The Kerala government has launched a mission to attract state-based industries to create a conducive ecosystem for supporting young entrepreneurs. The decision was taken at an interactive session organized by Kerala IT in association with Technopark-TBI and Start-up Village held here.
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Chief Minister Shri Oommen Chandy, State Industries and IT Minister P K Kunhalikutty, Kerala State Industrial Development Corporation (KSIDC) Managing Director Aruna Sundararajan and Industries and IT Principal Secretary P H Kurian held a discussion with the industry leaders in this regard.
78 entrepreneurs from leading business houses participated in the session, which turned into a platform for the mission. The entrepreneurs have worked out strategies to make Kerala a No.1 destination for entrepreneurship.
“Time has arrived for us to act and we are in a transformation mode,” said Chandy. “The student entrepreneurship policy of the government started showing results and there has been great vigour and enthusiasm among the young to become entrepreneurs,” he added.
KSIDC has decided to start 50 incubators across the state for supporting business and technology start-ups. KSIDC also plans to launch a venture capital fund of Rs 20-crore in the upcoming Young Entrepreneurs Summit for supporting the start-ups. It will work closely with CII and TiE for providing mentoring to young innovators.
This year’s budget, proposed to establish a Rs10,000 crore start-up fund to attract private capital by providing equity, quasi equity, soft loans and other risk capital for start-up companies. Earlier, Kerala Government announced its plans to setup $1.6 million (Rs 10 crore) angel fund to support innovative start-ups based out of the state