Srinagar, Jul 23 (KNO): Declaring that innovation cannot flourish without taking risks, Chief Minister Omar Abdullah on Thursday urged Jammu and Kashmir’s young entrepreneurs to embrace failure as a stepping stone to success, while reaffirming his government's commitment to creating a vibrant startup ecosystem, promising continued support for innovators and setting a target to double the number of startups in the Union Territory by ASCEND 2027.
Addressing the ASCEND J&K 2026 Startup Ecosystem Summit at the SKICC, CM Omar, as per the news agency—Kashmir News Observer (KNO), said the summit is a platform where ideas, innovation, investment, mentorship, government policy and market opportunities converge to help entrepreneurs transform concepts into successful enterprises.
On the occasion, the Chief Minister distributed Rs 5 lakh seed fund cheques to seven startups to support their entrepreneurial ventures.
He also launched the Junior Level Idea Challenge 2026 for the Under-18 school category, Startup Idea Challenge 2.0 for college and university students, the Compendium of Business Opportunities in J&K, the Himalayan Journal and the Startup Coffee Table Book.
The Chief Minister said the biggest obstacle for any entrepreneur is the fear of failure, asserting that every unsuccessful attempt offers valuable lessons.
Drawing inspiration from inventor Thomas Edison, Omar said Edison never considered himself to have failed while inventing the light bulb but instead believed he had discovered thousands of ways that did not work.
“We should never be afraid to fail. The only thing we should be afraid of is not trying. Every failure is a lesson that takes us one step closer to success,” he said.
He said not every idea would become a successful business and not every startup would survive in the market, but every attempt would contribute to learning, innovation and future success.
Calling upon aspiring entrepreneurs to make the most of the summit, Omar said ASCEND 2026 has been conceptualised to nurture ideas from the back of a napkin into products capable of reaching consumers across Jammu and Kashmir, the country and even global markets.
He said the summit has been designed to connect startups with investors, venture capitalists, mentors, policymakers and industry experts over the next three days.
The Chief Minister said every interaction with young innovators leaves him optimistic about Jammu and Kashmir’s future, as many startups are focused on solving real-life problems faced by people in the region.
Highlighting innovations displayed during the exhibition, CM Omar referred to a sensor-based system that automatically drains water from pipes to prevent freezing during harsh winters, smart digital water meters aimed at reducing wastage of drinking water, hailstorm protection nets for farmers, carbon monoxide detection systems and automatic gas regulator safety devices to prevent winter accidents.
“These are practical solutions developed by youngsters who have identified real problems and are trying to innovate meaningful solutions. No idea is a bad idea. Every idea has potential and it only needs refinement, mentoring and the right support,” he said.
Referring to a local solar energy innovator, Bilal, the Chief Minister said timely institutional support can transform talented innovators from Jammu and Kashmir into globally recognised entrepreneurs, expressing confidence that ASCEND 2026 would become the launchpad for many future success stories from the region.
The Chief Minister acknowledged that governments are traditionally risk-averse and prefer investments with guaranteed outcomes, but said startups require a fundamentally different mindset.
“If we fund ten startups, perhaps eight may not succeed. But the two that succeed can create enough value to compensate for those failures. We are not afraid to fail. The only thing we are afraid of is not providing enough support to all of you,” he said.
Reaffirming the government's commitment to strengthening the entrepreneurial ecosystem, Omar said Jammu and Kashmir currently has around 1,300-1,400 startups, expressing confidence that the number would double by the time ASCEND 2027 is held.
He said the government wants future generations to look back at the present summit as the moment when Jammu and Kashmir’s startup movement truly gained momentum.
Inviting investors, venture capitalists and industry leaders to partner with emerging entrepreneurs from the region, CM Omar said their support could help convert promising ideas into successful enterprises capable of generating employment, promoting innovation and strengthening the Union Territory’s economy—(KNO)