Kochi: Launched with an ambitious agenda to create an ecosystem that would fire up entrepreneurial aspirations of youngsters in Kerala, the Kochi based Startup Village has been surpassing its targets by creating one new entrepreneur a day with total valuation of start-ups pegged at a whopping Rs. 292 crores.
Startup Village, India’s first PPP model incubator which completed 1,000 days on January 10, 2015 has produced 533 startups, 116 of them being campus startups, and created a total of 2,889 jobs. 37 startups have raised Rs. 27 crores in funding from angel investors, private backers and seed funds and 161 have raised initial seed money from friends and family.
Since its inception on April 15, 2012 until December 2014, the internet-mobile incubator received a total of 6,491 application requests. A total of 960 (58 physical and 902 virtual start-ups) were incubated, of which 533 are currently active. Of the 58 physical startups, 56 are currently active and two failed. Of the 902 virtual startups, 477 are active and 355 inactive while 70 were aborted.
“Survival of physically incubated startups is 96.5% and of virtual 53%, which shows that a physical ecosystem substantially increases the chances of a startup doing well,” said Sanjay Vijayakumar, Chairman, Startup Village. About the student startup community, of the 293 startups, 116 are active, 149 inactive and 28 fizzled out.
Applications to Startup Village witnessed a QoQ growth of 40%. As compared to 136 applications in the fourth quarter (Oct-Dec) of 2012, the cumulative number was 1,287 and 5,971 by the corresponding period of 2013 and 2014, respectively.
Startup Village, as an ecosystem, is supporting startups in Kerala across three main tracks: Inspiration (Idea to Prototype), Incubation (Prototype to Minimum Viable Product or MVP) and Traction (MVP to traction and angel funding).
“When we started in 2012, our commitment to DST, Government of India was to incubate 48 startups, raise Rs 2.5 crore through private sector, organise 20 events, make available 10,000 sq. ft. infrastructure and forge 10 partnerships, in five years. Now after 2.8 , we have 533 start-ups, Rs. 4.91 crore as private sector contribution, 102 events, 15,000 sq. ft. infrastructure and 25 partnerships. We have delivered on all commitments”, he added.
Kerala IT News