Punjab Angels Network to create an incubation centre for startups


 

Chandigarh: In a bid to build an investment ecosystem for startups of the region, Punjab Angels Network (PAN) held the ‘Start-up Investment Summit’ here at Hotel JW Marriot in which around 250 investors, startups, bureaucrats and top businessmen participated.

“An ecosystem and uniquely designed investment model is the need of the hour for the region. Startups are fast emerging as major job providers. They are the real cushion of the economy. They need to be helped. Due to knowledge gaps about emerging technologies and the way these are being harnessed by startups, funding of startups remains a challenge,” said Sahil Makkar, Chairman and CEO (CCEO) of Punjab Angels Network.

Makkar, who is also a  chartered accountant, alumnus of Indian School of Business (ISB) and Executive Education from the Indian Institute of Management (IIM), Bangalore, said that the major problem which is creating hurdles in the growth of startups in the region is the fact that MSMEs, which are not abreast with the latest knowledge, do not gain confidence to hand hold startups.

“MSME's should start investing in young startups, as there are many advantages of this. The investor comes to know about the latest know-how, innovation and emerging technologies. PAN wishes to be a driving force for getting investments in startups,” added Makkar.

The summit saw some very interesting talks being delivered by the who's who of the startup world. Pertinent panel discussions too were held. Ms. Dianne Tipping, Chair, Export Council of Australia  gave a special address from Australia encouraging cross border investments. German origin entrepreneur Nicholas Boehnlein, pitched his startup presentation  in front of Punjab's investors.   

Sanjeev Kumar, a 1992 batch IAS officer and Additional Secretary, Department of Agriculture and Farmers’ Welfare, GoI, said that Rs 51 crore has been released to 923 startups from FY 2019-22 in installments. “We are promoting entrepreneurial culture. ICAR is supporting startups. They will get funds if they meet the guidelines,” said Kumar.

Ramanan R. Ramanathan, First Mission Director  of ATAL Innovation Mission Labs said: “Startups need the right kind of support at the right time. An Idea has to be blossomed into an entity for which professional guidance is required. Startups in Punjab and the adjoining regions are lucky to have Punjab Angels Network to guide them.”

Raman Bhalla of Sydney Investors , Australia said: “All potential investors should come forward to help startups. It is nothing less than giving back to society and community. If society and community grow, the nation will grow. Punjab will grow. No one will be left out.”

“Through Punjab Angels Network, we want to be a catalyst for the transformation of startups. Finance, branding, marketing, and research and development are very important for the growth of startups. PAN we will ensure these aspects are addressed for startups . We are also creating a small 10-seater incubation centre for startups. PAN also unveiled a membership drive at the event, ” summed up Sahil Makkar. BW

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