The Punjab government has launched a startup challenge to support budding entrepreneurs and individuals with innovative business ideas in the state. The competition, called the Future Tycoons-Startup Challenge, is a first-of-its-kind in the country and is organized by the district administration in collaboration with Startup Punjab.
The inaugural edition of the challenge saw participants setting up stalls at the G20 Summit in Amritsar and many others have successfully developed a mature market and clientele. The second edition had a remarkable 1,109 participants, with 81 going through screening rounds and 22 emerging as finalists.
The jury, consisting of industry experts and intellectual property rights specialists, played an independent role in the selection process. The event was conducted in partnership with Startup Punjab and Invest Punjab among others, and memorandum of understandings (MOUs) were signed for angel investments between the District Bureau of Employment and Enterprises, Patiala, and local industrialists.
Employment Generation and Skill Development Minister Aman Arora highlighted the Punjab Government’s commitment towards providing support and mentorship to budding entrepreneurs. He said, “The aim is to empower those in need and transform them into thriving business leaders. The government has created a conducive environment and chalked out assistance programmes for emerging entrepreneurs.”
Deputy Commissioner Sakshi Sawhney described the initiative as an effort to level the playing field for entrepreneurial opportunities and access to funding, networks and markets. She said, “The second edition had a remarkable 1,109 participants, with 81 going through screening rounds and 22 emerging as finalists.”
The Future Tycoons-Startup Challenge is a welcome initiative by the Punjab government to support budding entrepreneurs and boost the state’s startup ecosystem. The competition provides a platform for entrepreneurs to showcase their ideas and get access to valuable resources and support. It is also a great way to encourage innovation and entrepreneurial thinking among the youth.