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The Andhra Pradesh government is planning to set up five incubators to nurture start-ups in areas of futuristic technologies, including the internet of things, social media, analytics and cloud, among other things.
It has announced an integrated risk guarantee scheme for support to public-private partnerships in creating technology business incubators and proposes to pump in Rs 750 crore over a period of four years.
The scheme is modelled on Israel’s initiatives in the 90s, which catapulted the country into a major global start-up hub.
"The total investment will bring 5 lakh square feet of incubation infrastructure across the state creating a density that would resemble a mini silicon coast as the first core cluster of a start up ecosystem," the chief minister's office said.
The government readied a blue print with each incubator being planned with a cost of Rs 150 crore and will be executed for a period of 15 years, it said.
