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Assam start-up incubator aims to support 1,000 units in 5 yrs

PTI:  January 21, 2019

Guwahati: Chief Minister Sarbananda Sonowal Sunday inaugurated the 'Assam Start Up the Nest' initiative to facilitate growth of at least 1,000 start-ups over the next five years.

The initiative is a state-owned incubator for the start-up ventures, which seeks to augment the business environment by promoting idea generation to start-up companies and help them establish and accelerate growth and success.

Sonowal said that Act East Policy has given impetus to the trade and business in the state and through it the state would become the gateway and business hub of South East Asia.

The incubation centre, which is set up by the state government under Assam Start-up Policy 2017 with technical expertise from IIM Calcutta Innovation Park, aims to facilitate the growth of at least 1,000 new start-ups over the next five years, he added.

"It also seeks to attract funding opportunities to the tune of USD 250 million for state start-ups and incubators while establishing itself as a centre of excellence in the start-up ecosystem," Sonowal said.

The start-up entrepreneurs will also get the networking opportunities for funding their projects, while dedicated mentorship and capacity enhancement trainings will be provided at the incubation centre.

Sonowal said that Rs 12,000 crore has been invested in Assam out of the total Rs 79,000 crore committed last year during the 'Advantage Assam' investment summit, which saw the signing of 240 pacts and this start-up incubation centre is one of the results of the summit.

Assam Industry and Commerce Minister Chandra Mohan Patowary said the incubation centre will provide platform for the young entrepreneurs with brilliant ideas to achieve greater things and generate employment.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.