According to Indian government, the ‘Northeast Venture Fund’ offered by the Ministry of Development of North-Eastern Region (DoNER) is attracting young Start-Ups in more and more numbers and has generated huge enthusiasm among entrepreneurs looking for an opportunity in the North-Eastern region.
The Northeast Venture Fund is the first dedicated venture capital fund for North-Eastern region and the initiative to set it up began in April this year.
“North-East Venture Fund” has been set up by the North Eastern Development Finance Corporation Ltd (NEDFi), which already has the mandate to encourage entrepreneurship in the region primarily by offering support to the first-generation entrepreneurs. In addition, the NEDFi also performs the role of hand-holding and capacity building.
Prime Minister’s “Startup India, Standup India” is a programme which includes provisions and incentives like, for example, tax holiday in the early phase and an exit period of three months. The Ministry of DoNER is offering an additional benefit of providing the initial Venture Capital Fund to any youngster who decides to set up an entrepreneurship in the North-Eastern region.