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Telangana govt setting up development bank & incubator to fund startups

(By Brindaa Lakshmi & Vikas SN) The newly formed Telangana government is creating a technology development bank that will offer seed funding to startups in the hardware and software sectors, the State information technology minister K.T. Rama Rao told reporters on the sidelines of the recently concluded Indian Gadget Expo (via LiveMint). The government is also setting up an incubation centre in Hyderabad at GachiBowli. Rama Rao said this centre will be spread over 100,000 sq. ft and will be functional in the next six to eight months. This incubation facility will reportedly accommodate 120 startups and is expected to come up in the International Institute of Information Technology (IIIT) - Hyderabad campus. It's worth noting that IIIT-Hyderabad already operates a tech incubator called Centre for Innovation & Enterpreneurship, which has seed funded 12 startups until now, including Imaginate and InCights Mobile Solutions among others. The facility has also incubated around 40 startups like MartMobi, 42events, CloudGust, Tekworks Info Solutions and Akshar Speech among others. The report says that Indian School of Business which operates a separate business incubator called DLabs, will help this facility with business and market strategy. Besides this, Rao also mentions that they have approved plans to set up two electronic manufacturing clusters near the Hyderabad International airport, which comes under the Information Technology Investment Region (ITIR), being jointly developed by the Indian government and the Telangana government. These clusters are probably part of the central government's National Electronics Policy. Similar Initiatives - Last month, Kerala State Industrial Development Corporation had setup a Rs 10 crore angel fund to invest…

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