Cabinet Minister launches 'Future Tycoons'  startup challenge

Ludhiana, August 15, 2024: In a groundbreaking initiative aimed at fostering entrepreneurship and innovation among the marginalized sections of society, the Cabinet Minister Balkar Singh on Thursday also launched the Future Tycoons Startup Challenge program by district administration in collaboration with "Startup Punjab" , a Punjab government's  Nodal Agency responsible for developing Startup Ecosystem in the State.

The Minister stated that this project is aimed at encouraging students, youth, women, specially-abled individuals, and the general public belonging to Ludhiana to propose new ideas, concepts, or plans for their dream projects. The administration will provide full support to help turn these ideas into reality. 

Deputy Commissioner Sakshi Sawhney added that the goal is to empower those with the best ideas and transform them into successful business leaders by providing seed money for their ventures. The main focus of Future Tycoons is on marginalized and downtrodden sections of society who may not have had opportunities to seek financial help for their ideas and ventures. She mentioned that the project will also provide platforms for new ideas, concepts, and small businesses. The District Bureau of Employment Enterprises will be the executive agency of the project. She highlighted that after submission of the best ideas, concepts, and plans from future entrepreneurs, a jury will select winners in different categories. The winners will receive cash prizes along with seed funding, investment assistance from angel investors, loans and subsidies, and registration on start-up portals. 

The Deputy Commissioner also pointed out that the project aims to boost innovative start-ups in the fields of health, education, agriculture, information technology and other sectors. 

Key Details of the Future Tycoons Startup Challenge
The participants can register both online by visiting www.futuretycoons.in or physically by visiting District Bureau of Employment & Enterprises, Pratap Chowk, Ludhiana. The registrations are open from today (August 15 2024) to September 16, 2024.
Target Participants: The challenge is open to individuals residing in Ludhiana across five key categories:
Open Category: For all residents of Ludhiana.
Student/Young Entrepreneurship Category: For students aged 16-25.
Women Category: Exclusively for female entrepreneurs.
PwD Category: For persons with disabilities.
Sustainable Agriculture/Food Technology Category: A special category to promote innovation in these critical areas.
Jury Round: The shortlisted participants will then pitch their Ideas in front of Jury Panellists which will consist of Industry Experts, Financial Experts & Academicians. The Jury Round will be held on October 4, 2024.
Mentorship: Those selected in Jury Round will be then mentored in a five- day mentorship program from October 7 to 11, 2024.
The Grand Finale will be held on October 15, 2024 at the Dr. Manmohan Singh Auditorium, PAU.

Prizes and Awards
Winners in each category will receive cash prizes, with Rs 30,000 for first place, Rs 20,000 for second, and Rs 10,000 for third. 
In addition, a total of Rs 13.10 crores as SEED Capital/ Angel investments have been pledged by CICU, Innovation Mission, Punjab & Ludhiana Angel Network which will be available to participants of Future Tycoons. Recognition through the Citizen Choice Award , is also there which will involve public voting via social media.