Thiruvananthapuram: Ahead of the release of the Kerala IT and Startup policy, which is expected to be finalized in two weeks, Kerala Start up Mission (KSUM) plans to create an angel fund for state-specific startups with a total corpus of Rs 30 crore.
“The state IT and startup policy is expected to be finalized in about two weeks. We have got some inputs from the public. We are waiting for suggestions from some more departments, which will be incorporated before finalizing it,” said state IT secretary M Sivasankar.
“Now, KSUM plans to create an angel fund for Kerala specific startups. Of the total corpus of Rs 30 crore, the state government’s share will be Rs 15 crore and KSUM will invest Rs 15 crore. Exclusively, it will be SEBI (Securities and Exchange Board of India) accredited fund and will based on equity investment,” said KSUM Chief Executive officer Saji Gopinath.
Selected feasible startup ideas would be funded, he said. “Of the 18 ideas presented on the idea day of student startups from the innovation entrepreneurship development centres in engineering colleges in the state, about three were selected and they will be given Rs 2 lakh each. Then to scale up further and for commercialization at a later stage, they will be given Rs 10 lakh each. That is a separate KSUM fund for startups. Such startups too might get selected as part for angel fund, if found viable,” he said.
“The UNTIL in Kerala is aimed at developing technology in identified areas such as water resources, sanitation and sustainable agriculture, the three major intervention areas of ‘Haritha Keralam Mission’ which are critical to our state,” said KSUM CEO.
“This UNTIL initiative is a great opportunity for the startups in the state to involve in creating path-breaking technologies that can address and resolve real life concerns of common people. The opportunity to be working along with the experts from the UN, will open lot of avenues of learning and exposure for our startups,” he pointed out.
Earlier this month, KSUM had signed an agreement with Bharat Petroleum Corporation Ltd (BPCL) to provide aid and investments for startups in various technological domains “Startup ideas useful to BPCL in the energy sector and market strategies will be supported by it,” he said. The state has a space for digital Fab labs, accelerator and future tech labs. In the next three years, a large number of hi-tech startups will emerge and an exponential growth in this industrial sector is possible.
Source: Times of India
