Four-fold rise in number of startups planned: CM

The State further plans to encourage young entrepreneurs through programmes and collaborations.

Kerala Startup Mission’s Digital Hub in its Kalamassery-based Technology Innovation Zone.

Kerala aims at a four-fold increase in the number of startups, taking it to 15,000 in next five years, Chief Minister Pinarayi Vijayan has said.

Launching the Kerala Startup Mission’s ambitious Digital Hub at its Kalamasserry-based Technology Innovation Zone virtually here on Saturday, Mr. Vijayan said that technology labs and incubators will be set up to achieve that goal and turn the State into a knowledge society.

Venture funding with a corpus of ₹750 crore will be made available in addition to interest-free loans to startups by KSUM. Additionaly, venture capital worth ₹250 crore is expected from financial institutions like Kerala Bank, KSIDC, KFC and KSFE, Mr. Vijayan said.

“We are determined to ensure that shortage of funds does not hinder the conversion of a brilliant innovative idea into a reality,” Mr. Vijayan said, while citing Digital Hub’s prospective emergence as one of South Asia’s largest product development centres for technology startups.

The international emergence of Kerala startups will put KSUM on the global technological map. “We will organize programmes such as ‘Innovation Challenge’ for the youths to prove their competence. The winners will get government assistance to market their product,” he said.

Thiruvananthapuram is envisioned to become a hub of Artificial Intelligence. “Realising the vitality of data collection, distribution and analysis as shown by the pandemic, the government is exploring the scope for strengthening the data parks,” Mr. Vijayan said while emphasising the need for reducing the dependence on foreign countries for software and hardware.

In his presidential address, Industries Minister P. Rajeev said the government was determined to go ahead with its plans to encourage the State’s young entrepreneurs. “We are focusing on the semiconductor sector and are in talks with companies in Belgium,” he said.

Principal Secretary (Electronics & IT) Biswanath Sinha, said the government is charting a special scheme for startups that function outside the IT sector. Hibi Eden, MP, Chief Secretary V. P. Joy and Kerala Infrastructure Investment Fund Board CEO K. M. Abraham were present. KSUM Chief Executive Officer John M. Thomas proposed thanks.