Union Finance Minister, Nirmala Sitharaman inaugurated the two-day North East Conclave of the Indian Institute of Corporate Affairs (IICA), under the Ministry of Corporate Affairs, Government of India at the IIM Shillong on July-11-12 last. The theme of the two-day flagship event was, “From Ideation to Incorporation.” The purpose of course is to assist in nurturing startups and infuse an entrepreneurial ecosystem across the North-Eastern region. This important Conclave was envisioned as a catalyst for innovation, incubation, and enterprise development through strategic policy discussions, institutional partnerships, and access to capital. All three are key drivers of businesses across the world. In her inaugural address Ms Sitharaman made a valiant effort to bring in the indigenous tribal values of Tip-briew, Tip-Blei (Know man, to Know God), Kamai Ia Ka Hok (righteous methods of earning) and Tip Kur Tip Kha (to respect the clans of both maternal and paternal sides). The Minister also spoke about native attachment to the environment and hoped that there would be a happy balance between conservation and development. It is rare for a Union Minister to spend all of four days to understand the opportunities and challenges that distant regions such as Meghalaya and the entire region face to get into the corporate bandwagon which is already deeply rooted in the rest of India. The North Eastern region has just started to come out of the shadows of militancy and dependence on government employment to launch itself into a region where corporate houses can start their ventures using local resources that have not been adequately and meaningfully utilised.
The youth of Meghalaya, many of whom have studied and worked outside the state are now looking to launch into the world of entrepreneurship. They need all the hand-holding that they can get from institutions such as the IICA. The discussions which centred around the themes (a) Incubation and innovation models (b) Funding opportunities (seed to early-stage) (c) Policy frameworks & incentives for startups (d) Entrepreneurship as a skilling & employment strategy are all very well -intentioned and much needed for the young to kick-start their entrepreneurial ventures. Having access to finance from banks entails having adequate collateral and that is a major problem. How to overcome such obstacles is where IICA comes in. Several start-ups without the necessary skill and understanding of policies and regulatory frameworks have led to premature closure, leading to disappointments and unpaid loans. It is to circumvent such a tumultuous journey that the IICA has come to Meghalaya.
The Finance Minister’s attempts to wed the tribal value systems with corporate culture must be appreciated because she probably knows that business must be tempered with good and honest practices unlike some billionaires in this country who had made off to foreign shores with thousands of crores of rupees taken from banks and living lavishly while the good times lasted. Those are poor models of doing business and Ms Sitharaman evidently wants businesses here to take off on solid values without compromising on integrity. Hopefully this will kickstart a new culture of doing business in Meghalaya.
