Government announces new initiatives to boost entrepreneurship


Kochi: The Government of Kerala has decided to set up a seed support scheme for early stage investments to help new entrepreneurs and strengthen the state’s objective under the new IT policy to nurture one product start-up a day, with the target of at least 3,000 companies by 2020.

This was announced by Chief Minister Shri Oommen Chandy today while speaking via video link at the Weekend@Startup Village celebrations here. He also announced the setting up of a state-of-the-art 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 start-up companies across a number of sectors including IT and biotechnology.

The government’s flagship Student Enterpreneurship Policy giving 20% attendance allowance and 5% grace marks for student entrepreneurs has taken effect in CUSAT and Kerala University and similar regulations will be introduced by other universities within a month, he added.

The Government has also allocated Rs.15 lakhs for Startup Village’s flagship programme SVSquare, to ‘build a bridge between Kochi and California’, enabling young aspiring businessmen and women to experience first-hand the renowned entrepreneurial culture of the global technology capital at Silicon Valley.

Minister for Industries & IT, Shri P K Kunhalikutty reiterated that no start-up 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.

The Weekend@Startup Village began on July 27 with a series of workshops for student entrepreneurs on a range of topics relevant to nascent businesses, session for the youngsters to pitch their ideas to the Startup Village’s community of angel investors for funding and an informal interaction later in the evening with some of the world’s leading entrepreneurs. An Experience Zone was opened for the public from 11 am to 2 pm, enabling people to see and experience the latest developments in technology.

Kerala IT News