Bhubaneswar: With an aim to boost innovation and entrepreneurship in the state, Odisha government has approved a grant of Rs 1.28 crore to 10 high-potential startups.
The grant was given to support the growth of startups in sectors such as agri-tech, food and beverages, HR-Tech, enterprise technology, retail, education, and logistics.
The grant was approved during the second board meeting of Startup Odisha, an initiative backed by the micro, small, and medium enterprises (MSME) department. The meeting was chaired by executive chairman, Starrup Odisha, Omkar Rai, and participated by Saswat Mishra, principal secretary, MSME department, and others.
This committee is dedicated to evaluate and approve financial assistance to recognised startups and incubators as well as formulating a comprehensive framework for the startup ecosystem to thrive, officials said.
The selected startups will receive the grant in tranches, based on their progress and milestones achieved, an official said, adding that the grant will be used to support the startup research and development activities, product development and marketing activities, and other operational expenses.
“In our relentless pursuit of fostering innovation and nurturing the entrepreneurial spirit, we are proud to announce this significant grant allocation. These investments in our state’s startups signify our commitment to creating a thriving ecosystem where innovation knows no bounds. Our vision is to build successful startups by providing necessary financial aid, mentorship, and guidance that will help them scale and grow,” said Rai.
He said this effort is another significant advancement in Chief Minister Naveen Patnaik’s firm commitment to nurture 5,000 startups by 2025, steering Odisha towards its goal of establishing itself as one of India’s top 3 hubs for innovation.
PTI