Srinagar: Chief Minister Omar Abdullah on Thursday reaffirmed the government’s commitment to strengthening Jammu and Kashmir’s startup ecosystem, assuring young entrepreneurs of sustained support while urging investors and venture capitalists to partner with local innovators to transform promising ideas into successful enterprises.
Addressing the ASCEND 2026 Startup Summit and later interacting with investors, entrepreneurs and venture capitalists at the Sher-i-Kashmir International Convention Centre (SKICC), the Chief Minister described Jammu and Kashmir as a “land of opportunities” with immense potential for innovation-led growth and entrepreneurship.
He said the government is committed to creating a business-friendly ecosystem through transparent governance, improved infrastructure, policy support and ease of doing business.
“If we fund 10 startups, possibly eight will not succeed. But the two that do succeed will more than make up for the eight that failed,” Omar said, adding that the government was “not afraid to fail” and would continue supporting entrepreneurs and strengthening the startup ecosystem.
On the occasion, the Chief Minister distributed ₹5 lakh seed fund cheques to seven startups and launched the Junior Level Idea Challenge 2026 for school students, Startup Idea Challenge 2.0 for college and university students, the Compendium of Business Opportunities in J&K, the Himalayan Journal, and the Startup Coffee Table Book.
Highlighting innovations developed by local entrepreneurs, Omar cited technologies such as sensor-based systems to prevent water pipes from freezing, smart water-use meters, hailstorm protection nets, carbon monoxide detectors and automatic gas regulator shut-off devices. He said every innovative idea deserves encouragement and should be nurtured until it is ready to attract venture capital.
Calling for greater support to Jammu and Kashmir-based startups, the Chief Minister urged investors and industry leaders to provide mentorship, financial support and market access to local entrepreneurs.
He said Jammu and Kashmir offers investment opportunities across tourism, information technology, agriculture, horticulture, food processing, handicrafts, renewable energy, healthcare, education and creative industries, and invited investors to become partners in the Union Territory’s economic growth.
Expressing confidence in the region’s entrepreneurial potential, Omar said the number of registered startups in Jammu and Kashmir, currently around 1,300-1,400, is expected to grow substantially in the coming years, with the potential to produce globally competitive enterprises.
He assured investors and entrepreneurs that the government would continue engaging with stakeholders, address their concerns through regular dialogue and strengthen policy interventions to promote innovation-led development.
During the interaction, investors and entrepreneurs shared their experiences, expansion plans and discussed opportunities for collaboration, investment, technology adoption and market linkages to further strengthen Jammu and Kashmir’s startup ecosystem.
Commissioner Secretary, Industries and Commerce, Vikramjit Singh said the Union Territory’s startup ecosystem has witnessed significant growth with rising startup and MSME registrations. MLA Pampore Hasnain Masoodi called for promoting entrepreneurship to address unemployment, while JKEDI Director Mohammad Younis Malik said the summit would open new avenues for innovation and collaboration in the region.
