BHUBANESWAR: The Odisha government is planning to set up a start-up hub, a one-stop destination to facilitate young entrepreneurs in the state. The proposed centre will be in line with T-Hub (one of the country’s largest incubator for start-ups), in Hyderabad.

“It will not only provide space but create an ecosystem for them (young entrepreneurs) and encourage innovations as well,” MSME Secretary L N Gupta said.

The start-up hub will be developed in public-private partnership (PPP) mode. “We have initiated talks with T-Hub and are planning to replicate their model here. The proposal is in its initial stages and the CEO of T-Hub, Jay Krishnan, is likely to visit the state soon,” Gupta said after inaugurating the Odisha Startup Summit.

Around 100 start-ups and several aspiring entrepreneurs, including engineering students, took part in the summit which started on January 12. It is being jointly organized by Bhubaneswar Startups – a group of young entrepreneurs – and Trident Group of Institutions.

“The summit will provide a good platform to aspiring entrepreneurs. New incentives are being undertaken for startups as per the state government’s start-up policy,” Gupta added.

During the two-day summit entrepreneurs are likely to discuss various issues like start-up work culture and challenges, legal issues and compliance including due diligence, contracts, tax and seriousness. Successful entrepreneurs will also share their stories with youngsters.

“Speakers will also give inputs on some basic questions like why do you need funds, how much funds is required, its utilization, valuation, how to pitch, how to discuss, what is the investor looking for, equity/debt and other issues,” said L N Satpathy, Executive Director of Trident Academy.

J B Pani, Co-Founder and Director of InDNA Life Sciences Private Limited, a biotech start-up said, “Entrepreneurs should come up with innovations which are practically applicable and they should start convincing their friends, family members about their ventures first. The angle investors are always there for the best and unique ideas.”

The participants also got a chance to interact with bank officers about loan documentation, loan processing, eligibility criteria and start-up schemes.

Founder of Paris Bakery, Jaynarayan Pujapanda said, “More such summits will help in creating a sustainable ecosystem in the state. New innovative ideas will definitely work if one gives his or her 100 per cent.“

Source: Times of India