Startup a Harbinger of Economic Efflorescence in the State

Written by, Dr. Manas Ranjan Debata || Dean Academics

Odisha is not economically poor. It is vibrant with inexhaustible natural resources. We should make the optimum utilization of natural resources to secure the larger economic interest of the largest section of society.

There is a conducive business ecosystem that boosts start-ups in Odisha. All out step has been taken like institutional support to startup, access to markets, Incubation support & funding support, capacity building of enablers, Mentoring support & above all fostering innovation &entrepreneurship. 

The Electronics & IT Ministry, Government of India has formulated the National Policy of Software Products for the holistic growth of the IT Industry.  The policy envisages providing a germinating ground for software product startups, encouraging R&D  & innovation & improving domestic demand to develop the country as a software product nation.

The women entrepreneurs monitored by 15 Nodal institutions & a widespread network of incubators played a significant role in Odisha’s resurgence in national start-up intervention. 

16^th January has been celebrated as National Startup Day. Our 77000 startups represent the beginning of a new vision for the nation & they contribute & operate in 73 verticals in the country. Entrepreneurs have made billions out of big ideas in the world of startups.

Since digitalism has been revolutionized, thousands of startups will be built to bolster the innovation process. Multiple startups across multiple sectors will define & determine the future prospects of economic amelioration. 

The expansion of entrepreneurship, innovations& search for new markets among The financing sectors will have to consider innovative financing& sustainable risk management of new futuristic ideas & initiatives. startups should be invigorated.  

Odisha Startup Policy – 2016 

The government of Odisha has introduced Startup Policy 2016 in alignment with the Government of India’s Startup India Policy in the year 2016. 

Vision

To emerge among the top 3 Startup hubs in India by 2020 through strategic partnerships, conducive ecosystem, investment, and policy interventions 

Mission 

1. Build a holistic Startup ecosystem in Odisha to enable the State to become one of the top three Startup destinations in the country.
2. Provide fiscal and non-fiscal benefits in a transparent and time-bound manner. 

Objectives

1. To develop a world-class” Startup hub” in Odisha by 2020.
2. Encourage incubators including sector-specific ones aligning with the State’s strengths and requirements.
3. Create an enabling environment and supporting ecosystem  that facilitates at least 1000 Startups in the next five years in the state.
4. Take steps to provide skill-based training to encourage youth to take ups startups.
5. Encourage all major companies operating out of Odisha to include skill and infrastructure development for Startups  as an integral component of their CSR activities.
6. Create a strong institutional framework for effective implementation, monitoring, and evaluation of this policy.

Scope 

The policy would provide incentives and exemptions over and above the Startup policy of the Government of India and any other existing policy of the State. 

Policy Period 

The Odisha Startup policy will remain in operation for a period of five years from the date of its notification or until substituted by another policy, whichever is earlier. 

Present Status as of 31.05.2023 

• No. of Startups 4551
• No. of DPIIT registered Startups 1865
• No. of Incubators 40

RCM Incubation Foundation

Regional College of Management (RCM), Odisha is in the process of establishing an incubation center in its Bhubaneswar campus to create opportunities and handhold young entrepreneurs during the startup process for employment generation while developing the economic strength of the society.

Objective

• To encourage, and support the growth of both social and technology-based startups.
• To leverage the talent and aspirations of young graduates.
• To improve the employability of graduates.
• To promote entrepreneurship culture among the students.
• To create an atmosphere for innovation and excellence.
• To broaden the multi-sectoral scope for education cum training.
• To impart entrepreneurship development knowledge and skills.
• To create broader avenues for economic self-reliance.
• To enhance the entrepreneurial ability of the students.

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Note: The Regional College of Management, Bhubaneswar the foremost college of Odisha is now offering a scholarship for Admission in 2023. Limited seats are available!