What Is Startup Assistance Programme?

The Lieutenant Governor emphasized the comprehensive nature of the Startup Assistance Programme. Under this program, young and budding entrepreneurs will receive invaluable support, mentorship, and guidance. Collaboration with Startup India, angel investor networks, financial institutions, and premier institutes is also envisioned to boost innovation and growth.

J&K’s Infrastructure for Tech Startups

In a significant development, 11,200 sqft of built space at Rangreth will be allocated at competitive prices to cater to the needs of IT, ITES, and Tech Startup sectors. This initiative aims to provide a conducive environment for tech-driven startups to flourish.

Moreover, surplus spaces at JKEDI will be made available to startups, further expanding their access to essential resources.

J&K: A Hub for Entrepreneurs

During his address at the Startup Conclave, Lieutenant Governor Manoj Sinha passionately stated, "J&K is offering high-impact entrepreneurship, resources, and abundant opportunities to serve the global market. It is the perfect place for any entrepreneur who is in search of the next big thing with the goal of becoming the first mover."

He reaffirmed the administration's commitment to providing unwavering support to budding entrepreneurs and potential startups. The Lieutenant Governor recognizes the critical role played by young entrepreneurs in shaping an innovation-based economy, and he promised to assist them in every way possible.

Transforming J&K Into A Land of Opportunities

Manoj Sinha underscored the transformational reforms taking place in Jammu and Kashmir in recent years. The region has been at the forefront of historic initiatives, focusing on infrastructure development and sunrise sectors. Efforts are being made to harness the abundant natural resources available in the region to improve the quality of life for its people.

From strengthening the rural economy to embracing smart mobility, Jammu and Kashmir is ripe with possibilities and offers a lifetime of opportunities for those ready to embark on an entrepreneurial journey.

With the imminent notification of the J&K Startup Policy 2023, the region is poised to become a beacon for startups and innovation, paving the way for a brighter and more prosperous future.