November 24, 2020

Govt selects 53 for startup push

Patna: The industries department on Friday said it has selected 53 ventures that it will hand-hold under the startup policy, and launched an upgraded website through which would-be entrepreneurs can apply for the scheme.

The state government has set up a trust with an initial corpus of Rs 500 crore to act as the nodal agency for implementation of the Bihar Startup Policy 2017, which will be operational for five years.

State industries minister Jai Kumar Singh said 4,635 applications had been received, of which 931 were shortlisted and 53 have been certified.

“It is a proud moment for Bihar that we have completed the certification of 53 startups,” he said. “Through the startups, we want to promote and encourage entrepreneurship among the youths.”

The state government has roped in institutions that will act as “incubators” for the startups – help entrepreneurs to convert their ideas into successful and profitable ventures by supporting them in business planning.

Some of the incubators the Bihar Industries Association, the Chandragupta Institute of Management, Patna, NIT-Patna, and NIFT.

Singh said the department will also provide mentors for the startups – a pool of industry experts and academicians that will help the startups by providing guidance and strategic support.

Minister Singh, flanked by department principal secretary S. Siddharth, said that the Nitish Kumar government is committed to encourage entrepreneurship among youth across all economic and social segments of the population.

The industries department has sanctioned Rs 50 crore to the startup as venture fund. A startup will get a seed grant up to Rs 10 lakh as interest-free loan for 10 years.

All the selected startups have already received the first instalment of the sanctioned amount.

Singh also handed out certificates to 15 startups in the function organised at the conference hall of the industries department on Friday.

Courtesy: The Telegraph

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