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Thursday, May 23, 2024

With The New Policy, Odisha Aims At 1000 Start-Ups In 5 Years

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.

coworking-workspace (1)Source Image

The policy is called OSP (Odisha Start-up Policy) and is expected to bring a change in the startup scenario of Odisha.

Also Read : Frauds Pretending To Be An IT Startup Duped People Of 1.5 Cr

Let’s take a look at some of the highlights of OSP:

  1. OSP aims at a conducive ecosystem along with strategic partnerships, policy intervention and investments.
  2. OSP focuses on the three Is – Institutions, Industry and Incubation.
  3. 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.
  4. The state government will provide Start-up Capital Infrastructure Fund of around Rs 25 crore to MSME.
  5. OSP will also contribute in private space specific funds for startups who will operate in the state.
  6. Startups will get Rs.10,000 every month for an year if they get approval in seed round funding.
  7. Rs. 1 lakhs will be reimbursed for 3 years to institutions who provide electricity, Wi-Fi and accommodation to the startups.
  8. 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.

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