Enterprise Development

Support to nonfarm enterprises is essential for generating employment opportunities in the rural areas and minimizing job migration. The enterprise development strategy is an important tool that can boost economic growth and prosperity. To this end, Megha-LAMP focuses on strengthening entrepreneurship through funding, technology, and capacity building, while providing access to capital and high-leverage markets with the establishment of Incubation Hubs where farmers, producer groups, and agri-entrepreneurs can receive various assistance such as business planning, funding information, credit facilitation, and training.

PROMOTING ENTREPRENEURSHIP THROUGH CENTRES FOR INNOVATION, INCUBATION, AND SKILL DEVELOPMENT

Megha-LAMP focuses on supporting entrepreneurship through funding, technology, and capacity building and provides access to capital and high-leverage markets. The Promotion and Incubation of Market-Driven Enterprises (PRIME) program seeks to create and promote a robust entrepreneurial ecosystem in the state. Aspiring entrepreneurs, start-ups, and early-stage enterprises are nurtured and supported to translate their innovative ideas into businesses and enterprises and sustain them in the long run by fostering effective networking opportunities.

The PRIME Hubs were envisioned as physical spaces where the existing and aspiring farmers, producer groups and agri-entrepreneurs can visit to get support on various aspects of setting up or running an enterprise. These include support in making business plans, getting information on funding support, facilitation of credit, training sessions etc. These hubs are being established across the State by the IFAD-supported Megha-LAMP and the Government of Meghalaya. They are also hubs to handhold farmers, producer groups, and agri-entrepreneurs, and to help them realize improved incomes through the provision of market and credit linkages, technical know-how, access to better quality seeds, and support funding, among others.

The launch of the PRIME Hub initiative was a first-of-its-kind initiative in the Northeast and was especially relevant during the COVID/ post- COVID time as it offered opportunities for returnee migrants and other youths interested in setting up their enterprises.