Kerala startup policy's key points
After promoting tourism, Kerala has shifted its focus to building a thriving startup ecosystem. For years now, there has been a migration of people from the state to different parts of the world. Believing that this has resulted in a significant ‘brain drain’ which, in turn, has affected the knowledge economy of Kerala, the state government had created a startup policy aimed at creating a startup-friendly ecosystem in the state.
With both Startup Village and the Startup Mission spearheading the movement, several startups find it easier to build teams, get seed funding, and find the right mentorship. As per policy, the Kerala Startup Mission will work with startups across the state and provide them with the needed grants, interest-free loans, co-working spaces, incubation, and mentorship.
The state government had carved out a Technology Innovation Zone to helps entrepreneurs try out their ideas. The Startup Mission provides these startups the cushioning needed even if they fail. At each stage, they bring in technical mentors and guides who can help them grow and build their products faster. Below are the key points of the government aids:
- Creating a nodal centre like the Startup Mission to ensure the key policies are implemented.
- Student entrepreneurship encouragement: Students have the opportunity to take a break and work on their startup ideas. They can get back to the educational fold afterwards.
- Specific Rs 500-crore fund allocated for startups.
- Provision of easy grants.
- Accelerator programmes as provided by Startup Mission and Startup Village.
- Technology Innovation Zone for technology-specific startups.