Srinagar, 23 July (H.S.): Addressing the inaugural session of ASCEND J&K 2026 – Startup Ecosystem Summit at the Sher-i-Kashmir International Conference Centre (SKICC) here, Omar said the initiative has been designed to help aspiring entrepreneurs transform ideas into successful businesses through mentorship, funding, networking and policy support.

Emphasising that failure is an essential part of innovation, the Chief Minister said setbacks should be viewed as valuable lessons rather than reasons to give up.

Recalling inventor Thomas Edison’s famous words, Omar said Edison never believed he had failed thousands of times while inventing the light bulb, but had instead discovered thousands of ways that did not work.

“There is only one thing we should be afraid of—not trying. Every failure is a lesson that takes us one step closer to success,” he said.

The Chief Minister said ASCEND J&K 2026 has been envisioned as a platform where innovation, funding, government policy and market opportunities converge, enabling entrepreneurs to take ideas “from the back of a napkin” to consumers in Jammu and Kashmir, across the country and even abroad.

He said interactions with young innovators always leave him optimistic, noting that many are developing practical solutions to everyday challenges faced by people in the region.

Highlighting innovations displayed at the summit, Omar referred to a sensor-based system to prevent water pipes from freezing during winter, digitally connected water meters to promote responsible water use, hailstorm protection nets, carbon monoxide detection systems and automatic gas regulator safety devices.

“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 only needs to be refined, nurtured and supported,” he said.

The Chief Minister also cited the example of a local solar energy entrepreneur, saying timely institutional support could enable talented innovators from Jammu and Kashmir to compete on the global stage.

Assuring entrepreneurs of the government’s backing, Omar said the administration is willing to move beyond its traditionally risk-averse approach to encourage innovation and entrepreneurship.

“Governments are generally risk-averse and prefer investing where success is guaranteed. But startups require a different mindset. If we support ten startups, perhaps eight may not succeed, but the success of the remaining two can more than compensate for those failures,” he said.

“We are not afraid to fail. The only thing we are afraid of is not providing enough support to all of you,” he added.

Reaffirming his government’s commitment to strengthening Jammu and Kashmir’s entrepreneurial ecosystem, Omar said the Union Territory currently has around 1,300 to 1,400 startups and expressed confidence that the number would double by ASCEND 2027 before continuing to grow in the years ahead.

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Hindusthan Samachar / Krishan Kumar