National start-up initiative “Young Unicorn” launched

As an emerging market for traditional and non-traditional start-ups, Punjab is witnessing a gradual transition towards building a non-agriculture dominated economy. A push in that direction, and strengthening India’s start-up ecosystem, SROT (Start-up for Research in Operational Technologies (SROT)) incubation centre at VIIT, Pune, which supports young entrepreneurs in developing innovative, “Make in India” products and businesses, through its Startup Forum – IBSE (International Board of Startup & Entrepreneurship), launched the “Young Unicorn” programme in Amritsar.

The initiative is designed to nurture aspiring entrepreneurs and budding start-ups from across the nation, with a strong focus on Punjab, projecting over 70 per cent participation from the state alone. Padma Shri awardee and eminent academician, Prof Harmohinder Singh Bedi led the launch as guest and stressed on self-employment becoming the end game for the next pool of graduates in the country.

The launch featured lectures and sessions by entrepreneurs, including Dr Atul Mehta, CEO of Pay10, Supreet Singh, Founder of PHCPL and Chetan Sahore, Head – ERD.

According to DPIIT (Department for Promotion of Industry and Internal Trade) data till 2023, the number of registered start-ups in Punjab stood at 1,253. While the latest figures may be on the upward now, Punjab overall accounts for approximately 1.1 per cent of the total start-up registered by the DPIIT.

DPIIT is a department under the Ministry of Commerce and Trade responsible for developing and implementing policies, providing industrial assistance to entrepreneurs and managing Start-Up India initiatives that offer tax benefits and other support to recognized start-ups.

Dr Bikram, Founder of SDC India and participant of Shark Tank India, who led the conversation with sharp insights into the entrepreneurial journey, called Punjab a ‘potential waiting to be tapped’ in terms of building a sustainable entrepreneurship ecosystem. “Contrary to popular belief, Punjab is not just an agri-dominated economy. We have had a lot of traditional businesses that never really were promoted on a level they should have been. But the time is now,” he said.

The event drew an audience of 152 delegates, including businessmen, industrialists, investors, mentors, startups, incubators, universities, professionals, colleges, schools and ecosystem enablers from Punjab, Haryana, J&K, Delhi, Chandigarh, Karnataka, and beyond, showcasing the programme’s national appeal.

Amit Madaan, Chairman of SROT India, said, “Young Unicorn is not just a programme, but a movement to empower young minds, provide them the right eco-system, and create future unicorns from Punjab and India at large. The launch of Young Unicorn marks the beginning of a national journey to spot, nurture and celebrate entrepreneurial talent, with Punjab positioned at the forefront of India’s start-up revolution.”