*Administration signs MOUs with CICU, Ludhiana Angel Network & Innovation Mission Punjab for seed capital of Rs 13.10 crore*
*DC flags off cycle and bike rally to promote programme*
Under the Future Tycoons program, the district administration on Thursday signed a memorandum of understandings (MOUs) with Chamber of Industrial & Commercial Undertakings (CICU), Ludhiana Angel Network and Innovation Mission Punjab for seed capital of Rs 13.10 crores.
Out of this seed money, Rs 10 crore has been pledged by CICU, Rs 3 crore by Ludhiana Angel Network and Rs 10 lakh by Innovation Mission Punjab.
The program has been launched in association with Innovation Mission Punjab, Start Up Punjab under the aegis of Bhagwant Singh Mann-led Government of Punjab.
Addressing a press conference, Deputy Commissioner Sakshi Sawhney accompanied by MLA Madan Lal Bagga, Upkar Singh Ahuja from CICU, Shibananda Das from Ludhiana Angles Network and Arshdeep Singh Swani from Punjab Innovation Mission, invited potential participants, stakeholders, and the public to join the Future Tycoons Startup Challenge and propose new ideas, concepts, or plans for their projects.
Sawhney stated that the administration will provide full support to help turn these ideas into reality. They mentioned that the project aims to encourage students, youth, women, specially-abled individuals, and the general public in Ludhiana.
The program was launched on August 15 by Cabinet Minister Balkar Singh, and participants can register either by visiting
www.futuretycoons.in or by physically visiting the office of District Bureau of Employment & Enterprises, Pratap Chowk until September 16. A dedicated helpline- 9646470777 has also been started for the purpose. The challenge is open to individuals residing in Ludhiana across five key categories including open category (For all residents of Ludhiana), Student/Young Entrepreneurship Category: (For students aged 16-25), Women Category (Exclusively for female entrepreneurs), PwD Category (For persons with disabilities), and Sustainable Agriculture/Food Technology Category (To promote innovation in these critical areas). An Entrepreneurship Conclave and Boot Camp designed to prepare shortlisted participants for the next stages will also be organized.
The shortlisted participants will then pitch their ideas in front of Jury Panellists, consisting of Industry Experts, Financial Experts & Academicians. The Jury Round will be held on October 4, 2024. A five-day mentorship program from October 7 to 11, 2024, will be held to support finalists in refining their business presentations and strategies, with the grand finale to be held on October 15 at the Dr. Manmohan Singh Auditorium, PAU, where the best ideas will be recognized.
Cash prizes for winners in each category are: ₹30,000 for first position, Rs 20,000 for second, and Rs 10,000 for third. An amount of Rs 13.10 crore as seed capital/angel investments has already been pledged by key partners, CICU, Ludhiana Angel Network and Innovation Mission Punjab ensuring that participants have access to essential funding.
The main focus of Future Tycoons is on marginalized and downtrodden sections of society, providing opportunities for financial help for their ideas and ventures. The project will also provide platforms for new ideas, concepts, and small businesses.
Upkar Singh Ahuja from CICU thanked Bhagwant Singh Mann-led Punjab Government for starting this innovative platform through which young entrepreneurs will gain much needed help.
Earlier, the Deputy Commissioner also flagged off a cycle-bike rally to promote the program among the people of Ludhiana.
Prominent amongst those present included ADC Anmol Singh Dhaliwal, GMDIC Rakesh Kansal, Employment Generation Officer Jeevandeep Singh, DDF Amber Bandopadhyay, Amarpal Singh Walia & Shyam Sunder, Joint Manager, Startup Punjab, Amit Sharma, Youth Business Leader Forum, CICU, representatives from Happy Forgings, Punjab and Sind Bank, CT University and others.
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