Odisha, TiE Silicon valley to team up to finalise start-up policy

A 13-member TiE Silicon Valley team holds discussions with Chief Minister Naveen Patnaik

TiE Silicon Valley, an investors' association dedicated to fostering entrepreneurship, would support the Odisha government in formulating a dedicated start-up policy for the state.

A 13-member TiE Silicon Valley team, led by president Venktesh Shukla, on a two-day visit to the state, on Monday held discussions with Chief Minister Naveen Patnaik.

" TiE Silicon valley will help the state government in formulating a start-up policy. We are hopeful that the start-up policy will be implemented in next two-three months, creating an environment for new start-ups to come up", said Aditya Prasad Padhee, chief secretary, after a meeting with the delegation at the state secretariat.

"I am happy to note that Ipicol (Industrial Promotion and Investment Corporation of Odisha Limited ) & TiE Silicon Valley @tiesv have a one-of-its-kind agreement to foster the growth of start-ups in the state. Met delegation from Tie Silicon Valley. Hope fruitful partnership leads Odisha into top-3 start-up states in India," Patnaik tweeted.

Odisha government is planning to set-up incubators to assist start-ups; my vision is to see Odisha among top-three start-up destinations in next two years, Patnaik added.

A three-member steering committee has been formed. With members from TiE Silicon Valley, this committee would regularly interact with the state to finalise the start policy, said Dabasis Patnaik, vice-president, TiE Bhubnaeswar.

It may be noted that TiE Bhubaneswar has already suggested a draft policy to the state government.

The draft policy aims to develop a robust ecosystem in five cities of Odisha by 2020. The objective also includes attracting Rs 1,000 crore in investments into the incubation and start-up ecosystem. It suggests that Rs 250 crore be provided for youth entrepreneurship activities for the next five years or earmark one per cent of the annual state budget.

The draft policy also targets establishing at least 20 technology business incubators and accelerators in different sectors in the state to encourage at least 1,000 technology product start-ups, developing 0.5 million square feet (sq ft) of incubation space, facilitating venture capital funding of a minimum of Rs 1,000 crore, setting up of a facilitation centre in each district and a single-window clearance facility, among other things.