More seed funds for incubation centres: Startup India head at Kerala Innovation Festival

The Indian government is making moves for stronger seed funds and more incubation centres to increase opportunities for nascent companies across the country, Startup India Head Mamatha Venkatesh said on Friday.

The effort comes in addition to the financial allocations of the IT Ministry, the top official revealed, inaugurating the Kerala Innovation Festival organised by the Kerala Startup Mission (KSUM).

"The beneficiaries should be careful while utilising the funds," she noted at the opening of the two-day event in the Digital Hub of KSUM in suburban Kalamassery.

"Startups in various sectors can get help from other departments, too," Venkatesh is quoted as saying in a KSUM statement.

Terming Kerala's startup ecosystem as the country's "most vibrant", she said the state alone secured 100% registration under Startup India.

"One should make full use of the Centre's GeM (Government e-Marketplace), the Rs 1 lakh crore Fund of Funds and the Credit Guarantee Scheme," Venkatesh said.

"It is a matter of pride that 48% of the startups in the country are founded or co-founded by women," she said.

State Planning Board member Mini Sukumaran said the representation in the women workforce continued to stand "very low" despite a steady rise in the number of girl students in the higher education institutions of Kerala.

"This gap is a challenge. The state government is taking urgent steps to resolve this," she said. "Also, the Planning Board has given various suggestions and schemes to the government to make the gender budget more effective," Sukumaran said.

KSUM Chief Executive Officer Anoop Ambika said the nodal agency will implement more mechanisms for angel funding to startups in their infancy.

"Currently, Kerala has four angel networks. Success of more startup ecosystems will inspire angel investors," he added.

TiE Kerala President Vivek Krishna Govind said the state's startup ecosystem enjoyed a "buzz like no other" in the country.

The KIF features more than 100 eminent personalities from diverse fields, including the film industry, music, technology, fintech and social enterprises.