In an effort to retain successful startups within the State, the Government is considering the doubling of scale-up funding provided by the Kerala State Industrial Development Corporation (KSIDC) for startups to ₹1 crore, Industries Minister P.Rajeeve has said. Speaking after inaugurating the Scale-up conclave organised by the KSIDC in the capital on Wednesday, he said that out of the allotment of ₹7 crore in the current year, only ₹2 crore has been claimed and urged startups to make use of it.
He said that the government is studying the reasons behind some startups that achieve growth after receiving seed funds and then leave the State, in order to address their problems. The KSIDC will also set up a support team for providing startups help in scaling up as well as for other purposes. Entrepreneurship development clubs will be formed in all educational institutions. Exhibition of promising projects from the campuses will be organised and possibilities of commercially launching them as products explored. The linkage between academic institutions and the industry will be strengthened, he said.
Mr.Rajeeve said that all the benefits that are now available for IT-based startups will be extended to non-IT startups too. Young entrepreneurs are now being provided ₹25 lakh as seed fund assistance. He handed over approval documents for seven companies that were sanctioned seed funds this year. Awards for excellence were presented to best performing startups. Principal Secretary Industries A.P.M. Mohammed Hanish presided over the function. Startup Mission CEO Anoop Ambika, Digital University Kerala Vice Chancellor Saji Gopinath, KSIDC Managing Director S. Harikishore and KSIDC General Manager Ashok Lal were also present.
