Odisha, situated on the eastern coast of India, has become a hub of activity. The state government is actively promoting startups with a well-rounded policy. This initiative fosters a favorable environment for entrepreneurial efforts. It emphasizes the importance of building a supportive ecosystem for new businesses. The Odisha startup policy is designed to assist individuals who may lack resources but possess strong motivation. It offers funding, infrastructure, and other essential resources.
This paper examines the key components of Odisha’s Startup Policy. It highlights how the Odisha startup policy has played a significant role in the growth of startups. Thanks to this policy, Odisha’s startup ecosystem is experiencing rapid expansion. The state is committed to nurturing entrepreneurial ventures through its support initiatives.
The Vision and Mission
The vision of Odisha’s startup policy has a specific target in mind that is to change the perception of Odisha to be a world class startup hub by the year 2025. The objective is to provide conducive surroundings so that a minimum of 5,000 new startups takes place within the next five years. Startup Odisha has outlined several strategic initiatives looking towards the prevalence of the startup ecosystem in the state.
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Odisha’s purpose is not just to think of offering the entrepreneurs only the rewards of the money; instead, it seeks to put in place an environment that allows the creation, the transformation and for that matter the development of the people and the economy of the state. The policy lays out an excellent starting point for the establishment of a dynamic startup ecosystem due to its emphasis on investing in, prioritizing, and mentoring its people.
Key Features of the Startup Policy
The Startup Policy of Odisha is designed with a number of distinguishing factors that benefit early-stage start-ups and enable them to expand and thrive in a competitive business environment.
Incubation Support
A solid incubation strategy is crucial for the success of Startup Policy. The government is developing the O-Hub, a substantial incubator. O-Hub covers 400,000 square feet and caters to startups across the country. It offers guidance, networking opportunities, and vital facilities to foster growth. Existing incubation centers are being centralized to enhance support.
The initiative has launched 27 incubators in areas that currently lack assistance. The government is also providing grants to help fund additional incubators. Startups can tap into support systems no matter where they are located. This initiative guarantees effective backing for startup founders.
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Financial Assistance
- In the light of the fact that all use the source for startups wisely, Odisha’s Startup Policy has provided them with a number of forms of financial assistance in order to look for their help, so that these potential entrepreneurs do not go waste.
- Wages: As of now only the recognized ones are ready to avail themselves of this typical recurring benefit of sustenance allowance of Rs 20000 for twelve months. This allowance is intended for premature startups to cover the operating expenses so that they do not neglect growing their business.
- Promotion and Marketing Assistance: Startups can avail of financial assistance of up to k 15 for product development and marketing initiatives. Such support aims to fasten and ease the market entry of the entrepreneurs’ products.
- Need-Based Assistance: This policy tends to provide extra financial support case by case and there is no limit to the amount offered whenever necessary for certain startups in research-oriented sectors like biotechnology or fintech innovation. This leads to making funding available for encouraging growth of the startups which are expected to bring technological disruption.
- Odisha Startup Growth Fund: There is a Startup Growth Fund of ₹100 crores to provide long-term finance to the startups within Odisha, managed by SIDBI (Small Industries Development Bank of India). The fund nourishes the growth of startups, particularly in the agritech startup and digital fabrication industries.
Infrastructure Development
Startups are experiencing rapid growth in the country, supported by favorable policies. The initiative includes an initial fund of ₹25 crore dedicated to startups. This fund will offer both tangible and intangible support systems. The assistance encompasses the establishment of physical facilities such as incubators and laboratories. Startups will gain access to testing labs, design centers, and virtual incubators.
Providing infrastructure is crucial for the growth of startups, enabling them to utilize quality spaces for product testing. These facilities facilitate product development, testing, and prototyping. The infrastructure is strategically located for easy access. Startups in the area will have the necessary resources for success.
Project report: Start Business Ideas in Odisha
Startup Recognition and Registration
Startups are required to register online with the Startup Odisha initiative. The registration process includes an evaluation by a nodal agency. This agency reviews the business model, innovation, and potential for scalability. Once registered, startups can seek grants and financial assistance.
This process guarantees prompt support for eligible startups. It also enables the government to track the growth and impact of startups. The policy aims to foster the development of Odisha’s startup ecosystem.
Fostering Entrepreneurial Spirit
An important part of the Startup Policy of Odisha is the development of entrepreneurial culture among the youth of the state. Startup odisha has initiated many steps for the motivation of today’s youth and also tomorrow’s entrepreneurs. Some of them are:
- Startup Yatra: A student-centric initiative aimed at familiarizing students of higher educational institutions with the concepts of entrepreneurship and the world of startups.
- Startup Express: Launching Soon In a growing economy such India school going kids should be motivated to be entrepreneurs at a school level. This program aims to target the school students and develop an entrepreneurial approach for them.
- Boot Camps and Pitching Sessions: Conducted in all the thirty districts of the state, these programs help participants in creating and improving their business ideas, and pitching them to investors as well as experienced mentors for advice.
As of now, these activities have reached out and worked with around 35000 students, leading to the creation of about 4400 entrepreneurial ideas, which further enhances the entrepreneurship development scenario in Odisha.
Related Database on: Odisha (Orissa, India) – Business, Industrial Directory, Database, List of Companies, Small & Medium Enterprises (SME) & Industries [.xlsx, excel format] 4th edition
Governance Structure
To facilitate the efficient operationalization of the Startup Policy, authorities have operationalized a governance structure comprising three levels.
- Startup Council: The council is chaired by the Chief Secretary of the state, and the importance of the Council lies in its ability to drive innovation and give guidance to the startup ecosystem.
- Task Force: This has the Principal Secretary as the head and it is tasked with the operationalization of the Startup Policy and rendering assistance to the startups in quick turnarounds.
- Startup Secretariat: This is based at O-Hub where the Startup Secretariat deals with the operational and logistical affairs concerning the startup ecosystem on a daily basis.
Impact and Progress
Since commencement of operations, Startup Odisha has gradually built a beautiful entrepreneurial ecosystem. To this day, more than 1550 startups have been registered in different sectors such as agritech, IT, Artificial intelligence, healthcare, Fintech, and biotechnology. Out of these, 21 startups have managed to raise venture capital investment, while 140 have already received purchase orders. This provides evidence of direct benefits of the policy with respect to the state’s startup environment.
Furthermore, in order to enhance entrepreneurship promotion and development, 75 E-Cells have also been set up in educational institutions for students to encourage their entrepreneurial ambitions.
Future Outlook
The objective of Startup Policy of Odisha is to facilitate the expected change in the entrepreneurial ecosystem of the state. The state has developed a comprehensive ecosystem for digital fabrication. It maintains a clear vision to excel in emerging technologies. The startup scene is rapidly growing in the state. Western India, particularly Odisha, is emerging as a vibrant startup hub. Odisha is on track to establish itself as a leading startup state. Innovation plays a crucial role in Odisha’s development strategy.
Youtube Video: Best Business to Start in Odisha (Orissa), India.
Conclusion
Odisha’s Startup Policy is designed to encourage innovation by providing funding and essential infrastructure. It seeks to offer mentorship and establish suitable regulations for startups. The state is positioning itself as a significant contributor to India’s startup landscape. Odisha is laying a solid groundwork for the growth of startups.
This policy aims to attract more entrepreneurs and stimulate economic growth. In the years ahead, Odisha is set to lead in innovative activities and development. The policy outlines a framework for supporting entrepreneurship within the state. Odisha’s initiatives are expected to attract investments and cultivate a vibrant startup ecosystem. The emphasis is on fostering a flourishing environment for startups to thrive. Odisha’s vision is poised to make it a major player in economic development.
