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Kerala has decided to set up a seed capital support scheme for early stage investments to help entrepreneurs.
The initiative will strengthen the new IT policy, which aims to nurture one product startup a day, with a target of at least 3,000 companies by 2020, said chief minister Oommen Chandy.
Speaking via video link at the 'Weekend@Startup Village' celebrations on Sunday, he also announced the setting up of state-of-the-art 'Kerala technology innovation zone' at Kalamasery, where India’s first telecom business incubator, Startup Village, is located.
The initiative will strengthen the new IT policy, which aims to nurture one product startup a day, with a target of at least 3,000 companies by 2020, said chief minister Oommen Chandy.
Speaking via video link at the 'Weekend@Startup Village' celebrations on Sunday, he also announced the setting up of state-of-the-art 'Kerala technology innovation zone' at Kalamasery, where India’s first telecom business incubator, Startup Village, is located.
The government's flagship Student Enterpreneurship Policy giving a 20 per cent attendance allowance and a five per cent grace marks for student entrepreneurs has taken effect in Cochin University of Science and Technology and Kerala University, and similar regulations will be introduced by other universities within a month, said the chief minister.
"All student entrepreneurs will be able to avail of these benefits from this current academic year. We don’t want our students to aim for a job or a visa once they complete education. We expect them to be job creators and transform our economy that way. The government is ready to provide every possible support for any entrepreneurial venture that has potential," he added.
The state has 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 the first-hand 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.
<b>Startup Village to get temporary facility</b>
Industries minister P K Kunhalikkutty said the Startup Village, which was facing a space crunch, would be provided with workspace and hostel facilities at the Kerala Institute for Entrepreneurship Development in Kalamassery until its own building gets ready.
He also officially renamed the central avenue in the Village as the Rajeev Motwani Street in honour of the late Stanford University professor.
Anil Menon, president, globalisation and smart+connected communities at Cisco, said his company was planning to set up an innovation lab at the Village. Cisco is one of the biggest Silicon Valley success stories and would bring a wealth of experience to young startups.
US-based investor M R Rangaswami said his investment group SandHill had been providing free guidance and advice to budding entrepreneurs through its website. Indiaspora, the community of Indian Americans that Rangaswami founded last year would work with the Startup Village to support incubating companies here.
"There are three million Indian Americans constituting 1 per cent of the population of the US and the country’s highest income group. They are keen to provide their mentorship and funding support for young people back home," he said.
Rentala Chandrasekhar, former IT and telecom secretary, said the $100 billion Indian IT industry was aiming to grow to $300 billion by 2020. Sanjay Vijayakumar, chairman of the Startup Village board of governors, and CEO Sijo Kuruvilla George launched the Dev1000p programme that aims to create 1000+ professional student developers.
