The Odisha government has approved a new Startup Policy 2016, and is aiming to set up at least 1,000 startups in the next five years. “The policy targets setting up at least 1,000 startups in the next five years attracting substantial venture and angel capital to the state with sizable attractive employment opportunity for the educated youths,” chief secretary Aditya Prasad Padhi said. In addition to participating in the private-state specific funds for startups, the government also plans to make a budgetary provision of Rs 25 crore to encourage startups to set their base in the state. Also Read - Ola to offer free oxygen concentrators to the needyAlso Read - Samsung Galaxy S20 FE Long-term Review
The Odisha government’s new Startup Policy aims to usher in an innovation and startup ecosystem through the creation of world-class incubation centres, funding and a supporting incentive structure at par with other states. The state government also aims at being among the top-three startup hubs in India by the year 2020. Also Read - OnePlus India partners American Express for cashback deals, EMI offers and more
Universities and colleges would be eligible for one-time capital grant of 50 percent of capital cost excluding the cost of building up to a maximum of Rs 1 crore to set up incubation facility, said the chief secretary.
An amount of Rs 10,000 per month would be provided to a startup for a period of one year only if it has got the seed round funding approval. Besides, reimbursement up to Rs 1 lakh per year for three years will be provided to institutions, incubators, and industries for providing free internet, free electricity, and mentoring services. ALSO READ: Government asks all states and union territories to set up Startup Hub