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DIMAPUR — YouthNet Incubation Centre under the Startup India Seed Fund Scheme (SISFS) on Monday provided funding amounting to INR 1.13 crore to five startups from Nagaland.
The fund was given with the aim to provide financial assistance to startups for proof of concept, prototype development, product trials, market entry and commercialization, an update from YouthNet stated.
The startups include Tsivi Self Care Private Limited, Ngurie Organic Private Limited, Tm Hydrocultiva Solutions Private Limited, Gogivers Services Private Limited and Artistic Naga Touch Private Limited.
Giving out the funding to startups at YouthNet, Dimapur office, Advisor of Department of Industries and Commerce, Hekani Jakhalu, in her address, underscored the reality of today's competitive terrain.
“There is no free money, only performers will be rewarded," Jakhalu said, highlighting the imperative for earnest effort and diligence and affirming that success and prosperity are reserved for those who demonstrate serious commitment.
Additionally, she expressed admiration for the unwavering dedication exhibited by the startups in their entrepreneurial pursuits.
Director of Industries and Commerce, A Temjen Jamir, commended the startups for their trailblazing endeavours, noting their role in elevating the entrepreneurial ecosystem in Nagaland.
Mentor YIC and founder of Kikonic and Kley Enterprise, Yanpvuo Kikon highlighted that Nagaland startup scenario has reached new heights from what was four five years back. Kikon said he was impressed to see how things have evolved in just a short span of time in the state, attributing it to the relentless drive of visionary entrepreneurs.
Earlier YouthNet director Nuneseno Chase, in her welcome address, lauded the startups for their exemplary dedication, urging them to serve as beacons of inspiration within the state and beyond.
She highlighted the transformative potential of the seed fund, envisioning it as a catalyst for the startups' evolution into formidable players on the industrial stage.
Centre manager Neikepekho Shosahie said that unlike traditional banks which provide loans mostly to asset-backed applicants, YouthNet Incubation Centre SISFS funding looks into promising ventures.
The funding by the incubator for startup was given as a soft loan with a nominal interest rate of 3% per annum. The incubator prioritises ventures with promising prospects to nurture the burgeoning startup ecosystem, the update stated.
Also read: YouthNet launches Incubation Centre Cohort 2