Assam being the gateway to North East India enjoys a strategic position in terms of economic activities and business bustle. Its geostrategic location offers Assam an edge for regional and international trade. Of late, the state has witnessed a conspicuous surge in the number of entrepreneurs and businessmen, thanks to the rapid growth and development in the state since a decade. While many new areas wait to be explored, here are a few bankable sectors worth considering for aspiring entrepreneurs wanting to start a profitable venture in the state.

Experiential Tourism: Assam, with its rich flora and fauna, has always been an attraction for both national and international tourists. The rich culture & heritage has fascinated the tourists to not only enjoy the places, but also to immerse in the local tradition and lifestyle, thus opening avenues for experiential tourism. Especially spurring the interest of the premium market segment, this domain promises high-margin for the businesses offering immersive experiential trips in the region.

 

Tea: With 60% of India’s total production coming from Assam, the state enjoys a crucial position in the national and global tea industry. The strong liquor and unique flavour of Assam tea has generated a high demand for the same in the global market. And with the growing global demand in orthodox tea, many new-age brands such as Vahdam Tea and Teabox have started branding Assam Tea products and selling those in both the national and international markets.

 

Handloom & Handicraft: The rich culture and craftsmanship of the people of Assam have been acknowledged globally. “Assamese women weave dreams on their looms,” Mahatma Gandhi had once commented. It isn’t surprising that the state produces 60% Eri Silk and 80% Muga Silk of the national total. Assam is also renowned for its highly sophisticated cane and bamboo products. Further, the mask making craft of Majuli and bell metal craft of Sarthebari are the dark horses that have the potential to take the world by storm, if duly exposed. The sector looks lucrative for someone who wishes to deep dive into premium eco-commerce market space or into the commercial gifting space.

 

Food & Agriculture: The fertile land of Assam unleashes great agricultural possibilities, especially due to the presence of the Brahmaputra and Barak River. A recent study conducted by Wirally shows that Assam is one of the five most conducive states in India for producing a wide variety of crops. Moreover, the geographical proximity of Assam with the South East Asian countries makes it more profitable for businesses to trade various agro-based food products such as black rice, brown rice, ginger, pineapple etc. Further, the recent initiatives taken by the Government under the Act East Policy has lent additional confidence to this movement.

 

Organic Beauty & Skincare: It is estimated that the organic beauty industry will reach $48.04 billion by 2025, indicating a gush in the demand for organic skincare products. Assam, being a treasure trove of exotic flora, makes it easier for businesses to get access to resources and raw materials required to manufacture handcrafted organic beauty and skincare products. The fact that these products could be premium priced because of their exclusive natural ingredients increases chances of profitability for the business.

 

– Wasim Akram

Assam has been recognised as a Leader in Category A (a population over 1 crore) in developing a strong startup ecosystem in the state, in the States’ Startup Ranking 2021. This has been a steep progression from its previous recognition of being an Emerging Startup Ecosystem.

The state was appreciated for facilitating the launch of the state-of-the-art incubator, Assam Startup – the nest to nurture entrepreneurship, providing incentives and financial to women entrepreneurs and conducting a high number of outreach programs with key ecosystem players. It has gained special recognition as a Mentorship Champion for building a large mentorship network for startups.

The States’ Startup Ranking is an annual report by the Department for Promotion of Industry and Internal Trade (DPIIT), grading the Indian states and UTs according to their startup ecosystems. The report grades a state based on 26 action points such as funding, mentorship, institutional support and enabling the enablers, among others. Assam has scored 100^th percentile in providing mentorship support and recorded 60^th percentile in capacity building of enablers, 44^th in incubation support and 38^th in institutional support as compared to the other participating States and Union Territories.

The 24 states and 7 Union Territories that participated in the exercise in Category A and B were classified under 5 categories: best performers, top performers, leaders, aspiring leaders and emerging startup ecosystems.

It’s important to note that Assam was clubbed in Category A, competing with states boasting of advanced startup ecosystems like Gujarat, Kerala, Karnataka, Maharashtra, Telangana, Tamil Nadu, Andhra Pradesh, Delhi and Odisha.

Assam outshone advanced states and UTs like Delhi and Andhra Pradesh to win recognition as a Leader alongside Tamil Nadu, Uttarakhand, Uttar Pradesh and Punjab in Category A (a population of over 1 Crore) and Arunachal Pradesh, Goa, Andaman and Nicobar Islands in Category B (a population under 1 Crore).

IIM Calcutta Innovation Park has been working untiringly to nourish and nurture the startup ecosystem in the state since September 2018, when Department of Industries, Commerce and Public Enterprise, Government of Assam, had ordained the B-School incubator to drive the Assam Startup initiative as a Knowledge Partner.

 

Assam Startup – the nest: Impact and Outcome

Since its inauguration on January 20, 2019, Assam Startup – the nest has incubated 179 startups in three batches run in a COHORT mode. More than 50 mentors of national and global repute have engaged dedicatedly with the startups. Over 30 investors have interacted with the startups towards helping them hone the art of pitching before the investors and polish the pitch deck, and eventually exploring possibilities of investing in the startups.

The incubated startups have succeeded in impacting around 8.74 lakhs lives and provided 450+ direct employment opportunities. 56 of them have together raised a funding of Rs. 32 crores. The MASI (My Assam Startup ID) grant of Rs. 4 crores by Government of Assam had especially been a saviour for 45 startups during the pandemic, which helped them save their businesses from the catastrophic impact of lockdown.

With regards to the overall development of the startup ecosystem in the state, Assam Startup – the nest has, so far, carried out 450+ awareness events, reaching out to over 18,000+ students, young innovators and aspiring startups across every district of Assam. Initiating the Hub & Spoke model, Assam Startup – the nest (Hub) has, to date, signed 45 collaboration memoranda with top universities and colleges and has organized 36 Hackathons and B-Plan Contests towards identifying and encouraging startup ideas in the state. 10 Spoke Incubation Centres have been launched at various academic institutions to facilitate initial incubation support to the fledgling startups.

 

Incubated startups participated with elan at the exhibition held during the recently concluded North East Research Conclave at IIT Guwahati.

Making the most of the platform to grab attention and interact with the who’s who from the ecosystem were Bikozee, HookoluPay, Assam Ergo, Sprengal Food Technologies (Darjeeling Momos), Zerund Manufacturing, Agro Origin, Magitech (Allay) and Brahmaputra Techno Pharmaceuticals.

 

Assam Ergo, offering chic furniture, home decor and utility items made from sustainable materials like bamboo composites and jute, leveraged the platform to launch a one-of-a-kind coffee table made from engineered bamboo, that can be converted into WFH desk in a flicker.

Zerund Manufacturing, with its plastic embedded bricks, was a buzz creator, while the electric bike startup offering last mile delivery solutions, Bikozee, garnered generous appreciations.

 

Winners of the Best Startup Award at the 7th India Industrial Fair UDYAM 2022 – HookoluPay and Agro Origin – continued to generate interest among the stall visitors as expected. While HookoluPay’s fintech solution, addressing a real gap in financial inclusion through technological intervention, was well-received by everyone; Agro Origin’s pineapple candies appeased the palate quite convincingly.

Talking about tickling the taste buds, Sprengal Food Technologies have hit the bullseye with it’s delectable Darjeeling Momos.

Another startup, Brahmaputra Techno Pharmaceuticals, develops nutraceutical and charcoal-based bundle products from Green Tea. Their products like Green Tea Cream and Green Tea Salad made for an interesting bouquet put on display at the exhibition.

Magitech had a busy weekend, showcasing their online application, ALLAY, that makes searching hostels, PGs and rented homes as easy as tapping on the phone screen. The app rests the power in the accommodation-seekers to browse through the numerous options based on their required location, and choose one that suits their needs and wallet.

The 7^th India Industrial Fair – UDYAM 2022 was a momentous opportunity for the startups incubated at The Nest to make the most of the platform for grabbing attention of the people who matter.

Organised by Laghu Udyog Bharati, in partnership with Industries & Commerce Department, Govt. of Assam and MSME – DI, the 4-day Fair (22 April – 25 April’22) in Guwahati witnessed participation of over 400 MSMEs from across the country. Eight incubated startups from the three COHORTS selected to participate at the Fair had garnered limelight as they put their best foot forward exhibiting their products.

Two incubated startups from COHORT 1.0 – HookoluPay and Agro Origin – were recognised as the Best Startups those who had participated at the Fair. The other incubated startups that had participated at the Fair are Aromica Tea, Esah Tea, Blue Planet Amalgamated, Manorama Foods & Agrotech, Tholua Pratisthan and The Chayi.

The exhibition is believed to have catalysed the startups’ efforts to gain visibility and connect with potential buyers towards forging traction and growth.