Srinagar: Chief Minister Omar Abdullah on Thursday called for a fundamental shift in government’s approach in order to build a robust startup ecosystem in Jammu and Kashmir.

Addressing the ASCEND 2026 Startup Summit at SKICC here organised by the Jammu and Kashmir Entrepreneurship Development Institute (JKEDI), Abdullah reaffirmed the government’s unwavering commitment to strengthening the startup ecosystem in the Union Territory.

He assured young entrepreneurs of sustained support to transform innovative ideas into successful enterprises.

However, Abdullah acknowledged that governments are traditionally cautious about investing in ventures without guaranteed outcomes.

He said that building a robust startup ecosystem requires a fundamental shift in approach.

“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 added.

Reiterating the government’s commitment, Abdullah said it was prepared 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 said, adding that the government would do everything possible to strengthen both the startup culture and the ecosystem that sustains it.

On the occasion, the chief minister distributed seed fund cheques of Rs 5 lakh each to seven startups to support their entrepreneurial ventures.

Highlighting the innovative spirit of J&K’s youth, Abdullah said he draws hope from the practical, ground-level solutions being developed by young entrepreneurs to address everyday challenges.

He cited innovations ranging from sensor-based systems that prevent water pipes from freezing during winter to digitally connected water-usage meters designed to curb wastage, as well as 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 are ready to attract venture capital investment.

Noting that Jammu and Kashmir currently has around 1,300 to 1,400 registered startups, he expressed confidence that the number would double ”by the time ASCEND 2027 is held.

He said timely support to promising startups can help create many more success stories from Jammu and Kashmir, and expressed confidence that ASCEND 2026 would become the launchpad for some of Jammu and Kashmir’s future unicorns.

The chief minister also appreciated the young entrepreneurs who showcased their innovations at the exhibition and thanked the delegates and industry experts from outside Jammu and Kashmir for sharing their expertise and supporting the region’s growing startup ecosystem.

He said J&K’s startup ecosystem has witnessed remarkable growth, with a significant increase in registered startups and MSME registrations, while the government continues to improve the ease of doing business and expand opportunities for entrepreneurs.

Describing J&K as a frontier market with immense potential across multiple sectors, Abdullah said investors undertaking due diligence stand to reap substantial returns.