Kerala Govt Plans Ahead For the Startup Community in Kerala
The Govt is actively considering a financial support scheme to promote the market entry of startups in the State whereby the government would match the contribution of an angel investor with an exit strategy in 3 years, the buds of the idea which were sown in the recent YES Kerala.
Reaching another milestone in the path of promoting entrepreneurship in the state, Infopark’s incubation facility in Kochi for IT Entrepreneurs and MSMEs recently received a major boost with the addition of a new 4000 sqft IT Block with state of the art facilities added to its existing workspace in the Jawaharlal Nehru International Stadium.
While addressing the gathering at the recently concluded event, Mr. PH Kurian IAS, Principal IT Secretary, Govt of Kerala, said that the scheme of Govt matching the contribution of an Angel Investor, though under talks, is yet to b finalized. He said “The initial support mechanism for the growth of startups is by offering space for a small rent, followed by business mentoring and facilitating venture capital or private equity funding in later stages.”
“Technopark has a seed fund of Rs 5 Crore with startups getting assistance upto Rs 30 Lakh while KSIDC (Kerala State Industrial Development Corporation) has also decided on setting up a seed fund, as already declared at YES Kerala”, he added.
He also mentioned about efforts being put in place to set up a landing pad in Silicon Valley, where, with the budgeted allocation, about 30 selected youngsters could be sent in batches to Silicon Valley for getting a feel of the ecosystem there.
Coming to the highlights of the TBC (Technology Business Incubation) at Kochi, further to the support by offering space, it would also provide marketing and mentoring support to companies in their initial stages to boost their business. The centre will act as an accelerator for the IT/ITeS companies.
While it offers spaces, the TBC also has put forth options of plug-n-play facility for startups, along with conference room facility, technology business consultation, prototype development support and research assistance.
Out of the newly created space, 40 seats is allocated to NRI-TBI, a not for profit society aimed at helping NRIs to establish product-based companies in the state.
As for now, things look pretty shining for the startup community in the state.