“It was decided to organize the event for two days on November 28 and 29,” said L N Gupta, Secretary of Micro, Small & Medium Enterprises department. Gupta said that the conclave would be organized in collaboration with the Department of Industrial Policy & Promotion, TiE, Bhubaneswar and TiE Silcon Valley. Department of MS&ME would be the Nodal Department, he said.

A proposal to this effect was taken in a high level meeting held under the chairmanship of Chief Secretary A P Padhi. Padhi has advised to make the conclave focused and outcome oriented. “Encourage more number of budding Odia entrepreneurs from various sectors in this conclave,” Padhi said in the meeting.

The objectives of the event would be to motivate the youth towards entrepreneurship, showcase the startup ecosystem in Odisha and attract more startups to start their venture in the state, Gupta said, adding “it was also decided to organize Idea Competition among innovative youths in the event.”

Odisha's new Startup Policy envisages the state to become among the top three startup hubs in the country by 2020 through strategic partnerships, conducive ecosystem, investments and policy intervention. The policy, which will be implemented within five years, envisages creation of world class incubation centres, funding and supporting incentives structure at par with other states.

A Startup Capital Infrastructure Fund (up to Rs 25 crore) would be provided by the state government to the Department of MSME through budgetary provision. The state government would also participate in private state specific funds for startups to set up operations in the state, such as seed/VC funds, limited to 1/4th of the total size.

Institutions like universities and colleges would be eligible for one time capital grant of 50 per cent of capital cost, excluding the cost of building, up to a maximum of Rs 1 crore to set up an incubation facility. Rs 10,000 per month will be provided to a startup for a period of one year only if the startup has got the seed round funding approval.

Reimbursement of up to Rs 1 lakh per year for three years would also be provided to institutions, incubators and industries for providing free internet, electricity and mentoring services as per the policy. The approved incubators would be eligible for a performance capital grant of Rs 5 lakh for each successful startup they incubate.