Andhra Pradesh Chief Minister N Chandrababu Naidu has said the state government is planning a separate start-up fund for the budding entrepreneurs of the state with an allocation of Rs 100 crore.
The Chief Minister was addressing a gathering at the Indian Innovators’ Association (IIA) International Innovation Fair.
Naidu informed that besides creating a comprehensive ecosystem, the government is also looking to help budding entrepreneurs through mentoring, help in filing patents and financial support.
The CM also signed a Memorandum of Understanding (MoU) at the fair with National Research Development Corporation (NRDC) Chairman and Managing Director H Purushottam to encourage state start-ups on the back of the Andhra Pradesh Innovation Society (APIS).
“Technology and Internet of Things are a deadly combination. Being a tech-savvy government, we want to encourage our youth in all possible manners to become entrepreneurs,” said Naidu after signing of the MoU.
Most of the states in India are currently working to promote the growth of entrepreneurial opportunities in their specific regions and give a push to the start-up ecosystem in line with the flagship Startup India programme of Central government. With the recently launched Rs 100 crore start-up fund by the Andhra Pradesh government, the state is aiming to attain a higher growth rate in future and charting it among the top three states in India by 2022.
