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The Kerala Government has decided to set up a seed support scheme for early stage investments to help new entrepreneurs and to strengthen the State’s objective under the new IT policy, Chief Minister Oommen Chandy has said.
This would help nurture one product startup a day, with the target of at least 3,000 companies by 2020, he said while speaking via video link at the Weekend@Startup Village celebrations here.
Innovation zone
The Chief Minister also announced the setting up of Kerala Technology Innovation Zone at the Kinfra Hi-Tech Park where India’s first telecom business incubator, Startup Village, is currently located.
The new hub will have a built-up space of 500,000 sq feet with all facilities required for a world class innovation ecosystem and will nurture startup companies across a number of sectors, including IT and biotechnology.
The government’s flagship Student Enterpreneurship Policy giving 20 per cent attendance allowance and 5 per cent grace marks for student entrepreneurs has taken effect in CUSAT and Kerala University. Similar regulations will be introduced by other universities within a month, he said.
The government has also allocated Rs 15 lakh for Startup Village’s flagship programme SVSquare, to “build a bridge between Kochi and California,” enabling young aspiring businessmen and women to experience firsthand the renowned entrepreneurial culture of the global technology capital at Silicon Valley.
Funds promised
The State Industries and IT Minister P K Kunhalikutty reiterated that no startup with a potentially great and innovative idea will have to suffer for funding. He also announced that Startup Village, which is currently facing a space crunch, will be provided workspace and hostel facilities at the Kerala Institute for Entrepreneurship Development in Kalamassery until their own building is ready.
Anil Menon, President, Globalization and Smart+Connected Communities at technology giant CISCO, said that his company is planning to set up an Innovation Lab at Startup Village. “We will put the equipment and solutions here and we want you to build applications on top of it,” he told the community of Startup entrepreneurs.
US-based investor M R Rangaswami said his investment group SandHill has been providing free guidance and advice for budding entrepreneurs through their Web site. Indiaspora, the community of Indian Americans that he founded last year, will work with Startup Village to support incubating companies here.
Infosys co-founder and Chief Mentor of Startup Village Kris Gopalakrishnan called Startup Village a “mass movement that will change Kerala” and praised the government for its support for the venture.
P H Kurien, Principal Secretary, IT, said projects like Startup Village were the reason why the State has set ambitious targets for the IT sector in production and R&D.
He said the fund, out of which an allocation has been made for the “Startup Village to Silicon Valley” programme, will be available for aspiring entrepreneurs across Kerala to enhance their overseas exposure.
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