UP Govt To Launch New ‘UP Angel Network’ To In A Bid To Lure Startups!
‘UP Angel Network’ will be unveiled at the ÚPStartup Conclave‘ by the Department of IT and Electronics on September 14, 2019. Vice President Mr. Venkaiah Naidu is likely to attend the UPStartup Conclave in Lucknow. The programme is a step in the direction to achieve the target of making UP a $1 trillion economy by 2024.
Uttar Pradesh Government led by Chief Minister Yogi Adityanath is set to launch an incubator programme to boost startups in the state. The programme will be called ‘UP Angel Network’ and will be unveiled at the UPStartup Conclave by the Department of IT and Electronics on September 14. The programme is a step in the direction to achieve the target of making UP a $1 trillion economy by 2024.
The incubator is touted to be one of the largest of its kind in India for handholding, financing and scaling up of new ventures in order to boost entrepreneurship and create jobs opportunities. In fact, the Adityanath government recently decided to set up a Rs 200 crore venture capital fund to promote micro, small and medium enterprises (MSMEs) startups, especially pertaining to indigenous industries in the state.
The state will sign a memorandum of understanding (MoU) with Small Industries Development Bank of India (SIDBI) in this regard. The fund would give preference to MSMEs which are involved in the manufacturing of traditional products and crafts under the aegis of state’s flagship One District, One Product (ODOP) scheme. While, 25% or Rs 50 crore would be provided by the Yogi Adityanath Government, the larger share of 75% or Rs 150 crore would be contributed by SIDBI for creating the venture capital fund to handhold and finance startups and enterprises. SIDBI would also function as the venture capital fund manager and facilitate credit flow to the MSMEs, startups and artisans by coordinating with different microfinance institutions, non banking financial companies (NBFC) and other such integrators.
Efforts taken by the UP Government
The CM has been taking multiple steps to ensure that his government is able to take the right decisions. The Chief Minister, with a few of his ministerial colleagues, went to the IIM in Lucknow for lessons in governance and leadership. A senior faculty of the institute conducted the lessons, which were a part of a leadership development programme called ‘Manthan’. The UP Government, in a statement, said: “It is the first time that a state government, in order to enhance its political leadership, has decided to seek training from one of the country’s best management institutes”.