5 Nagaland startups get Rs 1 crore

BNE News Desk

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Kohima: The scene for start-ups has improved dramatically in Nagaland in the last 4-5 years, YouthNet Incubation Centre (YIC) mentor and Kikonic & Kley Enterprise founder Yanpvuo Kikon said. He also informed that 5 firms from Nagaland have recently qualified to receive Rs 1.13 crore as seed funding.

"Tsivi Self Care Private Limited, Ngurie Organic Private Limited, Tm Hydrocultiva Solutions Private Limited, Gogivers Services Private Limited, and Artistic Naga Touch Private Limited were among the startups that received financial assistance from YouthNet Incubation Centre (YIC) under the Startup India Seed Fund Scheme (SISFS)", he said. "I am awed by how quickly things have changed in the state", Kikon said. He credited this transformation to the visionary entrepreneurs' tireless efforts.

According to the YouthNet official, the fund aims to support businesses with proof of concept, prototype development, product testing, market entrance, and commercialization costs.

Handing over the funds, Industries & Commerce advisor Hekani Jakhalu, who is also the founder of YouthNet, emphasized the realities of today's competitive environment, stressed that "there was no free money" and that "only achievers would be rewarded."

YouthNet director Nuneseno Chase commended the entrepreneurs and urged them to act as beacons of inspiration throughout the state and beyond. "The seed fund has a revolutionary potential and can be pictured as a catalyst for entrepreneurs to evolve into significant industrial actors."

Industries and Commerce Director A Temjen Jamir commended the businesses for their pioneering efforts, highlighting their significance in improving Nagaland's entrepreneurial environment.  According to Centre Manager Neikepekho Shosahie, unlike traditional banks, which primarily lend to asset-backed applicants, the YIC-SISFS fund considers prospective venture-backed applicants.

"The incubator's capital for startups was provided in the form of a soft loan with a nominal annual interest rate of 3% and the incubator prioritized initiatives with good prospects to nourish the budding startup ecosystem", Shosahie said.

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BNE News Desk