TODAY -

Northeast-IAS launches incubator to support Startup India
Date - November 12 2017 (Guwahati)



North East Institute of Advanced Studies, an institute for promoting leadership in the northeastern region launched today a business incubator centre in collaboration with Ashden India Renewable Energy Collective (AIREC) and Ekoenergy and Climate. AIREC is a collective of prestigious Ashden Awards winners and there are approximately 30 Indian winners from India, including Infosys, D-light and Selco. 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.

K Das, CEO of AIREC stated that a robust ecosystem for startups need to be created with top notch technical talent and global business skills. Like the Government of Israel, the Ministry of DoNER can earmarked investment for financing R&D for promoting ‘actual innovations’ in the northeastern region and can also pursue international cooperation with different countries that helps in establishing links between local companies, multinationals and academic institutions.

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, and 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.

For details contact:
Ms.Dorothie Buragohain
Head, Communication, Northeast-IAS,
Email id: communication@northeastias.org


* This information is sent by Sasankagupta Kashyap who can be contacted at sasankagk(AT)gmail(DOT)com
This Post is webcasted on November 13 2017

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