‘Bhubaneswar Angels’ to fund aspiring Odisha entrepreneurs

Odisha Sun Times Bureau
Bhubaneswar, May 13:

A pool of as many as 28 leading businessmen from Odisha have floated a launchpad–‘Bhubaneswar Angels’– to promote wannabe entrepreneurs from across the state to start their own ventures.

This initiative was launched at the fourth Annual Day celebrations of The Indus Entrepreneurs (TiE) here on Tuesday.

“Bhubaneswar Angels would play a pivotal role in promoting entrepreneurs. We would not only focus on industry, but also lay emphasis on agricultural sector. Over 60 per cent of state’s population depends on agriculture. However, Odisha’s gross state domestic product (GSDP) in agriculture sector is a meagre 15 per cent. In order to improve the GSDP, we have to introduce latest technology in this sector and the young entrepreneurs play a major role in this,” Chief Secretary GC Pati said.

With an Initial fund of Rs 5 crore, these promoters would assist the entrepreneurs in setting up small and medium enterprises (SMEs). They would pump in Rs 10 lakh to Rs 50 lakh depending on the scale of the project.

“Odisha is set to announce a new industrial policy focusing on entrepreneur friendly industrial facilitation. The new policy will give more emphasis on infrastructure growth and ease of doing business. Besides, IPICOL would sign agreements with international companies to attract them to do business in Odisha,” said Sanjiv Chopra, State Industries Secretary.

TiE intends to promote the entrepreneurial culture in the state by mentoring aspiring entrepreneurs.

“The investors’ sentiment is improving across the country, including in Odisha. The young generation is turning to entrepreneurship rather than running after jobs. ‘Bhubaneswar Angels’ would play a crucial role in motivating and promoting these young entrepreneurs,” IDCO Chairman-cum-Managing Director Vishal Kumar Dev said.

Among others, TiE Bhubaneswar President Rajiv Sekhar Sahoo and Vice-President Debasish Patnaik were also present on the occasion.

It may be mentioned that TiE was founded in 1992 in Silicon Valley by a group of successful entrepreneurs, corporate executives, and senior professionals with roots in the Indus region. There are currently 13,000 members, including over 2,500 charter members in 61 chapters across 18 countries.

TiE’s mission is to foster entrepreneurship globally through mentoring, networking, education, incubating, and funding. Dedicated to the virtuous cycle of wealth creation and giving back to the community, TiE’s focus is on generating and nurturing the next generation of entrepreneurs.