Punjab has launched Innovation Mission Punjab in order to support startups in the state to grow. Punjab is home to over 450 startups and 20 incubators with a strong network of entrepreneurs. The program aims to strengthen this ecosystem further and place Punjab in the top three innovation hubs in the country.

The program will bring together different stakeholders including startups, investors, incubators, academia, media, industry corporations, farmers, government among others. The Innovation Mission Project is expected to generate plenty of jobs which in turn will invite plenty of investment in the state.

Innovation Mission Punjab fill function as a public-private partnership. While it was started by the private sector, yet it has received strong support from the government. Department of Agriculture, Department of Industries and Commerce, Startup Punjab and Mandi Board are government organizations that have connected with the Innovation Mission Punjab so far and will be contributing INR 30 crores each. Startups will also receive rent-free lease for ten years, operating expenses for the first three years and further, support from different incubators and startups.

The Innovation Mission Project is built on three pillars: pollinator, accelerator and venture fund. It will focus on creating a network of virtual incubators in order to organize events such as ideathons, boot camps and pitch days. The accelerator will work on providing curated mentorship and structure guidance to startups keeping in mind the different sector and stage of growth that they are in. additionally a venture fund of INR 150 crore will be created to support early stage startups. Early investors will be incentivised by the government through a 10 percent corpus and INR 10 crore cumulatively guarantee.