| Naveen Verma, principal secretary, industries department, addresses the summit in Patna on Monday. Picture by Jai Prakash |
Bihar Entrepreneurship Association (BEA) organised a daylong Bihar Entrepreneurship Summit in association with the industries department in the city on Monday.
The summit discussed the problems being faced by start-ups and also to find out their solution.
Start-up is a business enterprise that has been launched recently or in nascent stage that requires all types of help — technical, financial, product development — to become a full-fledged entrepreneur.
Addressing the participants, industries department principal secretary Naveen Verma said the private sector should take a lead role in setting up an “incubation centre” in which the government would help them (private sector). “Bihar Industries Association (BIA) should set up incubation centre and the government would help them,” Verma said.
On the issue of setting up a State Venture Capital Fund, Verma said: “We are willing to help set up a venture fund in the state. I am a bit reluctant in doing so without the participation of private sector as we have very poor experience.”
About the incubation programme, BEA general secretary Abhishek Kumar said: “A three-day incubation programme from March 7 to 9 was organised in the city. The purpose behind organising the incubation programme is to train selected youths with business ideas/plans from the state to put them at the global competitive platform.”
Kumar said the state’s first incubation centre would be opened on the BIA premises and would be run and managed by professionals under the guidance of the BIA.
The venture capital fund would help develop the business of an entrepreneur while incubation centre would provide expert and professional help to start-ups right from developing a business idea to preparing the detailed project report to setting up a factory or business firm, said Kumar who runs an e-finance firm, which takes up the job for start-up — right from preparing a project to provide financial linkage.
Giving tips to the entrepreneurs, former BIA president KPS Keshri said: “Entrepreneurship is a latent talent of a person. One should not measure the amount or volume of investment one has made rather one has to see as how much loss he/she can bear in running the venture.”
Amit Tiwari, an entrepreneur who runs a financial consultancy firm, said that banks were still hesitant in providing loans to the new entrants or start-ups. “We find enthusiasm among banks in Maharashtra and other developed states for advancing loans but not here,” he added.
Atul Kumar, another entrepreneur who runs Savitri Renewable Energy Pvt. Ltd, said there are subsidy schemes which help people especially entrepreneurs engaged in the field of renewable energy but these schemes and facilities are not reaching to the people.
The summit was also addressed by planning and development department principal secretary Vijoy Prakash, industries department director Shailesh Thakur, CII Bihar state council chairman S.P. Sinha and others.