STARTUP PUNJAB INKS MoU WITH AIC ISB MOHALI TO SETUP STARTUP ACCELERATION PROGRAM

Punjab Update

Chandigarh, November 22: In a major push to boost the startup ecosystem in Punjab, the Government of Punjab, through its Startup Punjab cell, signed a MoU with the Atal Incubation Centre (AIC) at the Indian School of Business Mohali to setup The Enable Start-up Track Acceleration program (ESTAC). ESTAC specifically focuses on areas of scalability for government enabled and private sector driven businesses.

Additional Chief Secretary Industries & Commerce Vini Mahajan said that the collaboration will support technology-led, scalable and investible start-ups to tap into the new opportunities resulting in economic growth in Punjab. Both Startup Punjab and AIC ISB will jointly enable pilot projects, in relevant departments of Punjab Government, for startups selected in the Enable Startup Track Acceleration (ESTAC) program with an objective to foster innovation and entrepreneurship in the region. This collaboration will prove to be instrumental in offering incredible opportunities to the startups based in Punjab, by providing them the requisite support and access to an ecosystem which nurtures their growth. 

Dean Indian School of Business Rajendra Srivastava said that AIC ISB would work with Startup Punjab and other program partners to identify and refine the theme areas for the ESTAC program that are of key importance for the region and will run acceleration programs around these identified themes with advisory support from Startup Punjab. The broader theme areas have been identified as Internet of Things, Artificial Intelligence, device technologies, Agricultural technologies, Agri-startups and Electric Vehicles.  AIC ISB, along with Startup Punjab and other program partners, will conduct assessments for the selection of final cohort. AIC ISB will offer acceleration support to the selected cohort of start-ups which includes masterclasses, workshops, mentoring sessions, advisor and investor connect.

          The Punjab Government through the ‘Startup Punjab’ cell is building an effective startup ecosystem in the State to bolster the entrepreneurial culture in the State. This initiative would also provide a platform to facilitate capability building via mentors to help the budding entrepreneurs to position their products in the market, scale up their business, and connect them to investment agencies.

Notably, the Punjab government is organizing the Progressive Punjab Investors’ Summit (PPIS) on 5th-6th December 2019 at the Indian School of Business (ISB), SAS Nagar (Mohali). The theme of the event is “Building Partnerships for Inclusive Growth – MSMEs in the Global Value Chain.” The Summit shall be a global platform for business leaders, investors and experts to share their opinions on ways to capitalize on the changing business ecosystem and to explore potential collaborations and partnerships. Further, there shall be a “Startups Session” on 5th December 2019 during Progressive Punjab Investors’ Summit 2019. The theme of the session is “How to make Punjab the Next Startup Destination Eminent”. Eminent industry leaders & stakeholders from the sector have been invited to be part of the session.

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