Punjab To Initiate Startup Fund Of $15 Mn: Progressive Punjab Summit 2015

Deputy Chief Minister of Punjab, Sukhbir Singh Badal announced a startup fund of $15 Mn (INR 100 Cr) for young entrepreneurs at the valedictory function of Progressive Punjab Summit, 2015.

The summit was held at the Indian School of Business (ISB), SAS Nagar (Mohali) on 28^th -29^th October. The campaign celebrated the spirit of Punjabi enterprises and positioned Punjab and India to do business. The summit entailed discussions on taking steps in building efficient processes, eliminating administrative hurdles and enacting favourable policy initiatives.

Panelists in the summit included K S Bhatia from Pumpkart, Dr. Dinesh Dua from Nectar Life Sciences, Raveev Rai, CEO and founder of QA Source, Prof. Sidharth Singh from ISB, Samar Singla, CEO of Clicklabs, and Parag Gopal from HDFC.

According to KS Bhatia, Punjab is slowly developing a suitable ecosystem for startups by promoting the entrepreneurial youth of Punjab and through its favourable policies in setting up a business and ensuring a strong sustainable eco system.

Invest Punjab and SACC also have joined hands to promote some of the most successful Punjabi startups during the summit. It has also announced its plan to provide upcoming startups with a platform to present their ideas.

The Deputy CM called upon all ‘born in Punjab’ industrialists to invest back in the state, especially the ones who have settled out of Punjab or abroad. He stated his plans to reach out to all such industrial heads in the near future and request them to establish units of their companies in their home state.

The concluding day of the summit hosted an absorbing session on startups. 17 innovative ideas were presented infront of the panellists. There were a varied range of ideas – from cervical cancer detection home kits for women to managing kitchen waste to handle currency coins, the focus was on building a sustainable future through low investment and high output ideas.

The session was a summation of the Startup Weekend Program organized by Startup Weekend US on October 23^rd and 24^th.

Shwetika Kumar, a Boston university alumni, emerged as the winner with her idea on home kits to detect cervical cancer at a nominal cost of $5. She along with the other winners, were facilitated by Parminder Singh Dhindsa, Finance Minister, Government of Punjab.

The winning ideas have been promised a support system by tying up with financial institutions, facilitated by the summit.

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