Tamil Nadu has released a Startup and Innovation Policy 2018-23 to provide an 'innovative' system for startups registered in the state. It also plans to make Tamil Nadu a 'Global Innovation Hub' for startups by 2023, reports BusinessLine. Additionally, the Union Ministry for Electronics and IT (MeitY) will set up a Centre of Excellence for Fintech at Software Technology Parks of India (STPI) Chennai, per BusinessLine. Startup and Innovation Policy The state government said that its core objectives are to support infrastructure in areas like Internet of Things (IoT), artificial intelligence & machine learning, and software-as-a-service (SaaS). The mission aims to create: At least 1 lakh high-skilled jobs in the startup ecosystem 500 technology startups of which at least 10 are startups in the social impact sector What the state government will do Creating ecosystems The TN government will create ecosystems for innovation, ensure that resources are available, and enable job creation and skill development. The Entrepreneurship Development Institute of India (EDII) will be the nodal agency to promote startups, while Tamil Nadu Startups and InnovaTN Mission (TANSIM) will advocate and oversee policy. The state's criteria to be recognized as a startup is: Registration under the TANSIM Date of incorporation below 7 years, and below 10 years for biotech and AI/ML startups Turnover of below Rs 25 crore Funds The state will also set up two funds to back up the startup: Tamil Nadu Startup Fund: It is registered as an Alternative Investment Fund (AIF), managed by Small Industries Development Bank of…
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