How Meghalaya made it's mark in the startup space of India

Shillong: HOW MEGHALAYA MADE IT’S MARK IN THE STARTUP SPACE OF INDIA

In Meghalaya the establishment of the State Government's PRIME (Promotion and Incubation of Market-Driven Enterprises) initiative has helped nurture startups.

Under the PRIME initiative, the Meghalaya government has provided Rs. 6 crores in funding support to 280 startups through various funding initiatives.

For instance, 22 entrepreneurs received a Kickstarter grant of up to Rs 5 lakh each. Scaleup Innovation Loans of up to Rs. 25 lakhs were made available to 14 entrepreneurs, and 0% interest loans of up to Rs. 25 lakhs were made available to 143 entrepreneurs. 22 ateliers (workshops) have been given financial support for the benefit of the upcoming generation of entrepreneurs.

The majority of businesses that have benefited from PRIME are focused on handicrafts, conservation, local produce, and educational development, thereby supporting the local economy and promoting socioeconomic development.
In the past few years, entrepreneurs have created employment for over 3000 people, and their businesses have brought about an increase in income for local communities.

Meghalaya has a long history of matrilineal culture, making it one of the rarest places in the world. The women here lead from the front. Over 60% of the startups are owed by women led entrepreneurs.

Women led startups in the State have a valuation of over INR 10 crore. 20% of the funds allocated to the PRIME Kickstart Grant and the PRIME Innovation Scaleup Loan are reserved for women-led startups.

There are 40 plus start-ups with mentors, 60 + registered start-ups, 50 state-supported and private incubators; and 20 grassroots start-ups. 10% of the funds allocated to the PRIME Kickstart Grant and the PRIME Innovation Scaleup Loan are reserved for grass-roots innovators. The development of skill-based training and industry-specific incubators has enabled businesses to develop distinctive products and successful strategies, while the youth of the state have benefited from the training and feedback modules built for various phases of the startup process. The State Government has been effectively filling infrastructural gaps through the implementation of several noteworthy initiatives and the development of robust plans, such as 'From Idea to Execution,' for the capacity building of higher education institutions.

Moving forward, the state plans to include a Garo language translation option in the State Startup Portal to expand access to more startups and aspiring business owners as they move down this path of economic development.

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