Sukhbir Singh Badal Announces Rs.100 Cr Fund for Startups During Progressive Punjab Summit 2015

Sukhbir Singh Badal Announces Rs.100 Cr Fund for Startups During Progressive Punjab Summit 2015 (Source)

Sukhbir Singh Badal Announces Rs.100 Cr Fund for Startups During Progressive Punjab Summit 2015 (Source)

The recently concluded Progressive Punjab Summit 2015 witnessed an absorbing session of innovative startup ideas presented by youngsters.

Around 17 innovative ideas were presented during the three day long startup accelerator program before an eminent jury comprising- K S Bhatia from Pumpkart, Dr Dinesh Dua from Nectar Life Sciences, Rajeev Rai CEO and Founder QA Source, Prof. Sidharth Singh from ISB, Samar Singla from CEO Clicklabs and Parag Gopal from HDFC. The summit was held at the Indian School of Business (ISB), Mohali (Chandigarh).

The ideas that were presented at the startup session by young entrepreneurs had the potential to bring about a change in the society upon their implementation. Presented ideas ranged from home kits for cervical cancer detection to managing the kitchen waste, and many more.

The contest was won by Shwetika Kumar, a Boston University alumnus presented an idea on home kits to detect cervical cancer in women at cost of $5, was hailed as major revolution in field of medical sciences. She will now be mentored by the best people in medical equipment industry before they find venture capitalists to fund her project.

The closing ceremony of the summit, presided over by Deputy Chief Minister Sukhbir Singh Badal, saw him announcing a startup fund of Rs 100 crore for young entrepreneurs. The Deputy chief minister also said he would reach out to industrialists who were born in Punjab to invest back in their state of birth.

The “Progressive Punjab” campaign celebrates the spirit of Punjabi enterprise, openness, and hard work. It shares Prime Minister’s ‘Make in India’ vision and the campaign entails taking steps in building efficient processes, eliminating administrative hurdles and enacting favorable policy initiatives. This year’s summit focussed on Agro and Food Processing, Life Sciences, Healthcare, Manufacturing, Education, IT, Renewable Energy and Tourism.

In its efforts to attract investment, the Government of Punjab has taken rapid strides in strengthening infrastructure, upskilling workforce and sector-specific initiatives. It has also created a one stop clearance system -INVEST PUNJAB – for all regulatory and fiscal incentive related approvals. During the summit, Invest Punjab and SACC collectively showcased some of the successful Punjabi startups and also gave an opportunity to the budding entrepreneurs to present their startup idea.

In October 2015, Chandigarh Angels Network (CAN) announced its plans of investment in five technology startups by the end of 2015. It aims to invest between Rs.10 lakh and Rs.2 crore in tech startups across sectors such as education, healthcare and finance.

Punjab is aggressively taking steps to allocate funds for startups so as to promote and build the culture. With all such summits and announcements of fund allotment, it can be predicted that Punjab will be the next startup hub in India after Bangalore and Gurgaon.

  • Pradeep Rajput

    It’s a good new for startups. It also be taken by other states goverment because if they don’t do so they are pulling back the growth of India and the startups also, for those they need help initially.