Entrepreneurship Ecosystem Overview. Sikkim

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1 Entrepreneurship Ecosystem Overview Sikkim 1

2 Levers of change Entrepreneurship Following are the key levers of change which determine whether a state s policy, education, legal framework, financial systems, business markets, cultural and social ethos are augmenting Entrepreneurship Growth: 1. The Entrepreneur 2. Govt. & Regulatory Support 3. Access to Finance 4. Educational & Cultural Preparedness 5. Mentoring & Networking 2

3 The Entrepreneur 3

4 Sikkim ranks #33 in India on Ease of Doing Business index of according to the Department of Industrial Policy and Promotion's (DIPP). 4

5 Govt. & Regulatory Support 5

6 Schemes: Sikkim MSME Schemes Govt. Regulatory Bodies: NECON 6

7 MSME Schemes MARKETING SUPPORT: MSME Enterprises are periodically invited to Vendor Development Programmes, Exhibitions, Trade Fairs etc. for participation to broaden their marketing network. Short-term training courses on marketing management are conducted to update their marketing skill & knowledge CAPACITY ASSESSMENT: MSME s use scarce raw materials. They are assessed based on their needs and allocated such raw material. PREPARATION OF PROJECT PROFILE: MSME-Development Institute, Gangtok is preparing a good number of new project profiles every year under the action plan activities of MSMEDO. The profiles are available at the institute s library for reference to the entrepreneurs. 7

8 MSME Schemes APPRAISAL OF PROJECT REPORT: To assist the entrepreneurs, SSI units and other Govt. / Semi Govt. agencies, project reports are evaluated and appraised at MSME Development Institute, Gangtok. QUALITY CERTIFICATION scheme launched to give financial incentive to those MSEs who acquire ISO-9000 / ISO-14001/HACCP Certification reimbursing 75% of their costs of obtaining certification, subject to a maximum of Rs lacs per unit. 8

9 North Eastern Industrial Consultants Ltd (NECON) The North Eastern Industrial Consultants Ltd also has been promoted by a host of All India Financial Institutions, banks and SIDCs including NIDC to provide consultancy assistance and professional services to all classes of entrepreneurs. NECON assists entrepreneurs in preparation of Project Reports, conducts and prepares Techno-Economic Feasibility Reports and also undertakes studies & surveys to identify suitable industries in the region. 9

10 Access to Finance 10

11 Schemes: North East Industrial and Investment Promotion Policy (NEIIPP), 2007 New Industrial Policy Sikkim 2003 Schemes by NEDFi 11

12 North East Industrial and Investment Promotion Policy (NEIIPP), 2007 North East Industrial and Investment Promotion Policy (NEIIPP), 2007: Some of the benefits under this policy are: Excise Duty Exemption Income Tax Exemption Capital Investment Subsidy Interest Subsidy Comprehensive Insurance 12

13 New Industrial Policy Sikkim 2003 New industrial units and existing industrial units on their substantial expansion are entitled to 100% (hundred percent) income tax and excise duty exemption for a period of 10 years from the date of commencement of commercial production. All New industries in the notified location would be eligible for capital investment 15% of their investment in plant & machinery, subject to a ceiling of Rs.30 lakh. An interest subsidy of 3% on the working capital loan would be provided to all new industrial units in notified locations for a period of 10 years after the commencement of commercial production. The insurance premium to the extent of hundred percent on capital investment for a period of 10 years would be extended by the Central Government to all new units and to existing units. 13

14 Schemes by NEDFi NEDFi has a special focus on development of entrepreneurs in the region. Entrepreneurship in the real sense is still at its nascent stage in the NE. NEDFi has started Business Facilitation Centre (BFC) for providing consultancy and supports in setting up a business enterprise. BFC helps in preparing project report and provides information about various incentives available in the region. Rupee Term Loan (RTL) Scheme: To provide medium to long term financial assistance for setting up of new, expansion, diversification or modernization projects in various manufacturing or services sector. The assistance shall be in the form of Rupee Term Loan. Equipment Finance Scheme: For financially sound companies, loans are provided for the purchase of equipment. 14

15 Corporate Finance Scheme: For providing finance such as normal capital expenditure, working capital margin, shortfall in working capital, repayment of high cost debt and general corporate purpose like funding of business acquisition or for brand building etc. where no tangible asset creation may be envisaged. Working Capital Term Loan Scheme (WCTL): Upto a Maximum of 75% of the working capital requirement of business for one cycle of operation is provided to deserving units in the form of working capital term loan. NEDFI Equity Fund Scheme: To invest in projects promoted by entrepreneurs in North-Eastern Region having sound business ideas with potential for high growth and more than normal returns on investment. 15

16 NEDFi Opportunity Scheme For Small Enterprises : To provide long term financial assistance for setting up a new industrial and infrastructure projects as well as for expansion, diversification or modernization of existing industrial enterprises excluding Commercial Real Estates. North East Entrepreneur's Development Scheme [NEEDS]: The objective of the scheme is to help first generation entrepreneurs who are short of equity. Benefits can be extended to Proprietorship & Partnership Concerns and Companies. Technical qualification of the promoter in the relevant field is a pre-requisite. 16

17 Education & Cultural Preparedness 17

18 Educational Institutions Promoting Entrepreneurship Sikkim Manipal University: The institute offers an MBA course and has an entrepreneurship development cell to inculcate entrepreneurial culture within the student community. In addition, they offer BBA in Entrepreneurship management urship-management.html SRM University Sikkim: the institute offers MBA with a specialization in Entrepreneurship. They also conduct workshops and industrial visits on the subject. EIILM University: Offers a course on Entrepreneurship Management. 18

19 Mentoring & Networking 19

20 Startup Incubators, Co-Working Spaces TotalStart Sikkim: It started the incubation cell in Sikkim few years back to fund and mentor startups. Indian Institute of Entrepreneurship: Sikkim Centre-conducts research, training and provide consultancy services on entrepreneurship. MSME Development Institute, Gangtok: The main function of MSME Development Institute, Gangtok, is to provide Techno- Economic and Managerial assistance to existing enterprises as well as to prospective entrepreneurs. 20

21 Startup Harbour is a co-working place, community of and for the entrepreneurs. They help entrepreneurs connect, and get mentorship from experts in their respective fields. 21

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