In a move that can be described as their true concern for the society, 28 leading businessmen of the State on Tuesday together floated a fund-base named ‘Bhubaneswar Angels’ to promote entrepreneurship among youths and encourage them to start their own ventures.
This initiative was launched at the fourth annual day celebrations of the Indus Entrepreneurs (TiE) here. “Bhubaneswar Angels would play a pivotal role in promoting entrepreneurs. We would not only focus on industry, but also lay emphasis on agricultural sector as over 60 per cent of the State’s population depends on this sector for living,” said promoters.
Attending the programme, Chief Secretary GG Pati lauded the effort and said initiatives should be taken at all levels to effect development in the agriculture sector. “Now, agriculture sector contributes only 15 per cent to Odisha’s Gross State Domestic Product (GSDP). We have to introduce latest technology in this sector in which young entrepreneurs play a major role for growth,” he said.
With an initial fund of Rs5 crore, these promoters would assist the entrepreneurs in setting up small and medium enterprises (SMEs). They would pump in Rs10 lakh to Rs50 lakh depending on the scale of the project.
Industries Secretary Sanjiv Chopra informed about the Government’s planning to announce a new industrial policy that would focus on entrepreneur-friendly industrial facilitation. Idco CMD Vishal Kumar Dev said. “The young generation is turning to entrepreneurship. The Bhubaneswar Angels would play a crucial role in motivating and promoting these young entrepreneurs.”
Among others, TiE Bhubaneswar president Rajiv Sekhar Sahoo and vice-president Debasish Patnaik were present. Notably, the TiE is in a mission to foster entrepreneurship globally through mentoring, networking, education, incubating, and funding.