The ‘Fisheries Start-up Grand Challenge’ is established by the Department of Fisheries in collaboration with Start-up India. The initiative is formulated to develop the Start-ups in the Fisheries Sector.
Decoding the Intent behind the Fisheries Start-up Grand Challenge
The initiative has been largely applauded by the citizens in India. However, in order understand the true nature the initiative one needs understand the intent behind it.
- It was Parshottam Rupala, Union Minister for Fisheries, Animal Husbandry and Dairy, spoke during the introduction of the challenge, emphasizing the sector’s immense potential and importance to the national economy. He invited the creative and enlightened young minds of India to embrace the Grand Challenge as a forum to display their ideas for overcoming sectoral concerns as he launched the Fisheries Startup Grand Challenge.
- Further Dr. L. Murugan, Minister of State for Fisheries, Animal Husbandry, and Dairy, emphasized the importance of the fisheries industry to the country’s economic and overall growth. The fisheries industry, sometimes known as the “sunrise sector,” is set to bring in enormous potential through fair and inclusive growth. He asked the country’s young entrepreneurs to step up and propose solutions to on-the-ground difficulties via technological interventions and inventive ideas.
It is established with the goal of providing a venue for local companies to demonstrate their creative solutions in the fisheries and aquaculture sectors. It is anticipated that it would promote a start-up culture within the industry and lay a solid basis for the entrepreneurial model. With respect to funding for the competition, the department of fisheries has set aside Rs 3.44 crore in funding.
Model of the Initiative
The following themes for submitting problem statements under the Fisheries Act have been identified. Start-up Grand Challenge:
- Design and create technology/solutions to increase production so that fishermen and fish producers may get a higher price.
- Develop infrastructure and post-harvest management solutions that will enable fishers and fish farmers to add value, create value, and realize value across the fisheries value chain with minimal wastage.
- Develop commercial solutions and outreach operations to make fish and fish products more available, acceptable, and popular within the country’s meat-eating populace.
- Develop long-term solutions to reduce/stop soil erosion and water body siltation, as well as environmentally appropriate options for coastal fishermen.
Awards and Incentives for Startups
- The challenge’s winners will get a cash grant of Rs 2 lakh each for turning their “idea to proof of concept (PoC)” to ten nominated firms.
- The winners would get a grant of up to Rs 20 lakh (general category) and Rs 30 lakh (SC/ST/women) in the final round to help them turn their ideas into viable pilots that can then be commercialized.
Expectations of the Government
The Fisheries Startup Grand Challenge is aimed to promote entrepreneurship in the industry and provide a solid basis for the entrepreneurial model. At a macro level, the department hopes to achieve inclusive growth in the industry by bringing together and combining the efforts of all stakeholders.
The Fisheries Start-up Grand Challenge provides an opportunity for the start-ups to explore the uncharted territory of the Fisheries economy. Apart from the incentives it could provide a major breakthrough for innovations in other sectors like Horticulture, Apiculture, Agriculture etc. wherein very less start-up ideas are pitched.