‘Assam Startup – the Nest’ aims to create 1,000 new Startups in Next 5 years

‘Assam Startup – the Nest’ aims to create 1,000 new Startups in Next 5 years

Chetan Bhattarai | January 27, 2019 13:10 hrs

Under the Assam Startup Policy 2017 and with technical expertise from IIM Calcutta Innovation Park the Assam government recently launched the ‘Assam Startup – the Nest’. The idea is to develop a mechanism of problem solving and culture of entrepreneurship in the state.

The primary objective of Assam Start Up – the Nest is to facilitate the growth of at least 1,000 new startups over the next 5 years and create 1 lakh direct and indirect opportunities in the same time period. It aims to establish a state-owned incubator to attract funding opportunities of USD 250 million for state startups. The startup entrepreneurs will also get the networking opportunities for funding their projects and dedicated mentorship and capacity enhancement training will be provided in the incubation centre.

Startup – the Nest will help create a culture of entrepreneurship in Assam by promoting and empowering the youth to become job creators and pursue their entrepreneurial dreams, thereby transforming Assam into a leading Startup Hub of India by 2020.

“The state government is making all efforts to provide a conducive environment to the investors to facilitate industrial growth. The Act East Policy has given impetus to the trade and business in the state and through this policy the state would become the gateway and the business hub of South East Asia. The government's industry-friendly policies like North East Industrial Development Scheme and the Industrial & Investment Policy of Assam have given momentum to the industrial sector of the state,” said Chief Minister Sarbananda Sonowal, during the inaugural ceremony. 

“Rs 12,000 crores has been invested in Assam out of the total Rs 79,000 crores committed during the Advantage Assam investment summit which saw the signing of some 240 MoUs. This startup incubation centre is one of the results of the summit which would open up newer avenues of growth for the young aspiring entrepreneurs of the state,” assured Sonowal.

“Wherever I have gone in the world I have come across Assamese youth taking leadership roles in some prominent organizations and therefore this incubation centre would provide a platform for the young entrepreneurs with brilliant ideas to achieve greater things and generate employment. This startup incubation hub will generate a movement of enterprise and venture while pushing the destructive and irrelevant movements on the street to back burner,” stated state Industry & Commerce Minister, Chandra Mohan Patowary.

Incentives and grants ranging from Rs 20,000 to Rs 50 lakhs

The Nest will provide incentive to the eligible entrepreneurs with MASI (My Assam startup Id) with a sustenance allowance of Rs 20,000 per month per startup entity for one year. Moreover, women entrepreneurs will be given preference. Under the Idea2POC (Idea to Proof of Concept) Grant, startups with MASI shall be eligible for Rs 5,00,000 (one time) per startup for developing their product/service. The Scale-Up Grant will help the startups with MASI with a grant of up to Rs 50,00,000 (Rs Fifty lakhs) per startup (would include the Rs 5,00,000 Idea2POC Grant per startup). The rest of the Scale-Up Grant may be utilized towards raw material purchase, marketing and other scaling up costs required for supporting the commercialization of products and services of the startup. Eligibility for the grants will be evaluated by nodal agencies as identified by the state government and as per the operating guidelines.

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