Srinagar, July 23 (JKNS): The Jammu and Kashmir Chief Minister Omar Abdullah on Thursday inaugurated ASCEND J&K 2026, described as Jammu and Kashmir’s biggest-ever startup ecosystem summit, urging young entrepreneurs to embrace innovation, learn from failures and transform ideas into successful enterprises while assuring full government support to strengthen the Union Territory’s startup ecosystem.
Addressing the inaugural session at SKICC Srinagar, Omar Abdullah, as per news agency JKNS, said challenges should be viewed as opportunities to innovate rather than barriers.
“We should never be afraid to fail. The only thing we should be afraid of is not trying,” the Chief Minister said.
He said the objective of ASCEND 2026 is to create an ecosystem where ideas, innovation, funding, government policies and marketing converge to help young entrepreneurs transform concepts into successful ventures.
Drawing inspiration from inventor Thomas Edison, Omar said every failure teaches valuable lessons that ultimately lead to success.
“Every failure is a lesson and every lesson brings you closer to success,” he said.
The Chief Minister praised the innovation displayed by young entrepreneurs from Jammu and Kashmir, citing practical solutions developed for freezing water pipes, smart water management, hailstorm protection for orchards and carbon monoxide safety devices.
He said such innovations demonstrate the immense potential of local youth to solve real-life problems through technology and creativity.
Omar Abdullah said the government is committed to nurturing a vibrant startup culture despite the inherent risks associated with entrepreneurship.
“We know not every startup will succeed, but the few that do can transform the economy. We are not risk-averse; we are committed to supporting innovation,” he said.
He expressed hope that the number of startups in Jammu and Kashmir, currently estimated at around 1,300 to 1,400, would double in the coming years, adding that the Union Territory has the potential to produce globally recognised entrepreneurs and unicorns.
The two-day summit, hosted by the Jammu and Kashmir Entrepreneurship Development Institute (JKEDI) under the theme “Where Mountains Meet Momentum”, brings together entrepreneurs, investors, policymakers, innovators and startup founders to promote innovation, investment and entrepreneurship across Jammu and Kashmir. (JKNS)
