At Kalkat Bhavan in Mohali, Punjab, the Honorable Chief Minister of Punjab, S Bhagwant Mann, officially launched the IMPunjab Accelerator. With a goal of making Punjab one of the top regions for startup hubs in India, Innovation Mission Punjab (IM Punjab) is a distinctive private-public partnership that intends to establish, empower, and act as a catalyst for startup communities in Punjab.
To help early-stage entrepreneurs lay a solid foundation and scale, the accelerator offers structured and effective mentor support, piloting opportunities, capacity-building programmes, catalytic money, investor contact, and business services.
Innovation Mission Punjab is a catalyst organization born from an unique partnership between the Government of Punjab and the private sector. The aim is to leverage capital, policy, technology, and community to establish Punjab among the top innovation ecosystems in India. Its role is to cement the base for innovation and organically boost the state of innovation in Punjab.
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Additionally, entrepreneurs will receive INR 3 lakhs from the accelerator as test money to verify business strategies. The accelerator, which is housed in Kalkat Bhavan, is a buzzing, cutting-edge hub with 12,000 square feet of modern workspace and features a 400-seat Auditorium, a 2-level networking area, activity zones, and meeting rooms.
“Punjab has a unique culture of entrepreneurship; with major startups of the country founded by Punjabi entrepreneurs. We need to provide the right support to our people to help them build their startups. World-class facilities like IMPunjab (Innovation Mission Punjab) Accelerator and leveraging the strengths of Punjab we will be able to create jobs and bring investments and create economic development and positive social change in the state”, Hon’ble Chief Minister S. Bhagwant Mann, said.
Talking about the uniqueness of the Mission, Pramod Bhasin, Chairman, IMPunjab (Innovation Mission Punjab) said, “We are working to build a vibrant and thriving ecosystem for startups in the entrepreneurial state. The Mission, with its networks, both physical and virtual accelerators, is bringing world-class mentors and global investors to provide all the support startups need to scale. We have already started supporting the startups and approximately 30% of these startups are led by women. We also want to thank Startup Punjab and Govt. of Punjab for supporting us.’’
About Innovation Mission Punjab
The Mission nurtures local startup communities by engaging key ecosystem stakeholders – business leaders and owners, investors, startups, academia, professionals, and government representatives – to craft and foster a culture of entrepreneurship and venture formation. It works with tech and non-tech enterprises in a variety of sectors and stages, with a particular emphasis on industries core to Punjab. It will create a robust entrepreneurship ecosystem based on three pillars:
- The Pollinator- acts as an umbrella organization that connects all the stakeholders, provides curated mentorship opportunities, market access, reaches the Punjabi diaspora and provides extensive scale-up support.
- The Accelerator- focuses on niche programs designed especially for specific cohorts to enhance the confidence to startups in Punjab. This body will connect all incubators to facilitate communication and host startup showcase events and joint programs
- The Innovation Fund- consists of Rs.150 crore with a 10% participation of the government as a corpus fund to invest in early-stage startups. This pillar will smoothen financial roadblocks for startups in Punjab and provide a strong source of support to startups.