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Startup hubs in TN would create a robust ecosystem in the state: official

According to Startup TN, which is backed by the state government, the vision of the agency is to make Tamil Nadu a global innovation hub and the most preferred destination for startups.

Startup hubs in TN would create a robust ecosystem in the state: official

Sunday April 09, 2023 , 2 min Read

The proposed startup hubs announced by the Tamil Nadu government will enable the state to create a 'robust startup ecosystem', a senior government official has said.

The government had increased the funding to set up startup hubs in the state from the earlier Rs 30 crore to Rs 50 crore, Startup TN Mission Director and Chief Executive Officer Sivarajah Ramanathan was quoted as saying in a statement issued on Sunday.

According to Startup TN, which is backed by the state government, the vision of the agency is to make Tamil Nadu a global innovation hub and the most preferred destination for startups.

Minister for Micro, Small, and Medium Enterprises TM Anbarasan had announced in the Assembly last week that regional startup hubs would be set up in Salem, Hosur, and Cuddalore.

The setting up of a plug-and-play Startup Manufacturing Centre in Chennai and Global Coordination Centre in Dubai were also among announcements made by the Minister.

These new initiatives would add strength to the efforts taken by the Government of Tamil Nadu to create a robust startup ecosystem in the state, Ramanathan said.

In addition, the Tamil Nadu SC/ST Startup Fund had been launched to provide financial assistance in the form of equity investments or collateral-free loans to innovative startups founded and run by entrepreneurs of the scheduled castes and tribes communities, he said.

Regional startup hubs that are to be set up in Madurai, Tirunelveli, Erode, announced in the Budget, had created a positive impact in spreading awareness of the startup culture and had also expedited startup activities in the regions, the official said.

"Through our existing hubs we organised nearly 200 events in 2022-23 and reached over 29,000 persons including students, officials and other prospective startup ecosystem stakeholders," he said.

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Referring to the announcement that a Global Coordination Centre would be established in Dubai, he said the aim of such a GCC was to provide market access to startups through the Tamil diaspora living in various countries.

"We took extensive steps to directly reach out to Tamil diaspora entrepreneurs, investors and trade bodies in Dubai for investment, (providing) market access and research and development partnerships," he added.

The Global Coordination Centre in Dubai would be established to coordinate and provide resources required for the startups in Tamil Nadu, he added.


Edited by Megha Reddy