Explore the pivotal role of the Assam Startup Cell in empowering home-grown businesses and startups.
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Digital literacy, a supportive environment, and foreign investments are some of the factors that are fostering a culture of entrepreneurship and innovation in India.
But what about Assam and Assamese youth? Are Assamese people doing business? Yes, business in Assam is not an alien concept anymore. Business culture in Assam is flourishing rapidly, and Assam youth are way more interested in becoming new-generation entrepreneurs than struggling for a mediocre job.
Also, the government of Assam is diligently cultivating a sustainable business ecosystem in the state. The Assam Startup cell and Ease of Doing Business are two major initiatives for this purpose.
The Role of the Assam Startup Cell
‘Assam Startup—The Nest’ is a startup incubation centre founded by the government of Assam on January 20, 2019. Started under the norms of ‘Assam Startup Policy 2017’. The Nest has successfully incubated 255 startups until August 2023.
The incubated startups collectively generated 4900 direct and indirect employment opportunities, impacting 1.4 million (14 lakh) lives within and beyond the state. It is a moment of pride and appreciation that the cell has successfully empowered 1500 women entrepreneurs from rural areas of Assam. Few startups are in the pre-revenue phase, while others generated revenue of 33 crore INR in the financial year 2022–23.
In the financial years 2022–23, 109 startups have been successful in attracting investors and raising a capital of 74 crore INR. In the years 2019–20, the amount of capital raised was only 5.61 crore by 7 startups. Assam Startup: The Nest owes the credit for the 1254.72% increase in fundraising within just 2 years.
The Nest is operating on a noble vision to build an ecosystem to discuss ideas, draft business models, and connect investors and entrepreneurs under the same roof.
Source: Assam Startup
The long-term visions
The Assam Startup Cell, with its unwavering commitment, envisions a future where innovation and entrepreneurship converge to propel the state’s economic growth. Their long-term vision is to establish 10 incubation centres, foster 1000 new startups in the next 5 years, and create a sustainable entrepreneurial ecosystem that ripples into every corner of Assam.
At the core of this vision lies the establishment of 10 incubation centres strategically positioned across the state. These centres will serve as nurturing grounds, providing fledgling startups with the essential resources, mentorship, and infrastructure needed to flourish.
The goal of fostering 1000 new startups within the next five years reflects the determination to unleash the untapped potential inherent in Assam’s entrepreneurial spirit. By providing a conducive environment for idea incubation and business development, the Assam Startup Cell aspires to spark a wave of innovation that not only benefits the startups themselves but contributes significantly to the economic development of the state.
Perhaps the most impactful aspect of their vision is their commitment to generating 1 lakh direct and indirect employment opportunities. By nurturing a culture of innovation and supporting the growth of startups, the Assam Startup Cell is not only fueling economic prosperity but also addressing the crucial issue of unemployment.
In conclusion, the Assam Startup Cell’s vision is a beacon of hope, signalling a transformative era for the state’s entrepreneurial landscape. With a strategic roadmap that encompasses incubation centres, startup growth, sustainability, and job creation, Assam is poised to become a hub of innovation and economic prosperity.
Bottomline
Promoting local startups and businesses is one of the agendas of Diversity Assam. If your business is related to Assam, Assam tourism, Assam tea, food, lifestyle, or any other business that promotes local products, we are ready to promote your business.
Diversity Assam is the first of its kind content publisher from Assam, proudly publishing blogs, articles and stories to promote the natural, social, cultural, and financial diversity of Assam. Contact us at editor@diversityassam.com
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