Kerala has launched a scheme to reimburse the expense incurred by the nascent startup ventures to procure technology licenses from government research institutions in the country to commercialise and scale up their products.
Under the project titled 'Technology Transfer Scheme', implemented through Kerala Startup Mission (KSUM), the government will reimburse up to ₹10 lakh to startups purchasing or sourcing technology from government research institutions and working on them to develop products that could be commercialised.
KSUM CEO, Anoop Ambika, said this scheme will help startups in the State to gain greater access to the know-how required for turning their ideas into marketable products.
KSUM, in a release said, it has invited applications from eligible startups to avail the benefits offered by the scheme.
“This is a highly rewarding scheme that will encourage our startups to innovate on their ideas without bothering about the cost involved,” Ambika said.
As part of the fiscal support scheme, 90 per cent of the technology fee paid by startups to the research institutions from where technology licenses are purchased or sourced will be reimbursed.
KSUM is the nodal agency of the Kerala government for entrepreneurship development and incubation activities in the state.