UDAY STARTUP INVESTMENT PROGRAM: FOSTERING ENTREPRENEURSHIP IN JAMMU & KASHMIR

NEW DELHI, Jan. 24, 2024 /PRNewswire/ -- In a significant development, the Uday Startup Investment Program, organized by M/s SCHEAM India and FICCI FLO JK in association with Department of Commerce & Industry, Government of Jammu & Kashmir. The program is held at MIET, Jammu and has provided a platform for promoting startup culture and entrepreneurship in the Jammu & Kashmir region. The event featured an address by Dr. Jitendra Singh, Hon'ble MoS (Independent Charge) - Ministry of Science and Technology, and Minister of State for Prime Minister's Office; Mr. Rajeev Rai Bhatnagar, Advisor to Hon'ble LG Jammu & Kashmir was the Chief Guest. The event received support from investment partner LetsVenture and other esteemed event partners.

Key Panel Discussion and Address

A panel discussion held during the event included several distinguished panelists, such as Mr. Punati Shridhar IFS, Chairman, Bamboo Society of India and External Monitor, Central Vigilance Commission, Govt. of India, Mr. Arun Kumar Manhas, Director, Department of Commerce & Industry, Mr. Khalid Jahangir, MD, JKTPO, Mr. G. Velladurai, Joint Director, Department of MSME, Govt. of India, Mr. Vikrant Dogra, Vikrant Dogra, Chairman, Jammu & Kashmir Dairy cooperative federation limited (JKDCF) and Mr. Nikhil Gowda Kedambadi, who shared valuable insights into the startup ecosystem and entrepreneurship development in the region.

The virtual address by Dr. Jitendra Singh emphasized the government's commitment to promoting the startup culture in J&K and the need for stakeholders and students to seize the funding opportunities available. Mr. Rajeev Rai Bhatnagar presented startup awards to four prominent tech startups with roots in J&K and commended the organizers for promoting grassroots innovation and entrepreneurship in the region.

Startup Ideation Competition

The event also featured a startup ideation competition for school and college students. The winners of the competition were felicitated with cash prizes and certificates by Mr. R.R. Bhatnagar, highlighting the focus on nurturing young entrepreneurial talent in the region.

"SCHEAM India is committed to investing in promising and dynamic regions within our country. The state of Jammu and Kashmir, with its wealth of talented individuals and entrepreneurial spirit, has captured our attention. Through our Uday Nayi Umeedon Ki shuraat program, we have had the opportunity to witness the emergence of innovative and potentially impactful start-up ideas. We firmly believe that our involvement will significantly contribute to the growth of the region's start-up ecosystem. We are dedicated to being a catalyst in Jammu and Kashmir's economic development and plan to organize further initiatives that will continue to nurture and support the region's budding entrepreneurs. We are confident that our efforts, along with the incredible potential we have witnessed, will add significant value to the region's start-up community. This is just the beginning of a long-term commitment to fostering economic growth and opportunity in Jammu and Kashmir. SCHEAM India is excited to be a part of this journey and looks forward to the positive impact we can create together," says Nikhil Gowda, Kedambadi Director, SCHEAM India.

Investment Opportunities and Milestones

SCHEAM India, along with its investor partners, selected 5 startup ideas and provided investment contracts to them, in collaboration with LetsVenture, showcasing the growing investment opportunities for startups in J&K.

"Initiatives such as the entrepreneurial programmes organized by SCHEAM India and FICCI Flo are a welcome catalyst for sparking entrepreneurship in Tier II/III cities. This is especially crucial for students in Ladakh and Jammu & Kashmir, as it provides them with the opportunity to explore and develop their entrepreneurial skills. Additionally, the growing number of startups from smaller centres on LetsVenture, India's largest Angel Fund AIF, is a testament to the increasing innovation and entrepreneurial spirit in these regions. These startups are not only building novel companies but also successfully raising capital from a variety of sources, including angels, corporate venture funds, and mainline VCs. Overall, these initiatives and the growing presence of startups from smaller centres demonstrate the potential and untapped entrepreneurial talent in Tier II/III cities. It is essential to continue supporting and nurturing this talent to further drive economic growth and innovation in these regions. This is a great step towards creating a more inclusive and diverse entrepreneurial landscape in India, and one that should be celebrated and encouraged," says Suna Dehnugara, Lead Private Market Expansion, Lets venture / Trica.