Northeast-IAS launches incubator to support Startup India
Guwahati, November 12: ‘North East Institute of Advanced Studies, an institute for promoting leadership in the northeastern region launched today a business incubator centre in collaboration with Ekoenergy and Climate. Ekoenergy is a venture capital funding for funding social enterprises. While delivering the inaugural address, Dr. Sriparna B Baruah, a pioneer in introducing Management Education in North East India and presently heading the Centre for Industrial Extension at the Indian Institute of Entrepreneurship (IIE) highlighted that India is amongst the top five countries in the world in terms of startups, having more than 19,000 startups. The Department of Industrial Policy and Promotion (DIPP) estimated that Indian startups would create 250,000 jobs by 2020, contributing to the 21% of the formal jobs sector of India.
However, against this impressive backdrop of startup India, reports like of IBM Institute for Business Value and Oxford Economics found that 90% of Indian startups is failing within the first five years. The most common reason for failure is lack of innovation, new technologies or unique business models. The reports have also highlighted that lack of skilled workforce, funding, inadequate formal mentoring and poor business ethics are also key reasons of failure.’’ Dr. Baruah stressed upon establishing business incubator centres in the Northeast and underscored the initiative taken by the Northeast-IAS.
While delivering the welcome address Sankar Ray, Head of the Incubation Centre stated that as of November 2017, there is not a single registration from Assam and the entire northeastern region as startup companies in the central database of Startup India of DIPP. In July, this year, Government of Assam developed a draft policy for startup which aims to foster a vibrant support ecosystem for startups in Assam and plans to transform the state as an entrepreneurial hub of Northeast India. However, this policy has not yet been equipped with a pragmatic implementation plan.’’
Nripen Sarmah, Diector and Aashay Purandare, Senior Experts on Startups of the Notheast-IAS told that Assam and the other northeastern states are having huge pool of natural resources, ranging from forest to minerals, hydrocarbon based resources to unique texture and patterns of textiles. To explore real potentiality of these sectors, governments of the northeastern states and particularly the Ministry of Development of North Eastern Region (DoNER) need to undertake meticulous feasibility assessment and ascertain commercial feasibility of any startups.
The incubator at Northeast-IAS has endeavored to bring together four great national development missions of Start Up India, Power for ALL, Universal Financial Inclusion and Digital India under one roof. The centre will be guided by a governing board consisting of eminent representatives from industries, academia, experts from FinTech and venture capital domains. The centre has also offered free co-working spaces to the budding entrepreneurs of the Northeast in its Guwahati premises.