JAMMU: To create an enabling environment for transforming informal businesses into formal enterprises, IIM Jammu, under the leadership of Prof. B.S. Sahay, Director, IIM Jammu, has partnered with the Ministry of Skill Development and Entrepreneurship, Government of India, and the Dalit Indian Chamber of Commerce (DICCI).
They have established 22 Small Business Development Units (SBDUs) across the Union Territories of Jammu & Kashmir and Ladakh. These units will play a critical role in strengthening institutions and delivering quality initiatives for entrepreneurship development. Dr. Mahesh Gadekar serves as Chairperson of Centre for Small Business Development at IIM Jammu.
As part of this initiative, IIM Jammu organized a one-day Ideathon and workshop at its Jagti Campus on 26th September 2024. The event was inaugurated by Prof. B.S. Sahay, Director, IIM Jammu. The event attracted enthusiastic participation from 65 individuals, representing various districts and institutions, including Govt. MAM College, Govt. SPMR College, GCW Gandhi Nagar and Model Institute of Engineering and Technology (MIET), Jammu.
Prof. B.S. Sahay, in his inaugural address, emphasized the pivotal role of entrepreneurship in shaping the future. He credited Dr. Milind P. Kamble, Chairman of the Board of Governors at IIM Jammu, for his instrumental role in coming up with the concept of Centre for Small Business Development at IIM Jammu. He highlighted the collaboration between IIM Jammu, the Ministry of Skill Development, and DICCI in supporting entrepreneurship through Capacity Building Program, Training of Trainers (ToT), incubation support, and various other initiatives at IIM Jammu. He reiterated the importance of leveraging support from angel investors and venture capitalists and mentioned the easy availability of loans in today’s business landscape compared to earlier times.
He urged participants to embrace a global perspective, encouraging them to explore beyond boundaries, innovate, and become job creators and not job seekers. He also discussed Project YUVA (Yuva Udyami Vikas Abhiyan), a pioneering initiative jointly developed by the Government of Jammu and Kashmir and IIM Jammu. He reiterated that project aims to establish 1.37 lakh enterprises over the next five years, creating employment for 4.25 lakh youth, supported by ₹1,830 crores and over ₹5,000 crores in financial backing. He emphasized that Project YUVA is set to transform the entrepreneurial landscape of Jammu and Kashmir, fostering sustainable economic development of the U.T.
Dr. Vivek Sharma, Chief Innovation Officer, IIM Jammu, provided insights into the support offered by IIM Jammu's Incubation Centre (DST-iTBI). The judging panel, consisting of Dr. Vivek Sharma, Shri Naren Karunakaran, Consultant for SBDUs, and Dr. Shahid Jibran, Project Manager of SBDUs, evaluated innovative pitches presented by the participants. Shri Naren Karunakaran emphasized the importance of integrating sustainability into business ventures, urging entrepreneurs to build socially responsible businesses.
Throughout the Ideathon, the IIM Jammu incubator team provided crucial guidance on grants, seed funds, and mentor connectivity, equipping participants with actionable insights essential for securing funding and mentorship—key factors for startup success. The vote of thanks was delivered by Dr. Vivek Sharma, CIO, IIM Jammu marking the conclusion of this event, which was part of a series of five Ideathons under the SBDU program, the first of which was held at Bandipora on 2nd September 2024. The event saw enthusiastic participation from the Jammu region and the presence of various faculty and staff from Govt. Maulana Azad Memorial College, Govt. SPMR College and Mr. Rohit Kumar, Chief Manager (Advances), J&K Bank.
The event provided a unique platform for aspiring entrepreneurs to present their ideas, gain valuable feedback, and explore opportunities for capacity building and business incubation. The Capacity Building Program by IIM Jammu continues to empower individuals to contribute to the socio-economic development of the region.
