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TN unveils startup policy, to establish ₹250cr corpus fund
TIMES NEWS NETWORK
Chennai: 20.01.2019
A day after the state cabinet gave its nod for a startup and incubation policy, the government on Saturday said a startup fund with a corpus of ₹250 crore would be set up.
The corpus will be used for assisting start-up businesses. According to the policy, a first tranche of ₹25 crore will be allotted in the 2019-20 state budget. “Called Tamil Nadu Startup Fund, it will be managed by a professional agency, like the Small Industries Development Bank of India. It will be registered as an alternative investment fund (AIF) under Securities and Exchange Board of India (Sebi) regulation, 2012,” it said. The policy aims at nurturing 5,000 technology stratups and envisages creating 1,00,000 jobs, direct and indirect, in the startup ecosystem.
The money available in the fund will be invested in other AIFs registered under Sebi for investment in startups and MSMEs established in the state. The state government will invest ₹75 crore in the fund.
Apart from this, a Tamil Nadu Startup Seed Grant Fund (TNSSGF) of ₹50 crore with an allotment of ₹5 crore in the first year shall be created, in agreement with financial institutions and universities for early stage financing through grants, for research and innovation.
The TNSSGF would also fund Idea-to-PoC (proof of concept) stages and state and central public sector undertakings (PSUs) will be encouraged to adopt incubators and channelize their corporate social responsibility (CSR) funds.
“An entity will be recognised as a startup if it fulfils certain conditions. It must be registered in the state and under the Tamil Nadu Startup and Innovation Mission, companies and partnerships must have completed 7 years in existence and in case of start-ups in the biotechnology, artificial intelligence (AI) and machine learning (ML) sectors, the period shall be up to 10 years from the date of its incorporation/ registration; if its turnover for any of the financial years since incorporation/ registration has not exceeded ₹25 crore,” said the policy.
TN unveils startup policy, to establish ₹250cr corpus fund
TIMES NEWS NETWORK
Chennai: 20.01.2019
A day after the state cabinet gave its nod for a startup and incubation policy, the government on Saturday said a startup fund with a corpus of ₹250 crore would be set up.
The corpus will be used for assisting start-up businesses. According to the policy, a first tranche of ₹25 crore will be allotted in the 2019-20 state budget. “Called Tamil Nadu Startup Fund, it will be managed by a professional agency, like the Small Industries Development Bank of India. It will be registered as an alternative investment fund (AIF) under Securities and Exchange Board of India (Sebi) regulation, 2012,” it said. The policy aims at nurturing 5,000 technology stratups and envisages creating 1,00,000 jobs, direct and indirect, in the startup ecosystem.
The money available in the fund will be invested in other AIFs registered under Sebi for investment in startups and MSMEs established in the state. The state government will invest ₹75 crore in the fund.
Apart from this, a Tamil Nadu Startup Seed Grant Fund (TNSSGF) of ₹50 crore with an allotment of ₹5 crore in the first year shall be created, in agreement with financial institutions and universities for early stage financing through grants, for research and innovation.
The TNSSGF would also fund Idea-to-PoC (proof of concept) stages and state and central public sector undertakings (PSUs) will be encouraged to adopt incubators and channelize their corporate social responsibility (CSR) funds.
“An entity will be recognised as a startup if it fulfils certain conditions. It must be registered in the state and under the Tamil Nadu Startup and Innovation Mission, companies and partnerships must have completed 7 years in existence and in case of start-ups in the biotechnology, artificial intelligence (AI) and machine learning (ML) sectors, the period shall be up to 10 years from the date of its incorporation/ registration; if its turnover for any of the financial years since incorporation/ registration has not exceeded ₹25 crore,” said the policy.
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