The Telangana government plans to project 'Hyderabad as the startup capital of India'. For this, it would go all out to bring to the fore innovations being generated at the grassroot level.
Speaking at the curtain raiser for August Fest, a startup festival centered around creativity and entrepreneurship, state IT minister K Taraka Rama Rao said the government wanted to provide a national platform for nurturing young entrepreneurs.
"Every young entrepreneur with a wonderful idea can look at the state to transform his innovation from the stage of ideation to product development. We assure young entrepreneurs with wonderful ideas not to be bogged down by hassles such as legalities, accounting, space management, mentoring and patenting," he said.
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For making things simpler for startups, the state has tied up with Indian School of Business, IIIT and Nalsar for delivering full-fledged services to them.
It has already kickstarted the exercise towards projecting Hyderabad as the key startup destination by announcing the setting up of Technology Hub here.
The T Hub will come up initially in the existing IIIT campus at Hyderabad in 80,000 sft with an intake capacity for 1,000 potential amateurs. Later, it will be moved to an own facility with a built-up space of 300,000 sft - enough to train and provide incubation facilities for 3,000 people at a time - in two years from now, he said.
The entrepreneurship building exercise will be accompanied by another new initiative aiming at making students of Telangana readily employable. A dedicated institution called TASK (Telangana Academy of Skills and Knowledge) will also be set up, according to him.
Over 1,500 start-ups are likely to participate in the second edition of August Fest, which will be held at ISB in Hyderabad on August 30 and 31.
Angel investors and venture capitalists, including Saif Partners, Kalaari, Sequoia Capital, will be part of the event. While 100 startup ideas would be pitching for funding, around 25 would be receiving instant funding at the fest.
