Gandhinagar, Dec 21 (IANS) Gujarat has emerged as a leading hub of entrepreneurship, securing top position in the Startup Ranking for the fourth consecutive term.

With around 16,700 startups currently operating across the state, it has recognised as the country’s best-performing state.

While promoting entrepreneurship in Gujarat, Chief Minister Bhupendra Patel said, “Start-ups have the power to enable youth to start their own businesses and become a source of employment for others. Gujarat has built an ecosystem in which programmes such as ‘WEStart’ and the Student Startup and Innovation Policy (SSIP) empower women entrepreneurs.”

The astounding feat was however not achieved overnight, it took years of toiling and favourable investment climate coupled with carefully devised policies by the Union government as well as the state government to prop up aspiring entrepreneurs.

The Gujarat government, under Chief Minister Patel has built a foundation for innovation among youth and announced the SSIP 2.0 policy for five-year period from 2022 to 2027.

Under this policy, students from the school level to higher education are provided with appropriate guidance, encouragement, and financial support to nurture their creativity and innovation.

A total allocation of Rs 300 crore has been made under SSIP 2.0 for a five-year period, with an annual grant of Rs 60 crore.

The Gujarat Startup and Innovation Hub (i-Hub) went to emerge as the central pillar of the state’s innovation ecosystem.

On December 5, 2023, the new state-of-the-art campus of i-Hub was inaugurated by Chief Minister Patel.

I-Hub is the largest facility in the state dedicated to innovation and entrepreneurship, providing legal, financial, technical, and operational guidance through a single-window support system.

This facility supports early-stage innovators and startups in transforming ideas into successful enterprises.

The new i-Hub campus spans nearly 1.5 lakh square feet and can accommodate around 500 startups at a time.

As of now, i-Hub has provided direct assistance to about 620 startups.

In addition, under the Startup Srujan Seed Support Scheme, financial assistance of more than Rs 23 crore has been extended to 402 startups.

Startups incubated at i-Hub have created around 1,400 skilled jobs across the state, while their combined market valuation has reached nearly Rs 3,569 crore.

Through i-Hub, startups have secured more than Rs 416 crore in private funding from various venture funds.

In addition, i-Hub has expanded its outreach to more than 20 districts through a hub-and-spoke model and has raised awareness about startups and innovation among more than four lakh youth.

Under the ‘WEstart’ initiative, steps have been taken to promote women’s participation in the startup sector.

Today, more than 196 women-led startups are receiving assistance, accounting for nearly 30 per cent of the total supported startups.

To further strengthen the startup and innovation ecosystem in the state, four new centres are set to be created in Vadodara, Surat, Rajkot, and Mehsana over the next year, following the i-Hub currently operational in Ahmedabad.

This robust startup ecosystem will also make a significant contribution to the vision of ‘Aatmanirbhar Gujarat’ to ‘Aatmanirbhar Bharat’.

–IANS

mr/khz