Kerala targets 15,000 startups by 2026: CM opens Digital Hub
Kerala is working to quadruple the number of startups, aiming to increase their number to 15,000 over the next five years, Chief Minister Pinarayi Vijayan said on Saturday.
To achieve this plan, the government will set up technological laboratories and incubators which will play an essential role for nascent companies to transform the state into a knowledge-based society, he said after inaugurating a pioneering digital hub. by the Kerala Startup Mission (KSUM) in Kalamassery. near here.
As Internet connectivity is crucial for the growth of startups, the authorities have already proposed complementary projects such as K-Fon. The government will continue to ensure an equitable distribution of resources while creating an ecosystem of innovation, underlined the Chief Minister during the ceremony marking the opening of the installation of the KSUM which aims to welcome a dynamic ecosystem including incubators. , accelerators and centers of excellence in emerging technologies.
âThe workspace totaled two lakh square feet in 2019 when KSUM opened the Technology Innovation Zone (TIZ). Today, the Digital Hub has helped double that space, âsaid Vijayan, noting that KSUM provides interest-free loans to startups. Venture capital funding with a corpus of 750 crore will be made available. In addition to venture capital worth 250 crore, financial institutions such as Kerala Bank, KSIDC, KFC and KSFE are expected.
The challenges of innovation
The Chief Minister underlined the âgrowing importanceâ of knowledge, innovation and creativity in a world where the best ideas prevail in the market. “We are particularly convinced that the lack of funds should not stand in the way of converting a brilliant innovative idea into marketing reality,” he noted, referring to the potential emergence of Digital Hub as one of South Asia’s largest product development centers for tech startups.
As Kerala startups will be strongly linked internationally, KSUM will find its place on the global technology map. âWe will organize programs such as the ‘Innovation Challenge’ for young people to prove their skills. The winners will receive government assistance to market their product, âsaid the Chief Minister.
The Technology Innovation Zone (TIZ) state-of-the-art digital center with a built-in space of 2 lakh square feet has a capacity to support 200 startups, in addition to the 165 startups hosted in the adjacent KSUM integrated startup complex. Housing a design incubator, a healthcare incubator, a CoE (Center of Excellence) for Mouser Electronics, co-working spaces, design studios, an investor hive and an innovation center, the hub is envisioned as a destination for design and prototyping, opening up to global organizations and institutions to build world-class products.
State Industries Minister P. Rajeeve said the government was determined to move forward with plans to encourage young entrepreneurs in the state. âWe are focusing on the semiconductor sector and are in talks with companies in Belgium,â he said.