The state of Jammu and Kashmir (J&K) has now leapt into the frenetic world of entrepreneurship with its very own ‘start-up policy’. According to the Department of Industries and Commerce, the policy aims to nurture and inspire the young. A vibrant, innovative and conducive start-up ecosystem will be created.
Shailendra Kumar, the Principal Secretary Industries and Commerce said that the growth of new start-ups would be nurtured through “the establishment of at least 10 new state-of-the-art incubators, innovation labs and fabrication labs across all three regions of the state including the private sector.”
He further said, “a monthly allowance up to Rs.12, 000 for a period of one year during incubation and one-time assistance up to Rs.12 lakhs shall be given to a recognized start-up for product research and development or introduction of an innovative product or service in the market.”
Besides India, many countries the world over have been introducing their own start-up policies and initiatives.
- New Visa Programme: UK to Launch ‘Startup Visa for Entrepreneurs
- AIMBSN – New Platform for Muslim Startups
- Biggies Look at Startups to Build Synergies
- Chinese are now Investing in Indian Start-ups
Denmark is regarded as Europe’s most entrepreneur-friendly country and one of the easiest countries in the world for start-ups. Denmark offers low tax rates for starting businesses. It has well-structured government policies and social culture which undoubtedly leads to an exchange of ideas, supportive environment. United Kingdom offers one of the lowest corporation tax rates in the G20. Entrepreneurs can register their company with 48 hours and the government is very much supportive. Moreover, UK has introduced the Global Entrepreneur Programme (GEP) through which it helps overseas entrepreneurs and early-stage technology businesses or start-ups that want to relocate their business to the UK.
The number of new companies registered in China is increasing rapidly. Major factors behind the booming China start-ups include the government policy to develop new industries. According to the Industrial Research Department Global Strategic Studies Institute, “the direction of policy facilitates investments in companies in the early stages of business development and ample funds help attract high-performing talent including graduates from prominent universities in the US and prestigious universities in China.” Another factor is minimized regulations. UAE is a business-friendly state. Small and Medium-sized enterprises (SMEs) are a major part of UAE’s economy. UAE offers a friendly business environment and world-class infrastructure. Moreover, UAE is open to drones, hyper-loops, artificial intelligence, IoT, Block-Hain and Virtual Reality (VR) and these are being integrated into the city’s smart city plans. Similarly, Singapore offers entrepreneurs a platform to access local support initiatives and connect to the global entrepreneurial network. Moreover, it is a one-stop-source for loans, grants, funding and capability-enhancement. The Start-up SG platform is categorized under six pillars – Founder; Tech; Equity; Accelerator; Talent; and Loan…“ provides mentorship and start-up capital grant to first-time entrepreneurs with innovative business ideas.”
More importance is given to start-ups because it is an ‘economic booster’. And it is the centre of innovation. The culture of the start-up is here to stay.