Odisha Government recently approved a new start-up policy that aims at least 1000 startups in 5 years. Chief Minister Naveen Patnaik will unveil their policy in investors meet next month in Bangalore, Firstpost Reported.
The policy is called OSP (Odisha Start-up Policy) and is expected to bring a change in the startup scenario of Odisha.
Let’s take a look at some of the highlights of OSP:
- OSP aims at a conducive ecosystem along with strategic partnerships, policy intervention and investments.
- OSP focuses on the three Is – Institutions, Industry and Incubation.
- OSP will be implemented under the guidance of a startup council. It will be headed by the Chief Secretary and a Review Committee will be headed by Principal Secretary MSME.
- The state government will provide Start-up Capital Infrastructure Fund of around Rs 25 crore to MSME.
- OSP will also contribute in private space specific funds for startups who will operate in the state.
- Startups will get Rs.10,000 every month for an year if they get approval in seed round funding.
- Rs. 1 lakhs will be reimbursed for 3 years to institutions who provide electricity, Wi-Fi and accommodation to the startups.
- 5 lakhs will be reimbursed after the product makes its first presence in the market. This will be done in order to assist startups in marketing.