Bhubaneswar: The State Government has approved a grant of Rs 1.28 crore to 10 high-potential Startups in the State.
The grant is aimed at boosting innovation and entrepreneurship in Odisha and supporting the growth of startups in sectors such as Agri-tech, food and beverages, HR-Tech, enterprise technology, retail, education and logistics, officials said.
The grant was approved during the second board meeting of Startup Odisha, held under the chairmanship of Omkar Rai, in presence of MSME Principal Secretary Saswat Mishra.
This board committee is dedicated to evaluate and approve financial assistance to recognised startups and incubators as well as formulating a comprehensive framework for the Startup ecosystem to thrive.
The selected Startups will receive the grant in tranches, based on their progress and milestones achieved. The grant will be used to support the startups’ research and development activities, product development & marketing activities, and other operational expenses.
Startup Odisha Executive Chairman Shri Rai said, “In our relentless pursuit of fostering innovation and nurturing the entrepreneurial spirit, we are proud to announce this significant grant allocation. These investments in our State’s startups signify our commitment to creating a thriving ecosystem where innovation knows no bounds.”
Our vision is to build successful startups by providing necessary financial aid, mentorship and guidance that will help them scale and grow, he said.
This marks another significant advancement in Chief Minister Naveen Patnaik’s firm commitment to nurture 5000 startups by 2025, steering Odisha towards its goal of establishing itself as one of India’s top 3 hubs for innovation.