 Early Times Report
SRINAGAR, July 23: Chief Minister Omar Abdullah today reaffirmed the Government’s unwavering commitment to strengthening Jammu and Kashmir’s startup ecosystem, assuring young entrepreneurs of sustained support to transform innovative ideas into successful enterprises.
Addressing the ASCEND 2026 Startup Summit at SKICC, organised by the Jammu and Kashmir Entrepreneurship Development Institute (JKEDI), the Chief Minister described the two-day summit as a vibrant platform where ideas, innovation, investment, mentorship and government policy converge to foster entrepreneurship and accelerate economic growth in Jammu and Kashmir.
Acknowledging that governments are traditionally cautious about investing in ventures without guaranteed outcomes, the Chief Minister said that building a robust startup ecosystem requires a fundamental shift in approach.
“If we fund 10 startups, possibly eight will not succeed. But the two that do succeed will more than make up for the eight that failed,” he said.
Reiterating the government’s commitment, the Chief Minister said it was prepared to take that risk.
“We are not afraid to fail. The only thing we are afraid of is not putting enough support behind all of you,” he said, adding that the government would do everything possible to strengthen both the startup culture and the ecosystem that sustains it.
On the occasion, the Chief Minister distributed seed fund cheques of ₹5 lakh each to seven startups to support their entrepreneurial ventures.
Highlighting the innovative spirit of Jammu and Kashmir’s youth, the Chief Minister said he draws hope from the practical, ground-level solutions being developed by young entrepreneurs to address everyday challenges.
He cited innovations ranging from sensor-based systems that prevent water pipes from freezing during winter to digitally connected water-usage meters designed to curb wastage, as well as hailstorm protection nets, carbon monoxide detectors and automatic gas regulator shut-off devices.
“ASCEND 2026 is about telling our youngsters that no idea is a bad idea. Every idea has potential; it simply needs refinement,” the Chief Minister said, adding that promising concepts should be nurtured until they are ready to attract venture capital investment.
Noting that Jammu and Kashmir currently has around 1,300 to 1,400 registered startups, he expressed confidence that the number would double—and double again—by the time ASCEND 2027 is held.
Referring to a local solar energy entrepreneur as an example, the Chief Minister said timely support to promising startups can help create many more success stories from Jammu and Kashmir. He expressed confidence that ASCEND 2026 would become the launchpad for some of Jammu and Kashmir’s future unicorns.
The Chief Minister also appreciated the young entrepreneurs who showcased their innovations at the exhibition and thanked the delegates and industry experts from outside Jammu and Kashmir for sharing their expertise and supporting the region’s growing startup ecosystem.
The Chief Minister also launched the Junior Level Idea Challenge 2026 for the Under-18 school category, Startup Idea Challenge 2.0 for college and university students, the Compendium of Business Opportunities in J&K, the Himalayan Journal, and the Startup Coffee Table Book.
Earlier, in his welcome address, Commissioner Secretary, Industries and Commerce Department, Vikramjeet Singh, thanked participants from across the country for attending the summit, saying their presence reflected growing confidence in Jammu and Kashmir’s entrepreneurial ecosystem.
He said the Jammu and Kashmir’s startup ecosystem has witnessed remarkable growth, with a significant increase in registered startups and MSME registrations, while the government continues to improve the ease of doing business and expand opportunities for entrepreneurs. Describing Jammu and Kashmir as a frontier market with immense potential across multiple sectors, he said investors undertaking due diligence stand to reap substantial returns.
Sharing his views, MLA Pampore Hasnain Masoodi described unemployment as a major challenge and stressed the need to promote entrepreneurship as a means of generating employment. He urged young entrepreneurs to persevere despite challenges, called for simplifying procedures to encourage innovation, and appreciated JKEDI’s role in nurturing startups and strengthening the entrepreneurial ecosystem in Jammu and Kashmir.
In his address, Director JKEDI, Mohammad Younis Malik, said ASCEND 2026 is more than just a summit and reflects the aspirations of the people of Jammu and Kashmir. He expressed confidence that the event would open new avenues for the startup ecosystem and pave the way for meaningful collaborations in the years ahead. |
