The Jammu and Kashmir government will facilitate the growth of at least 500 new startups in the state in the next one decade under its 'Start-Up Policy2018', a top official said.
The Jammu and Kashmir government last month rolled out the 'Start-Up Policy 2018', which will be in forcefor the next 10 years, for inspiring and nurturing a new breed ofentrepreneurs.
"The policy will facilitate and nurture the growth ofat least 500 new startups in Jammu and Kashmir in next 10years", Principal Secretary Industries and Commerce ShailendraKumar said.
Under the policy, the government will establish at least10 new incubators across all three regions ofthe state.
Apart from facilitating access to early-stageinvestments for aspiring and existing start-ups, the policy willfacilitate setting up of innovation Labs in selected highersecondary schools and colleges across the state, he said.
The government will also facilitate setting up of threefabrication labs, one each in Jammu, Ladakh and Kashmirrespectively.
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The government will create a strong institutionalframework for effective implementation, monitoring andevaluation of this policy, he added.
The policy put in place by the department of industries isaimed to nurture and inspire the young and entrepreneurialbrains of Jammu and Kashmir to pursue innovation andentrepreneurship by creating a vibrant and conducive start-upecosystem in the state, he said.
A startup hub would be set up and it will fundamentallybe a platform for existing as well as aspiring entrepreneursto get connected with various promoters or start-up ecosystemsuch as business incubators, accelerators, Venture Capitalfirms, angels, mentors, etc.
A start-up shall be considered as a start-up,under this policy, if it is incorporated and registered, within the period of past 7 years and its turnover for any of the financial since incorporation or registration has not exceeded Rs 25 crore.
It should be incorporated or registered in Jammu and Kashmir and employees at least, 50 per cent of its permanent workforce the state, the policy said.
A strong institutional framework will be put in place for effective implementation, monitoring and evaluation of this policy, he said.
Kumar said a monthly allowance up to Rs 12,000, for a period of one year, during incubation and one-time assistance up to Rs 12 lakh shall be given to a recognised start-up for product research and development or introduction of an innovative product or service in the market.
"A start-up shall be eligible for energy assistance, international patent filing cost reimbursement, tax benefits and relaxations in public procurement processes," he added.
Other interventions proposed in the policy are creation of innovation, skill development fund, the establishment of Jammu and Kashmir Angel Network (JKAN), academic interventions and awareness and outreach, he said.
The policy shall give special attention to start-ups with disruptive value additions in food processing and allied activities, agriculture including horticulture and floriculture, textiles, apparel and fashion technology, renewable energy, handicrafts, handlooms and their design element, electronics system design and manufacturing and information technology-enabled services.