Odisha is betting big on start-ups. On Friday, State Chief Minister Naveen Patnaik unveiled the ‘Odisha Start-up Policy 2016’ which aims to develop an ecosystem to facilitate at least 1,000 young ventures in the next five years.
“We wish to emerge amongst the top three start-up hubs in India by 2020 through strategic partnerships and policy interventions,” said Mr. Patnaik in a statement at the investors’ meet in Bengaluru. The event was attended by top entrepreneurs and executives including Biocon Chairperson Kiran Mazumdar-Shaw, JSW Group Chairman Sajjan Jindal and Flipkart Co-Founder Sachin Bansal. Oyo Rooms Founder Ritesh Agarwal and Milk Mantra Founder Srikumar Mishra, who are from Odisha, also participated.
“We are fortunate to have got valuable inputs while finalising the policy from our home grown entrepreneurs,” said Mr. Patnaik.
Start-up fundThe policy will provide incentives and support to young companies at all stages of development. A start-up capital infrastructure fund up to Rs. 25 crore would also be used to support the development of start-up ecosystem in the state. The government would also encourage banks and other financial institutions to extend and enhance lending facilities and set up dedicated desks for young ventures for easy funding.
