Advisor Department of Industries and Commerce Hekani Jakhalu and others during the disbursal of funds to five Startups from Nagaland by YouthNet Incubation Centre under SISFS om March 25 at YouthNet Dimapur Office. (Photo Courtesy: YIC)
Dimapur, March 25 (MExN): “There is no free money, only performers will be rewarded," Nagaland Advisor to Department of Industries and Commerce (DIC) Hekani Jakhalu asserted today while underscoring the reality of today's competitive terrain.
Addressing the event to mark the disbursal of funds under Startup India Seed Fund Scheme (SISFS) at YouthNet Dimapur Office, she also stressed on the imperativeness of earnest effort and diligence, while noting that success and prosperity are reserved for those who demonstrate serious commitment.
Under SISFS, five Startups from Nagaland are being funded by YouthNet Incubation Centre (YIC) with the total seed funds of Rs 1.13 crore.
The scheme is the aimed at providing financial assistance to startups for proof of concept, prototype development, product trials, market entry and commercialisation, informed a press release from the Centre.
The five startups are Tsivi Self Care Private Limited, Ngurie Organic Private Limited, Tm Hydrocultiva Solutions Private Limited, Gogivers Services Private Limited and Artistic Naga Touch Private Limited.
Meanwhile, DIC Director A Temjen Jamir commended the startups for their trailblasing endeavours, noting their role in elevating the entrepreneurial ecosystem in Nagaland.
Mentor YIC, Yanpvuo Kikon and Founder Kikonic & Kley Enterprise also highlighted that Nagaland Startup scenario has reached ‘new heights’ in recent years and said he was impressed to see how things has evolved in just a short span of time.
He attributed the same to relentless drive of visionary entrepreneurs.
Earlier YouthNet Director Nuneseno Chase, in her welcome address lauded the startups for their dedication, urging them to serve as beacons of inspiration within the State and beyond.
She highlighted also the transformative potential of the Seed Fund, envisioning it as a catalyst for the startups' evolution into formidable players on the industrial stage.
YIC Manager Neikepekho Shosahie also maintained that unlike traditional banks which provide loans mostly to asset-backed applicants, the centre looks into promising ventures backed applicants.
The funding by the incubator for startup was given as a soft loan with a nominal interest rate of 3% per annum and it prioritises ventures with promising prospects to nurture the burgeoning startup ecosystem, the release added.
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