Capt Amarinder launches ‘Innovation Mission Punjab’ to boost start-up sector
With the objective to tap Punjab’s growth potential bydeveloping a vibrant environment for entrepreneurship, Chief Minister CaptainAmarinder Singh on Wednesday launched ‘Innovation Mission Punjab’(IMPunjab), apublic private partnership that brings in the best global investors and expertsto catalyze start ups making Punjab one of the top three States in innovation.
Speaking at the virtual event, the Chief Minister said thatthe Mission will unleash Punjab’s growth potential and create a thrivingeconomy by generating jobs and inviting investment. The Mission will mobilize aglobal pool of ambassadors and partners for investment, mentorship and marketaccess, said Captain Amarinder Singh adding the mission will also leverage thestrength of the Punjabi diaspora, allowing them to partake in this renewedgrowth story of Punjab besides running focused programs to encourageentrepreneurship amongst women.
On the occasion, a grand ideathon was also announced inpartnership with incubators, inviting budding entrepreneurs, young professionals and students across the state.
Showcasing Punjab as an entrepreneurial State with a strongfootprint of entrepreneurs across the world and India, the Chief Minister saidthat the State has a burgeoning entrepreneurial ecosystem with 450 startups and20+ incubators. Besides, the Innovation Mission Punjab will act as a catalystto strengthen by rallying rally all the stakeholders viz. academia, incubators,investors, startups, government, progressive farmers, sports people, media,industry and corporate, said Captain Amarinder Singh.
The Chief Minister further said that the Mission is aunique public-private partnership, championed by the private sector with stronggovernment backing. As partners Department of Agriculture, Industries andCommerce, Mandi Board and Startup Punjab are providing over Rs. 30 crores incash and kind, including operating expenses for the first three years, 10 yearrent-free lease for 12,000 sq ft at Kalkat Bhavan and support to startups andincubators in the State. The Mission stands firmly on three pillars namelyPollinator- To create a network of virtual incubators and organise events suchas bootcamps, ideathons, pitch days to create a vibrant startup ecosystem,Accelerator: To provide structured guidance and curated mentorship to startupsthrough sector and stage-specific programs. The accelerator will be set up atKalkat Bhavan and a Venture Fund of Rs. 150 crore to support early-growth stagestartups. The State government will provide 10% of the corpus and guaranteesupto Rs. 10 crore cumulatively to incentivize early investors.
The Mission will play to Punjab’s sectoral strengths,supporting businesses in diverse arenas, including healthcare, pharma &biotech, food & agriculture, manufacturing, media & entertainment andmore, added the Chief Minister.
Meanwhile, eminent economist Montek Singh Ahluwalia whiledescribing innovation as the important factor in the start ups, said that theinnovation mission would get going in true sense once the things get back tonormal and a post Covid scenario emerges. He mentioned digital connectivity andArtificial Intelligence as key areas of the start up sector.
Taking part in the deliberations, Chief Secretary ViniMahajan said that Punjab's time has come in the start up sector which is a newkid on the Block. At the time of framing the New Business policy in 2017, thestart ups were given a prominent place, said the Chief Secretary encouragingnew start ups to explore Punjab as the new investment destination.
Elaborating on the larger objectives of the Mission,founder Genpact and Asha Impact Pramod Bhasin said, “The start up wave is inthe air and Mohali, Chandigarh and Ludhiana have the potential to emerge as thestart up hubs and far-reaching steps to put Punjab on the global startup mapwould be undertaken by building impetus for entrepreneurship communities andcollaborating with investors, industry and academia."
Among others who shared their ideas included ManagingDirector Sequoia Capital Rajan Anandan, Co-founder and CEO Snapdeal Kunal Bahland Founder Socksoho Pritika Mehta.