Odisha Govt sets target to promote 5000 start-ups by 2025

Bhubaneswar (Odisha) [India]: Odisha Chief Minister Naveen Patnaik inaugurated Odisha Startup Yatra and Startup Xpress 2023 on Monday.

The programme aims to encourage grassroots innovators and promote entrepreneurship among them to achieve 5,000 start-ups by 2025.

This edition of the initiative is 2.5 times bigger than the past and will witness incremental growth connecting more than 25,000 students from over 260 institutions with an aim of generating more than 3500 ideas to foster innovation and entrepreneurship.

To ensure maximum coverage and efficiency, Startup Odisha will have four dedicated vans covering all 30 districts.

Fifty different shortlisted ideas from Startup Yatra will be invited for a 3-day Acceleration programme. Thereafter, the top 25 Ideas will be invited to O-Hub for the demo day out of which 10 will be awarded seed funding worth Rs 3 lakh each to develop their ideas into viable startup ventures.

Additionally, the top 20 ideas from Startup Xpress 2023 will be invited for final pitching out of which 10 ideas will be awarded with a cash prize of Rs 10,000 each to encourage these young students and build their entrepreneurial spirit.

Young entrepreneurs will be the force behind the future economic growth and development in Odisha, ushering in an era of innovation and prosperity for the state.

Startup Odisha under the Micro, Small and Medium Enterprises (MSME) department of the Government of Odisha as the Nodal agency for building the startup and innovation ecosystem in the state, came into existence in 2016 with Odisha Startup Policy-2016.

The vision is to introduce a holistic and inclusive ecosystem for the existing and aspiring startups, establish itself as one of the top startup hubs in the country, and enable the youth of Odisha to become job creators and support the state in employment generation.

Since its inception, Startup Odisha has been home to the best entrepreneurial minds and has already supported and facilitated more than 1700+ Startups, with 600+ startups led by women directors, founders and co-founders.

Startup Odisha has been continuously evolving in its Policy measures, always ensuring to have a responsive policy framework. It has been the top-performing Startup Hub for three consecutive years in the country.

The programme provides various benefits to recognised startups like monthly allowances, product development and marketing/ publicity assistance, need-based assistance, subsidised Incubation and financial support for participation in national and international events.

In recent years, Odisha has embarked on a remarkable journey towards achieving socio-economic empowerment. This transformation is underpinned by strategic investments in diverse sectors, including education, health, infrastructure, industries and sport.

Marking a promising chapter in its ongoing development, the state is steadfastly working towards building a conducive startup ecosystem and these initiatives are testament to it.