New Delhi, September 1: ‘North East Venture’ fund is attracting young start-ups which has generated huge enthusiasm among entrepreneurs looking for an opportunity in the North-Eastern region, said Union Minister for Ministry of Development of North Eastern Region (DoNER), Dr. Jitendra Singh.
While addressing the meet, Dr. Jitendra Singh said that the Northeast Venture Fund is the first dedicated venture capital fund for North-Eastern region and the initiative to set it up began in April this year. He said, Prime Minister’s “Startup India, Standup India” is an incredible programme which includes unprecedented provisions and incentives like, for example, tax holiday in the early phase and an exit period of three months. Added to this, the Ministry of DoNER is offering an additional benefit of providing the initial Venture Capital Fund to any youngster who decides to set up an entrepreneurship in the North-Eastern region.
Dr Jitendra Singh further explained that “North-East Venture Fund” has been set up by the North Eastern Development Finance Corporation Ltd (NEDFi), which already has the mandate to encourage entrepreneurship in the region primarily by offering support to the first-generation entrepreneurs. In addition, the NEDFi also performs the role of hand-holding and capacity building, he said.
Dr Jitendra Singh said, the region has huge potential for young Start-Ups unlike many other parts of the country and hoped that the unique idea of setting up a dedicated Venture fund will make up for the constraints faced by a youngster when he sets out to be on his own. He hoped that if the idea of Venture Fund supported StartUp entrepreneurship catches up, the day is not far when Northeast will become a favourite destination for young entrepreneurs and StartUps, not only from the Northeast region but from the whole of India.