Kerala government to set up a seed support scheme for early stage investments to help new entrepreneurs

Updated on: Tuesday, July 30, 2013

The Kerala government would 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, according to Chief Minister Oommen Chandy.

This would help nurture one product startup a day, with the target of at least 3,000 companies by 2020, he said, addressing a gathering via video link at the Weekend@Startup Village celebrations here.

Chandy also announced setting up of a state-of-the-art Kerala Technology Innovation Zone at 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 ft with all facilities required for a world class innovation ecosystem and will nurture startup companies across a number of sectors, including IT and biotechnology.

The government's flagship Student Entrepreneurship Policy giving 20 per cent attendance allowance and five per cent grace marks for student entrepreneurs has taken effect in the Cochin University of Science And Technology and Kerala University and similar regulations will be introduced by other universities within a month, he said.

"All student entrepreneurs will be able to avail of these benefits this current academic year," Chandy said.

"We don't want our students to aim for a job or a visa after they complete education. We want them to become job creators and transform our economy that way. The government will provide every possible support for any entrepreneurial venture that has potential."

Government has also allocated Rs 15 lakh 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.

Winners of the 'Startup Village to Silicon Valley' programme will leave for the US in September.

Industries and IT minister P K Kunhalikutty said no Startup Village with a potentially great and innovative idea would have to suffer for funding.

He also announced that Startup Village, currently facing a space crunch, would be provided workspace and hostel facilities at the Kerala Institute for Entrepreneurship Development in Kalamassery till their own building is ready.

He also officially renamed the central avenue in Startup Village as 'Rajeev Motwani Street' in honour of the late Stanford University Professor who achieved legendary status in the field of computer science for his pioneering work.

Kerala government to set up a seed support scheme for early stage investments to help new entrepreneurs

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