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news details
Financial institutions can act as bridge between startups and innovation ecosystems: Advisor Skandan
7/20/2019 10:48:53 PM
Early Times Report

SRINAGAR, July 20: The Advisor to Governor K Skandan today urged financial institutions to give a thought for 'positive policy' to fund startups by associating them with innovation ecosystems to guide them in their early stages of business.
The Advisor stated this during a launch ceremony of 'Smart JK Hackathon'-the first State-level Innovation Competition-at J&K Entrepreneurship Development Institute (EDI), Pampore.
The one-and-a-half-month long innovation competition is aimed to institutionalize a model for harnessing the creativity and technical expertise of students and innovators to an already defined problem statement. There are six focus sectors including Agriculture, Horticulture, Solid Waste Management, Tourism, Handicrafts and Handloom and Smart City for which innovative solutions shall be sought from the students and innovators from across the state.
Hackathon is a digital programming competition aimed at identifying new and disruptive technological innovations for solving the challenges faced by the public, businesses and the industry.
Speaking on the occasion, the Advisor said that innovation ecosystems can act as a bridge between financial institutions and startups where these ecosystems provide the accessibility to superior technology, mentors, talent, corporates, customers, and government agencies, investors, etc.
He said that not all startups need investors while some need nurturing mainly during their early months or years, adding by this there can be balance by providing incubators to young firms. He also stressed on the need to link the innovative startups to other parts of the country so that they get the real exposure they require to scale heights.
He also urged EDI and institutions like Atal Innovation Mission (AIM) to do workshops in collaborations so that experts would share their expertise with young entrepreneurs.
The Advisor also cautioned that doing a startup would not be an easy thing but a small innovation can make a big impact where it makes individual to feel that he or she done something for society and for him or herself.
On the occasion he also thanked GELF (Global Education and Leadership Foundation), Misk Flobal Forum and Global Entrepreneurship Network for hosting a first of its kind regional event under 'Entrepreneurship World Cup' (a separate event) at JKEDI.
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