The Jammu and Kashmir Startup Policy 2024 marks a significant step towards fostering innovation and entrepreneurship in the region. This policy aims to create a vibrant startup ecosystem by providing necessary support and incentives to budding entrepreneurs. The policy is designed to nurture startups through various stages of their development, from ideation to scaling up.
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Definition of a Startup as per J&K Startup Policy
A startup, according to the Jammu and Kashmir Startup Policy 2024, is defined as an entity that is:
- Registered in Jammu and Kashmir: The entity must be incorporated or registered within the state boundaries.
- Age of Entity: Not older than ten years from the date of incorporation.
- Annual Turnover: Should not exceed INR 100 crores in any preceding financial year.
- Innovation: Should be working towards innovation, development, or improvement of products or processes, or services, or if it is a scalable business model with a high potential for employment generation or wealth creation.
- Type of Entity: Incorporated as a Private Limited Company, a Registered Partnership Firm or a Limited Liability Partnership
- Original Entity: Entity should not have been formed by splitting up or reconstructing an already existing business
- Not A Subsidiary: The Enity should not be a subsidiary of Existing Indian or Foregin Company.
Focus Sectors:
| The Policy shall give special attention to Start-ups with disruptive value additions in the following illustrative focus sectors: 1. Food Processing and Allied activities. 2. Agriculture & allied sectors including Horticulture and Floriculture. 3. Handicrafts & Handlooms and their design element. 4. Education, Healthcare & Pharmaceuticals. 5. Textiles, Apparel & Fashion Technology. 6. Renewable Energy. 7. Electronics System Design and Manufacturing. 8. Information Technology enabled Services. 9. Tourism / Adventure Sports. 10. Environment Protection / Green Technologies. |
Key Benefits of the Jammu and Kashmir Startup Policy 2024
The policy outlines a range of benefits aimed at reducing the burden on startups and providing them with a conducive environment for growth. These benefits include:
Financial Incentives
| Benefit | Description |
|---|---|
| Seed Funding | One Time Assistance Up to Rs. 20 lakhs for product development and marketing. |
| Patent-Related Assistance | JKEDI shall assist and facilitate the startups recognized by JKEDI in getting patent related benefits |
| Mentorship | JKEDI shall earmark a special fund of Rs. 10 Lakhs for providing specific/complex/technical mentorship support for the start-ups recognized by JKEDI |
| Travel Assistance | Travel Assistance of Upto Rs. 1 Lakh for International Travel and Rs. 25,000/- for domestic travel will be given. |
| Patent Filing Cost | Reimbursement of up to 100% of patent filing costs for Indian patents and up to 50% for international patents, with a cap of INR 2 lakhs per Indian patent and INR 10 lakhs for international patents. |
| Incubation Centers | Support through state-sponsored incubation centers providing infrastructure, and other facilities. |
| Office Space | CoWorking Space alongwith High Speed Internet will be made available |
| Government Contracts | Preference will be given to registered Start-ups in Govt Procurement. |
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Non-Financial Incentives
Market Access and Networking
| Benefit | Description |
|---|---|
| Exposure Visits | At least One International/National exposure visit will be arranged every year. |
| Industry-Academia Linkage | Collaboration opportunities with universities and research institutions for R&D and product development. |
| Startup Festivals | Participation in national and international startup festivals and events sponsored by the state. |
Support Mechanisms and Infrastructure
The policy also emphasizes creating an enabling infrastructure and support mechanisms:
- Incubation Infrastructure: Establishment of new incubators and strengthening existing ones across various regions in Jammu and Kashmir.
- Startup Facilitation Centers: Creation of facilitation centers to assist startups with regulatory processes, compliance, and market strategies.
- Research and Development: Encouragement of R&D activities through collaborations with higher education institutions and providing grants for innovative projects.
Implementation and Monitoring
The effective implementation of the Jammu and Kashmir Startup Policy 2024 will be overseen by the J&K Entrepreneurship Development Institute (JKEDI). This body will coordinate between various stakeholders, including government departments, financial institutions, and industry players, to ensure the smooth execution of the policy. Additionally, a dedicated Startup Cell will be established within JKEDI to monitor progress, address grievances, and provide continuous support to startups.
Conclusion
The Jammu and Kashmir Startup Policy 2024 is a comprehensive initiative aimed at creating a thriving startup ecosystem in the region. By providing a blend of financial incentives, infrastructural support, and market access opportunities, the policy is set to transform Jammu and Kashmir into a hub of innovation and entrepreneurship.
