SHILLONG, Sep 2: A ‘first-of-its-kind’ North East Entrepreneurship Development Programme (NEEDP) was launched by the North Eastern Council (NEC) in collaboration with B-School Incubator, IIM Calcutta Innovation Park, in a function at NEC Secretariat, Nongrim Hills, here.
Dubbed as a pioneering initiative encompassing beneficiaries from all the eight states of the Northeast, the initiative envisages identifying and empowering 270 promising entrepreneurs from the region with well-laid incubation and pre-incubation programs.
The NEEDP was launched by NEC Secretary K Moses Chalai.
Addressing the gathering, Chalai spoke about the importance of infusing innovation and technology in startups and small businesses to scale it up to a higher level. He was optimistic about creating highly successful startups, including unicorns from Northeast. “The region has a lot of untapped young talent and their brilliance always enthuses. Providing them a right platform and opportunities will not only brighten their career but, boost the economy of the NE region”, he added.
The first phase of the initiative, the NE Entrepreneurship Challenge (Hunt), was also formally launched during the inauguration ceremony. The hunt is a combination of multiple initiatives aimed at identifying top 270 startup ideas from the region. It would culminate with Reward and Recognition Summit, wherein the 270 selected startups will be awarded with cash prizes, certificates and enrolment into the incubation and pre-Incubation programmes.
The Pre-Incubation programme aims at grooming 150 idea/prototype stage startups towards enabling them to structure an initial business plan with all the key components of a viable and sustainable venture. They will also be awarded a prototype grant of Rs 1 lakh each with an additional Rs 4 lakh for top 25 performers by the end of the pre-incubation programme.
The incubation programme will be run in parallel lines for 120 startups having a ‘Proof of Concept’ or early revenue. It is aimed at consolidating the startups’ knowledge of the business nuances towards helping them commercialise or scale up their ventures. These startups will be awarded Rs 3 lakh each as commercialisation grant, with an additional Rs 7 lakh for top 20 performers at the end of the programme.
The buzz around startup entrepreneurship has slowly but certainly gripped the region over the last five years.
The region has woken up to the enormous prospects of entrepreneurship that could resolve a gamut of problems, including unemployment and lack of national exposure to the local culture and resources.
While a number of entrepreneurship development initiatives have been introduced state-wise by the respective state governments, this is for the first time that a big-scale program has been launched for entrepreneurs from the entire Northeastern region.
Given the scale and coverage of the initiative, the NEEDP is expected to create a far-reaching impact in terms of spurring the rise of a new breed of first generation entrepreneurs and consolidating the overall entrepreneurship ecosystem in the region.
