The Telangana government has introduced the ‘Innovation Policy’ in order to attract big corporates to set up research arms and encourage entrepreneurs to establish start-ups in urban as well as in the rural areas.
The innovation policy focus on the development of physical infrastructure and programme management capabilities and focus on creating sustainable funding models through funds and other instruments. It will encompass development of human capital along with proactive engagement with the industry to continuously promote and identify innovation.
In addition, efforts would be made to encourage start-ups in the rural and social enterprise space by providing additional incentives. On the physical infrastructure front, the policy envisages development of one million sq.ft of work space dedicated to start-ups in the next five years. The emphasis would be on partnering with 20 global accelerators in building facilities under the public private partnership mode besides ensuring that two incubators are developed in Tier-II locations of the State.
Jayesh Ranjan, Principal Secretary, IT and Industries Department, said that all the relevant departments should set up or support dedicated incubation zones and identify areas requiring solutions and potential partners or sponsors for tie-ups. The policy is said to be for five years.
According to the government as mentioned in The Hans, “A Startup Council would be constituted for administering the incentives to the startups in a smooth manner and to set the direction of the state in terms of the start ecosystem. An Advisory and Executive Committee headed by Principal Secretary (IT) would be part of the Startup Council.”