The Hindu Business Line : AP mulls scheme for start-ups

The Chief Minister called for a more inclusive partnership of entrepreneurs with small companies so that they would be able to scale up and develop products and services of global standards.

Hyderabad , Sept. 20

The Andhra Pradesh Chief Minister, Dr Y.S. Rajasekhara Reddy, on Wednesday said that the State would shortly design and announce a scheme that will hand hold start ups in their quest to become successful entrepreneurs.

Reacting to the suggestion made by The Indus Entrepreneurs (TiE) here on Wednesday, Dr Reddy said that the effort would be to help not just technology firms but will also cover other sectors such as retail and manufacturing.

Speaking at the inaugural session of the TiE-ISB Connect, the Chief Minister wanted a more inclusive partnership of entrepreneurs with small companies so that they would be able to scale up and develop products and services of global standards.

The Chairman of Satyam Computer, Mr B. Ramalinga Raju, who has turned his start up about 15 years ago to a $1 billion company, said that the visibility of India from a business perspective has gone up significantly over the last decade or so, and has also become a lot challenging with the competition hotting up. Mr Raju offered his personal support and help from his company management and invited entrepreneurs to seek help. The Bottom of the Pyramid provides immense opportunity for growth for young entrepreneurs cutting across industry verticals, he said.

The Union Minister of State for Defence, Mr Pallam Raju, said India is among a few select nations witness to a growth rate of about 8 per cent per annum. This offers immense opportunities for entrepreneurs to tap into the market particularly rural, which most large corporations are now trying to penetrate.

The Union Minister said that the perception of India as an investment destination has gone up a few notches and is at about fourth place now. The defence sector offers immense scope for private participation.

The TiE-ISB Connect received over 300 applications and about 20 of them have been short-listed for elevator pitch.

The ISB Dean, Dr M. Rammohan Rao, said that within five years, ISB has grown into a reference B-school and is poised to host a Global Logistics event later during the year.