Punjab has left a strong footprint for entrepreneurs by becoming a hub of more than 450 startups and more than 20 incubators. Recognizing the potential of Punjab, Innovation Mission Punjab is being launched to help the startups to grow further. The different stakeholders who will be part of this mission are industry corporations, media, farmers, government, investors, incubators, academia, startups and more. The aim of starting the Innovation Mission Punjab is to place Punjab in the top three innovation hubs in the country.
Unique Public-Private Partnership
Innovation Mission Punjab is an example of a perfect public-private partnership. Even though the mission was started by the private sector, it managed to receive strong support from the government. The different departments that have paired with the private sector include the Department of Agriculture, Department of Industries and Commerce, Startup Punjab and Mandi Board. All the listed departments will be contributing INR 30 crores each. In addition to this, support will be provided in the form of a rent-free lease for ten years, operating expenses for the first three years and further, support from different incubators and startups. India has recently come to the spotlight for producing plenty of unicorns and of course, the country is filled with many startups including the small ones that ship their products to both national and international regions via courier companies like TCS and Pakistan Post. One common denominator which is visible in almost all Indian startups nowadays is the implementation of technology for advancing the business.
What Is The Potential Of Innovation Mission Project?
The Innovation Mission Project has a huge potential to improve the economic situation of Punjab by supporting different startups. It is also expected that the project will generate plenty of jobs which in turn will invite plenty of investment in the state. What makes the Innovation Mission Project highly lucrative is that it is supported by well-known names from both the public and the private sector. The presence of a rich brain in the project creates an optimistic scenario in Punjab to improve the job scenario in the state.
Three Pillars Of Innovation Mission Project
Innovation Mission Project rests on three pillars: pollinator, accelerator and venture fund. The pollinator focuses on creating a network of incubators that are virtual in order to organize a myriad range of events like ideathons, boot camps and pitch days to create a vibe of a vibrant ecosystem culture. Secondly, the accelerator will focus on curated mentorship and structure guidance to the startups of the state on the basis of the sector in which they are dealing in and on the stage that they are in. The setup for the same will be provided at Kalkat Bhavan. Lastly, venture funds will focus on having a venture fund of INR 150 crore in order to support the startups which are in their early stage. Further, the early investors will be incentivised by the government through a 10% corpus and INR 10 crore cumulatively guarantee.
Mera Kaam Mera Maan
In addition to supporting the Innovation Mission Project, the Punjab government also gave a go-ahead to the Mera Kaam Mera Maan scheme to help the unemployed youth of the state to enhance their skills, which in turn will increase their employability chances. The scheme will consist of short-term skill training and it will be available to the youth for free. Currently, the pilot version of the scheme will be available to construction workers and their children. The pilot project of the scheme has a budget of INR 90 crore and it is targeting to benefit 30, 000 people. Apart from training the people in the pilot phase, the scheme will also provide an allowance of INR 2, 500 for 12 months after a candidate has joined the course and further, will support the candidate during the pre-placement and post-placement phase.
For availing this scheme, the construction worker or their ward should be listed in the Construction Workers Welfare Board, Department of Labour and should contact the District Bureau of Employment and Enterprise. Hopefully, both the schemes together will further improve the economy of the same. Previously, the Ghar Ghar Rozgar te Karobar Mission provided employment to around 17, 61 lakh youth since 1st April 2017. Most of the youth who participated in this mission opened their self-employment ventures, many engaged themselves in the private sector while the rest of the youth managed to get government jobs.