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Kerala Govt To Set Aside Rs 500 Crore Annually For Startups

Kerala Government will set aside Rs 500 crore annually to improve startup ecosystem in the state and to offer angel funding to entrepreneurs, reports Business Standard. Chief Minister Oommen Chandy made the announcement during The Indus Entrepreneurs' (TIE) Kerala chapter conference. It needs to be pointed out that the state had cleared a similar amount earlier this year to fund startups working in agriculture, tourism and entertainment  sectors. P H Kurian, Principal Secretary, Industries and IT department, said the government also plans to distribute 10,000 Raspberry Pi to school students. He also that over 500 students have come forward to start technology startups since the government announced Student Entpreneurship Policy last year. Kerala government also plans to set up 21 fabrication labs in Technopark at Thiruvanantapuram and a Technology Innovation Zone at Kalamassery. It needs to be noted that Startup Village has already received Rs 150 crore investment from the Department of Science and Technology (DST) and the Kerala government to improve Startup Village’s infrastructure and help other non-member startups and entrepreneurs in the state. Earlier this year, Karnataka Chief Minister Siddaramaiah had also proposed the creation of a Rs 15 crore angel fund to encourage new and innovative projects in the state. Karnataka government already manages three VC funds under Karnataka Information Technology Venture Capital Fund (KITVEN). These include KITVEN Fund, KITVEN Fund – 2 and KARVEN Fund (Karnataka Venture Capital Fund). It also proposed a plan to setup incubation centers for Information & Communication Technology (ICT) sector in collaboration with engineering colleges in select district headquarters to encourage entrepreneurship and innovation in this sector.

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