Pitching the State as an incubator for promoting entrepreneurship in Punjab, the Chief Minister Amarinder Singh on Thursday lauded the MoU signed by the Industries Department with an Australian company to incubate 50 social impact entrepreneurs by 2020 that will collaboratively transform 10 million lives before 2025.
The Memorandum of Understanding, which the Chief Minister welcomed as a great initiative to promote entrepreneurship in the State, was signed by the State Industries and Commerce secretary Rakesh Verma with Australia-based Goodles Private limited director Param Singh on the sidelines of the third TiECon-2018.
Under the MoU, the Australian company will set up four monsoon impact incubators with 50 social start-ups at a proposed investment of Rs five crore and employment potential of over 1,000.
Capt Amarinder said that the State’s first-of-its-kind social impact incubator would encourage women social entrepreneurs and will aim to have a balance gender parity among its incubates.
The incubator will assist the social entrepreneurs — including from Tier 2 and 3 cities of Punjab – first in Amritsar — to collaborate and network with highly qualified and successful mentors from around the globe, including travelling to Australia, Singapore, US, Canada, UK, Hong Kong, etc.
It will help them grow by providing access to finance (capital) from the growing global impact investment funds.
Capt Amarinder urged the young entrepreneurs, whom he described as the harbingers of growth, to come and explore the exciting investor supportive environment in Punjab and set up more industrial units here.
Assuring them of proactive Government support and assistance, the Chief Minister said that innovation and entrepreneurship were crucial for the growth of economy, and with the launch of the Industrial and Business Development policy, the roots of an authentic start-up ecosystem had been strengthened in the state.
Further, he said that with the launch of Punjab Startup Hub in Mohali, Punjab was now gradually emerging as a fertile ground for start-ups to grow and thrive.
The job creation resulting from the industrial development would act as a catalyst for the unemployed youth, which was the only way to prevent them from falling prey to drugs and crime, said Capt Amarinder.
Noting that skill development was the means to achieve the desired long-term goal of providing gainful employment to youth, Capt Amarinder said that Punjab would soon have a Skill University. He further said that he had already issued instructions to the 125 ITIs to double up as skill development centres from 4:30 to 9 pm every day.