Mohali
Speakers at a session on startups during the Invest Punjab Summit on saturday discussed policy support, funding access and industry participation required to build a stronger startup ecosystem in Punjab.
The session, titled “Idea to Impact: Punjab’s Journey as a Startup Destination,” brought together government officials, investors and startup mentors to examine how the state can support early-stage ventures and scale them into large companies.
Punjab Development Commission chairperson Seema Bansal, said “Punjab has the resources and institutional support needed to develop startups. The focus should now shift to expanding the ecosystem so that more companies can grow into large technology firms.”
Industries and commerce director Surabhi Malik presented the incentives introduced by the state government to support entrepreneurs. She said the government has introduced fiscal and non-fiscal measures aimed at encouraging new ventures and easing regulatory processes.
Speaking during the session, S K Rai, managing director of Hero Cycles, said startups require wider participation from investors and industry leaders. He said funding support should come not only from the government but also from private investors. Rai cited a model developed by Indian Institute of Technology Roorkee where thousands of investors contributed funds to support startups.
He pointed out that investors in the state are often reluctant to back startups and prefer safer options such as real estate. “In Punjab, people are not ready to invest in startups. They would rather invest in real estate and keep fighting legal battles over property. Because of this, we keep hearing stories about fraud instead of successful startups,” he said.
{{/usCountry}}He pointed out that investors in the state are often reluctant to back startups and prefer safer options such as real estate. “In Punjab, people are not ready to invest in startups. They would rather invest in real estate and keep fighting legal battles over property. Because of this, we keep hearing stories about fraud instead of successful startups,” he said.
{{/usCountry}}Puneet Verma, president of TiE Chandigarh, said entrepreneurs often seek guidance on how to build successful companies. He said the organisation works with startups on mentorship, market access and growth strategies.
Innovation Mission Punjab chief executive officer Somveer Anand shared experiences from the “Startup Punjab” initiative and spoke about challenges faced by entrepreneurs while building new ventures.
The session was moderated by Himanshu Rattan of KPMG. The discussion concluded with an interaction between the panel and participants attending the summit.