The new Government of Andhra Pradesh is setting up Incubation Centre for Entrepreneurs (ICE) to encourage start-ups in the new state. It has mooted a Rs 100-crore fund in association with the Centre, public and private investors to promote the start-up activity.
The ICE will provide seed funding to young entrepreneurs in the range of Rs 10-20 lakh.
It has set itself a target to incubate at least 500 start-ups by 2019. "We will create infrastructure to offer plug-and-play facility to the entrepreneurs, with common facilities for conferences," a senior Government official told Business Line .
Releasing a policy roadmap for the IT industry of the residual Andhra Pradesh, he said infrastructure would be developed in Visakhapatnam, Tirupati and Kadapa to encourage the fledgling entrepreneurs.