SHILLONG:
The Ministry of Development of North-Eastern Region (DoNER) along with North Eastern Development Finance Corporation Ltd (NEDFi) is targeting to invest a minimum amount of Rs 25 lakh each in select start-ups from the Northeast under the North East Venture Fund (NEVF) scheme.
Aimed at solving complex business problems to bring product and process-based innovation, efficiency, and transparency to start-ups in the region, the ministry believes that the funds will help first-generation entrepreneurs build new and innovative business models.
“With the emergence of start-ups, the Northeast has improved in terms of infrastructure over the years. More private investment is required in the areas of civil aviation, railways, health and nutrition that will bring about rapid development in the Northeast,” said Lok Ranjan, secretary of DoNER, addressing a gathering at the virtual launch of the Start-Up Investment Festival (SuIF) 2022, on February 15, in Shillong.
The month-long event will be over on March 15, where shortlisted start-ups will pitch their ideas to the investment committee, comprising veteran investment managers and industry experts, virtually and otherwise. Notably, the event is open for start-ups working on innovative solutions and ideas that aim to disrupt the way consumers, industries and businesses operate.
“Our aim is to reach out to first-generation entrepreneurs of the region, working on building business models based on new products and innovative technology backed services with potential and superior value proposition,” read a statement issued by NEDFi on the occasion.
Though the festival will try to reach out to the start-ups from all the states in the Northeast, its main focus will be Arunachal Pradesh, Nagaland, Meghalaya, Mizoram and Tripura, through targeted media campaigns to boost inclusive participation of entrepreneurs.
ALSO READ: https://themeghalayan.com/prime-initiative-supports-promising-local-entrepreneurs-in-meghalaya/