Punjab Govt’s IM Punjab Accelerator to invest in 15 Startups
- ByStartupStory | July 13, 2022
The state and privately-held organisation Innovation Mission Punjab’s accelerator programme will launch its cohort for startups by late July or early August this year in an effort to strengthen Punjab’s startup ecosystem.
Innovation Mission Punjab (IMPunjab) will invest Rs 3 Lakh in the accelerator programme for at least 15 startups working in a variety of industries, including agri-tech, deep-tech, food processing, logistics, and ed-tech, among others.
Abhishek Purohit, manager of the IMPunjab accelerator programme stated, “Each startup will receive Rs 3 Lakhs to grant as work on inputs during the accelerator programme for piloting in different markets, creating scalability, and leveraging technology.”
Somveer Anand, CEO and mission director of IMPunjab said, “Unlike other provinces, the state does not have a thriving startup ecosystem despite opportunities in the textile, agricultural, automotive, and other related sectors. There were only a few startups operating in the state prior to the launch of IMPunjab; however, since then, there has been a 4x increase in this number.”
Over the years, the state government has requested support from various departments for Punjab’s various sectors, but nothing has materialised in terms of gathering and bringing innovation. The state government established IM Punjab in late 2021 to drive technological innovation across a range of industries.
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About IMPubjab :
In essence, IMPunjab is a public-private partnership in which the state government mandates and provides financial support for the organisation, but the private sector manages it. The state-led organisation plans to establish a $150 million innovation fund to finance investments in early-stage businesses in a variety of industries, including agri-tech, food processing, healthcare, and gaming.
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