Kerala Startup Mission says it will launch one-stop destinations across the world in a bid to strengthen the ecosystem for nascent companies in the State.
Called ‘Startup Infinity’, these centres will also serve as launchpads for Kerala startups that are keen to explore foreign markets and enable non-resident Indians (NRIs) become entrepreneurs in association with KSUM. The initiative will be initially launched in the US, Europe, UAE and Australia.
The Startup Infinity programme aims to encourage the NRI population to launch businesses overseas and in Kerala.
The Startup Infinity centres will be set up in association with global partners selected through an official process. KSUM will soon publish on its website a call for expression of interest. A KSUM expert committee will evaluate the applications based on a scoring criteria that will gauge the expertise, knowledge and networks available with the applicants besides the quality and cost of the proposed facility.
The selected partner will then have to provide a commercial proposal along with an engagement plan that outlines the key performance indicators for a mutually agreed contract period not exceeding one year. KSUM will do a quarterly review of the centre and renewals, where needed, will be based on an annual evaluation by the expert committee.
Tasked with helping Kerala-based startups explore the overseas market, the Infinity centres seek to make Kerala a key point of access for overseas startups to explore the Indian market. The idea is to establish an engagement and co-creation space where founders from Kerala and the NRI community come together, network, ideate and establish new ventures. The endeavour also aims to create NRI angel networks to support Kerala’s startup ecosystem and increase the quantum of funding and investment into IT projects in the state.
Under the Startup Infinity programme, KSUM will help register a company in Kerala, while also providing plug-and-play facilities in the host countries. It will extend incubation support during product development and scale-up stages. Further, it will invite participations in its investment initiatives and lend opportunity to network with Kerala-based angel syndicates and co-invest with venture capitalists that are part of its ‘Fund of Funds’ programme. It will also give access to KSUM’s meet-ups with investors, businesses and corporate.