Bhubaneswar, Sep 6 : The Odisha government has approved a grant of Rs.1.28 crore to 10 high-potential startups to boost innovation and entrepreneurship in the state.
The grant is also aimed at supporting the growth of startups in sectors such as Agri-tech, food and beverages,HR-Tech, enterprise technology, retail, education and logistics.
The grant was approved during the 2nd board meeting of Startup Odisha, an initiative backed by the Micro, Small, and Medium Enterprises (MSME) Department of Odisha.
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.
Executive Chairman, Startup Odisha Dr. Omkar Rai said, the investments in state’s startups signify the 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,Shri 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,Rai said.
