Bihar is coming-up to be called “The Next Startups Hub”.
Bihar gears up to ride high on startups. Bihar Entrepreneur’s Association (BEA) with start ups in IT and agriculture, is starting their own incubation centre at Bailey Road, Patna with partners like Nasscom, E-cell of IIT Kharagpur, ICAR and others.
Patna / Kolkata, INDIA | Red Newswire. ET Bureau | 3 Nov, 2015, 10.30AM IST.
A NIFT pass out, Kriti Kanodia, all of 24, left her career as a designer with a popular online retailer in Hyderabad to come back to her home town in Patna and become an entrepreneur. In a little over a year and a half, Kanodia now owns a boutique business hotel under the brand name of Savera Hotels and is also looking at adding two more properties to the same banner.
Kanodia is, however, not the only one.Kalpana Kumari who had been exporting Bhagalpuri silks worth Rs 2 crore informally , now has a registered brand and a business model too. Hansa Sinha’s Genesis Consultancy , Shashank Kumar’s FarmsnFarmers,Shweta Tiwary’s Chungi -the list goes on, young entrepreneurs are riding high on start ups.
“People who had moved out of the state due to lack of facilities are now coming back to Bihar with their big startup idea.From education to IT hardware, agriculture to textile and handicrafts, young entrepreneurs are exploring avenues,” said Kaushlendra, an alumnus of IIM-A, who is also the president of Bihar Entrepreneur’s Association (BEA) with start ups in IT and agriculture.
And, in a bid to foster entrepreneurship in Bihar even amidst the poll battle in the state, BEA is running from pillar to post to encourage startups in the area. Having registered already a hundred of them under their initiati ve, the association has submitted a draft of an independent start-up policy in Bihar to the StartUp Committee formed earlier this year.
Not just counting on the state government’s promised Rs 500 crore venture capital fund for young entreprei neurs BEA is putting together a Rs 50 crore in Bihar Angel Investment fund attracting funds from London, Ukraine, Singapore and US.
Rs 15 crore has already been committed to this fund. The association is also creating their own crowd funding platform for startups to get their seed capital, the technology to be used in the same has already been outsourced from a Pune company called Dream Wallet.
Spreading awareness heads the priority list for BEA. “To promote the idea of startup, come December we would be having startup centres across 38 cities in the state, 5 of which have already been finalised at Patna Science College, Mirza Ghalib College at Gaya and GD College, Begusarai,” said Abhishek Kumar, secretary general, BEA.
“These start up centres have also tied up with banks like SBI, Central Bank of IndiaBSE 1.01 %, IDBI to provide easy loans to these entrepreneurs. Everything from technical assistance to legal advice would be given to entrepreneurs willing to have a start up of their own. Professors from institutions like MIT, OxfordBSE 4.29 % and Virginia University have been roped in for their expertise,” he added.
BEA is also starting their own incubation centre at Bailey Road, Patna with partners like Nasscom, E-cell of IIT Kharagpur, ICAR and others.