SRINAGAR, July 23: Chief Minister Omar Abdullah on Thursday said the Jammu & Kashmir government will continue to support startups and is prepared to invest in innovative ideas, even if not all ventures succeed, asserting that a strong entrepreneurial ecosystem is essential for the Union Territory’s economic growth.
Addressing the ASCEND 2026 Startup Summit at the Sher-i-Kashmir International Convention Centre (SKICC), organised by the Jammu & Kashmir Entrepreneurship Development Institute (JKEDI), the Chief Minister said the government is committed to providing sustained support to young entrepreneurs and fostering a culture of innovation.
Describing the two-day summit as a platform where ideas, investment, mentorship and public policy come together, Omar Abdullah said governments have traditionally been hesitant to invest in ventures without guaranteed outcomes, but added that such an approach must change to build a vibrant startup ecosystem.
“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,” he said, adding that the government was willing to take that risk.
“We are not afraid to fail. The only thing we are afraid of is not putting enough support behind all of you,” he told participants, assuring entrepreneurs that the administration would do everything possible to strengthen both startup culture and the ecosystem that sustains it.
On the occasion, the Chief Minister distributed seed funding cheques worth ₹5 lakh each to seven startups.
Highlighting the ingenuity of Jammu & Kashmir’s youth, Omar Abdullah cited several locally developed innovations, including sensor-based systems to prevent water pipes from freezing during winter, digitally connected water-use meters to reduce wastage, hailstorm protection nets, carbon monoxide detectors and automatic gas regulator shut-off devices.
“ASCEND 2026 is about telling our youngsters that no idea is a bad idea. Every idea has potential; it simply needs refinement,” he said, adding that promising concepts should be nurtured until they become investment-ready.
The Chief Minister said Jammu & Kashmir currently has an estimated 1,300 to 1,400 registered startups and expressed confidence that the number would double in the coming years. He also referred to a local solar energy entrepreneur as an example of how timely support can help create successful enterprises in the region.
Expressing optimism about the future of the sector, Omar Abdullah said ASCEND 2026 could become the launching pad for some of Jammu & Kashmir’s future unicorns.
During the event, the Chief Minister launched several initiatives and publications, including the Junior Level Idea Challenge 2026 for school students below 18 years of age, Startup Idea Challenge 2.0 for college and university students, the Compendium of Business Opportunities in Jammu & Kashmir, the Himalayan Journal and the Startup Coffee Table Book.
He also interacted with entrepreneurs exhibiting their products and innovations at the summit and thanked delegates and industry experts from outside Jammu & Kashmir for contributing to the region’s growing startup ecosystem.
Earlier, Commissioner Secretary, Industries and Commerce Department, Vikramjeet Singh, said the increasing participation of stakeholders from across the country reflected growing confidence in Jammu & Kashmir’s entrepreneurial landscape. He noted that the Union Territory has witnessed substantial growth in registered startups and MSMEs, supported by ongoing efforts to improve ease of doing business.
Describing Jammu & Kashmir as a frontier market with significant untapped potential, Singh said investors undertaking due diligence could expect substantial returns across multiple sectors.
MLA Pampore Hasnain Masoodi, speaking on the occasion, described unemployment as one of the biggest challenges facing the region and stressed the importance of entrepreneurship in creating jobs. He called for simplification of procedures to encourage innovation and commended JKEDI for its role in nurturing startups.
Director JKEDI Mohammad Younis Malik said ASCEND 2026 represents the aspirations of the people of Jammu & Kashmir and expressed confidence that the summit would open new avenues for collaboration and growth within the startup ecosystem.
