In a significant recognition of its thriving startup ecosystem, Odisha has been named a ‘top performer’ in the Startup Ranking 2022-2023, as announced by the Ministry of Commerce and Industry in New Delhi on Tuesday. The ranking evaluated states across seven reform areas, comprising 25 action points, reflecting their commitment to fostering innovation, entrepreneurship, and sustainable growth.
The ‘best performers’ in the ranking include Gujarat, Karnataka, Kerala, and Tamil Nadu, while Odisha stood out as a ‘top performer,’ alongside Maharashtra, Punjab, Rajasthan, and Telangana in the A category of states.
Odisha’s remarkable performance is underscored by its perfect score of 100 percentile in the crucial ‘funding support’ reform area. The state also secured commendable scores of 89 each in institutional support and capacity building for enablers. However, areas such as incubation and mentorship support, as well as the roadmap to a sustainable future, showed room for improvement, with scores of 44 and 25, respectively.
In light of these findings, the Ministry of Commerce and Industry has recommended specific measures to enhance Odisha’s startup ecosystem. Suggestions include the establishment of more incubators to guide young entrepreneurs, the creation of a robust network of mentors, and the facilitation of cross-mentoring sessions. Additionally, the ministry advised the Odisha government to announce targeted incentives for startups operating in areas such as sustainability, renewable energy, climate change, and the circular economy.
Omkar Rai, the Executive Chairman of Startup Odisha, expressed confidence in the state’s ability to create a more conducive startup environment. He revealed that a new startup policy is under consideration, aligning with global best practices and emphasizing environmental, social, and governance (ESG) factors. Rai emphasized the prioritization of women-led entrepreneurship, stating, “Our goal is to inspire and support promising entrepreneurs on their journey.”
Notably, Odisha was among the pioneers in the country to establish a dedicated startup policy. Startup Odisha has already played a pivotal role in supporting and facilitating 1800 startups across diverse sectors, including agritech, IT, artificial intelligence, healthcare, fintech, and biotechnology. Of these, 42 percent are women-led startups. With 27 incubators currently in operation, the state aims to create a robust system that will foster 5,000 startups by the year 2025.
This recognition not only highlights Odisha’s current achievements in the startup arena but also signals its commitment to furthering entrepreneurship, innovation, and sustainability on a broader scale. As the state continues to chart its path in the startup landscape, it is poised to inspire a new generation of entrepreneurs and contribute significantly to the national startup ecosystem.