JCCI identifies finance as a major challenge for start-ups | bhopal | Hindustan Times
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JCCI identifies finance as a major challenge for start-ups

Jabalpur Chamber of Commerce and Industries (JCCI) on Sunday suggested startups to approach big industries to overcome problem of finance most of them face.

bhopal Updated: Oct 10, 2016 10:43 IST

Jabalpur Chamber of Commerce and Industries (JCCI) on Sunday suggested startups to approach big industries to overcome problem of finance most of them face.

The suggestion came after industry bodies identified finance as one of the major challenges for start-ups in the state.

‘Big industries are joining hands with start-ups by providing finance’

The Associated Chambers of Commerce & Industry of India (ASSOCHAM) national executive member and JCCI chairman Prem Dubey told HT that “a trend of joint venture is going on in the industry sector where the big industries are joining hands with the startups by providing finance.”

Atul Gupta, a startup founder in Jabalpur, is struggling to start large scale production of his designed hardware and components for all weather solar lamps, robots and automated products due to lack of finance.

He decided to start his own business after completing his masters degree in robotics from the PDPM Indian Institute of Information Technology – Design and Manufacturing, Jabalpur in 2012.

“I borrowed money from parents and friends to undertake research in designing hardware for robots and other products,” Gupta told HT.

“Now I require more funds for further research and development. But I don’t have money,” he said.

Despite his financial hardship Gupta is designing a platform for new entrepreneurs who are struggling to market their products. He proposes to upload their products on his website for marketing.

‘Big industries can come to the rescue of aspiring entrepreneurs’

The JCCI feels big industries can come to the rescue of aspiring entrepreneurs like Gupta.

“For youths who are willing to become an entrepreneur I have uploaded 365 different ideas on 365days365businessideas.blogspot.in,” Dubey said.

He said those “innovative ideas” would come handy in setting up units in any field ranging from manufacturing to services.

During the 2014 Global Investors’ Summit, chief minister Shivraj Singh Chouhan had promised to improve ease of doing business for micro, small and medium enterprises (MSME) sector and end ‘inspector raj.’