In a resounding endorsement of Chief Minister Naveen Patnaik’s visionary leadership and his government’s unwavering support for entrepreneurship and innovation, the Odisha government has given the green light to a substantial grant of INR 1.28 Cr for 10 promising startups. This grant is a testament to Odisha’s commitment to nurturing a thriving startup ecosystem in the state.
The selected startups span a diverse array of sectors, including agritech, food and beverages, HRtech, enterprise technology, retail, education, and logistics. These startups, namely Axonotics, EME Technologies, Foliyoo Technologies, Indersons Services, Happiness Under Budget, Lex Protector, Sabhyasha Retail Tech, Zentai Workforce, Kickstart Careers, and Manikstu Agro, have been chosen to receive the grant as a means of catalyzing their growth and innovation.
Crucially, the grant will be disbursed in installments, contingent upon the startups’ progress and the attainment of predefined goals. This strategic approach will empower these startups to invest in critical areas, including research and development activities, product development, marketing initiatives, and operational expenses.
Omkar Rai, the chairperson of Startup Odisha, expressed his enthusiasm for this significant grant allocation, emphasizing its role in fostering innovation and nurturing the entrepreneurial spirit in the state. He affirmed the state’s commitment to providing startups with essential financial aid, mentorship, and guidance that will enable them to scale and prosper.
This grant approval came during the 2nd board meeting of Startup Odisha, an initiative championed by the Micro, Small, and Medium Enterprises (MSME) Department of Odisha. The board committee’s primary focus is the evaluation and approval of financial assistance for recognized startups and incubators. In parallel, the committee is diligently crafting a comprehensive framework to facilitate the flourishing of startups within the state.
Rai underscored that these investments in startups underscore the state’s unwavering dedication to creating a dynamic and conducive ecosystem. The vision is crystal clear – to cultivate thriving startups that receive the vital support they need to thrive, grow, and make their mark on the world.
This initiative aligns perfectly with Chief Minister Naveen Patnaik’s ambitious goal of supporting 5,000 startups by 2025. The government’s steadfast commitment is to establish Odisha as one of India’s top three hubs for innovation, and this grant is a significant stride toward that vision.
The Startup Odisha initiative, launched in 2016 under the Odisha Startup Policy-2016, has successfully introduced a holistic and inclusive ecosystem for both existing and aspiring startups. Impressively, since its inception, Startup Odisha has fostered and facilitated more than 1,700 startups, with over 600 of them led by women directors, founders, and co-founders.
Last year, the Odisha government garnered commitments amounting to INR 1,000 Cr for its startup fund of funds. Omkar Rai disclosed that these funds will be strategically deployed over the next five years, further fueling the growth and prosperity of Odisha’s vibrant startup ecosystem.
Prasanta Patnaik