Minister launches ‘Future Tycoons’ startup challenge
Tribune News Service
Ludhiana, August 16
In an initiative aimed at fostering entrepreneurship and innovation among the marginalised sections of society, Cabinet Minister Balkar Singh on Thursday launched the ‘Future Tycoons’ startup challenge programme.
The programme was prepared by the district administration in collaboration with Startup Punjab, state government’s nodal agency responsible for developing startup ecosystem.
The minister said the project was aimed at encouraging students, youth, women, specially-abled individuals and the general public of Ludhiana to propose new ideas, concepts or plans for their dream projects. The administration would provide full support to help turn these ideas into reality, he added.
Deputy Commissioner (DC) Sakshi Sawhney said the goal was to empower those with the best ideas and transform them into successful business leaders by providing seed money for their ventures.
The District Bureau of Employment Enterprises will be the executive agency of the project. She added that after submission of the ideas, concepts and plans, a jury would select winners in different categories. The winners will receive cash prizes along with seed funding, investment assistance from angel investors, loans and subsidies, and registration on startup portals.
The DC also pointed out that the project aimed to boost innovative startups in the fields of health, education, agriculture and information technology, among others.
The programme mainly focuses on the marginalised and downtrodden sections of society who may not have had opportunities to seek financial help for their ideas and ventures.
How to participate
Participants can register both online by visiting www.futuretycoons.in or physically by visiting District Bureau of Employment and Enterprises, Pratap Chowk, Ludhiana. The registrations are open till September 16.
The challenge is open to individuals residing in Ludhiana across five key categories including open category for all residents, student/young entrepreneurship category for students aged 16 to 25 years, women category, PwD category, and sustainable agriculture/food technology category.
Shortlisted participants will then pitch their ideas in front of a panel, which will comprise industry and financial experts, and academicians. The jury round will be held on October 4.Those selected in the jury round will be then mentored in a five- day mentorship programme from October 7 to 11.
The grand finale will be held on October 15.
Prizes and awards
Winners in each category will receive cash prizes, with Rs 30,000 for the first place, Rs 20,000 for second and Rs 10,000 for third.
In addition, a total of Rs 13.1 crore in seed capital/angel investments have been pledged by CICU, Innovation Mission, Punjab, and Ludhiana Angel Network, which will be available to participants of the Future Tycoons programme.
