Correspondent
ASSAM: In a significant move to foster entrepreneurship in the State and support the visionary initiatives of Dr. Himanta Biswa Sarma, the Chief Minister of Assam, the Government of Assam and the Small Industries Development Bank of India (SIDBI) have joined hands to invest a total of ₹150 crore in the Assam Startup Venture Fund.
Under this collaboration, the Government of Assam has pledged a substantial contribution of ₹100 crore, while SIDBI, a key financial institution supporting small and medium-sized enterprises (SMEs), will provide ₹50 crore towards the fund. This partnership aims to create a vibrant startup ecosystem in Assam, stimulating economic growth and job creation in the region.
The Assam Startup Venture Fund serves as a crucial platform to identify, nurture, and finance promising startups in the state. By facilitating access to capital, mentorship, and networking opportunities, the fund aims to empower entrepreneurs and innovators to turn their ideas into successful businesses.
Dr. Himanta Biswa Sarma, who envisions Assam as a hub for startups and innovation, expressed his enthusiasm for the partnership, stating, "We are committed to creating an enabling environment for aspiring entrepreneurs in Assam. This collaboration with SIDBI will provide the much-needed impetus for startups to flourish, contributing to our goal of building a thriving startup ecosystem in the state."
SIDBI's contribution to the Assam Startup Venture Fund reflects its dedication to supporting the growth and development of startups across India. As a leading financial institution focused on promoting MSMEs, SIDBI has been instrumental in providing financial assistance, technical support, and guidance to countless entrepreneurs and small businesses.
Dr. Siva Ramasamy, Chairman and Managing Director of SIDBI, emphasized the organization's commitment to nurturing entrepreneurship and said, "We are delighted to partner with the Government of Assam in their mission to promote startups. This collaboration will fuel the startup ecosystem, fostering innovation and job creation in Assam."
The Assam Startup Venture Fund will play a vital role in identifying and backing innovative startups across various sectors, including technology, agriculture, healthcare, and more. By channeling resources into promising ventures, the fund aims to accelerate the growth of these startups and enable them to scale their operations, thereby contributing to the overall economic development of Assam.
Through this collaborative effort, the Government of Assam and SIDBI are not only providing financial support but also demonstrating their commitment to nurturing and empowering the entrepreneurial spirit in the state. By fostering an environment conducive to innovation and growth, this partnership is set to unlock the potential of Assam's startup ecosystem and drive sustainable economic progress in the region.
As Assam continues to attract budding entrepreneurs and innovative thinkers, the Assam Startup Venture Fund will serve as a catalyst for their success, promoting a culture of entrepreneurship and paving the way for Assam to emerge as a thriving startup hub in the country.