TN government rolls out innovation policy to create 5,000 startups by 2023
Land will be allotted at nominal lease for 99 years to establish ‘Startup Parks’ at appropriate places by entrepreneurs/Startups, including NRIs from Tamil Diaspora.
Published: 20th January 2019 02:29 AM
Image used for representational purpose only
Express News Service
CHENNAI: Tamil Nadu government has rolled out the much-expected Startup and Innovation Policy 2018-2023 aimed at creating at least 5,000 startups, including 10 global high growth companies, by 2023. Besides, the policy also has comprehensive measures for creating, supporting and nurturing a vibrant startup ecosystem in the State.
The policy aims at enabling the State to emerge as the ‘knowledge capital and innovation hub of the country’, besides attracting entrepreneurs and investors across the globe. The policy was unveiled by Chief Minister Edappadi K Palaniswami on Friday.
Numerous measures spelt out in the policy are expected to nurture innovation, investment in R&D, infrastructure, knowledge creation, technological development and skilled manpower, resulting in high growth entrepreneurial ventures across the spectrum of sectors from agriculture, manufacturing, health care, education, logistics, environment, to Fintech and ICT.
For implementing the policy, the State will set up Tamil Nadu Startup Fund with a corpus of `250 crore. The fund will be invested in other SEBI registered Alternative Investment Funds for investment in startups and MSMEs established in Tamil Nadu. The government will invest `75 crore in the fund. The first tranche of `25 crore will be allocated in the budget for 2019-2020.
Besides, a Tamil Nadu Startup Seed Grant Fund (TNSSGF) of `50 crore with an allotment of `5 crore in the first year will be created in partnership with financial institutions and universities for supporting early stage financing requirements of the startups in the form of grants to fill the gap in fund requirement for research & innovation.
The TNSSGF would also provide funding for Idea-to-PoC (Proof of Concept) stages which are pre-startup activities. This will be similar to the erstwhile Technopreneur Promotion Programme (TePP) grant provided by DSIR and would support prototyping and testing of innovative ideas of students/ faculty/ individuals. The Tamil Nadu Startup and innovaTN Mission (TANSIM) will manage this fund, which will be governed by a professional Scientific Startup Seed Fund Board.
The policy will be reviewed every five years. However, amendments in this policy could be made with the approval of the State cabinet without affecting the beneficiaries already covered under the policy. Besides, the performance of this policy will be reviewed by Tamil Nadu Startup and Innovation Council (TANSIL) every six months based on Key Performance Indicators (KPIs) to be fixed by the council. The TANSIM will also arrange for annual evaluation of the policy and the report will be placed before TANSIL for review and direction.
A centralised registry cum repository on venture firms, incubators, intellectual property support centres, mentors, database of different talents for startups to hire, stakeholders and other activities will be established. The agency will host an online sub-portal for startups to apply for and avail grants and other benefits.
Land will be allotted at nominal lease for 99 years to establish ‘Startup Parks’ at appropriate places by entrepreneurs/Startups, including NRIs from Tamil Diaspora. The government will encourage entrepreneurs by giving access to relevant information/data for creating apps and technologies for public-good.
Core objectives of project
Encourage, facilitate and support emergence of at least 5,000 technology startups
Extend support to at least 10 global high growth startups developing innovative technology solution in sectors like sanitation, clean energy, healthcare, food, education, etc
Establish support infrastructure and strengthen the existing mechanism in thrust areas
Collaborate with educational institutions to promote entrepreneurship among youth
Maximise industry engagement
Provide adequate incentives and resources to startups, facilitators, mentors and investors to promote startup culture in the State
Nurture budding startups defined as START STEPs to graduate into startups
The policy will be reviewed every five years. The performance of this policy will also be reviewed by Tamil Nadu Startup and Innovation Council every six months
Land will be allotted at nominal lease for 99 years to establish ‘Startup Parks’ at appropriate places by entrepreneurs/Startups, including NRIs from Tamil Diaspora.
Published: 20th January 2019 02:29 AM
Image used for representational purpose only
Express News Service
CHENNAI: Tamil Nadu government has rolled out the much-expected Startup and Innovation Policy 2018-2023 aimed at creating at least 5,000 startups, including 10 global high growth companies, by 2023. Besides, the policy also has comprehensive measures for creating, supporting and nurturing a vibrant startup ecosystem in the State.
The policy aims at enabling the State to emerge as the ‘knowledge capital and innovation hub of the country’, besides attracting entrepreneurs and investors across the globe. The policy was unveiled by Chief Minister Edappadi K Palaniswami on Friday.
Numerous measures spelt out in the policy are expected to nurture innovation, investment in R&D, infrastructure, knowledge creation, technological development and skilled manpower, resulting in high growth entrepreneurial ventures across the spectrum of sectors from agriculture, manufacturing, health care, education, logistics, environment, to Fintech and ICT.
For implementing the policy, the State will set up Tamil Nadu Startup Fund with a corpus of `250 crore. The fund will be invested in other SEBI registered Alternative Investment Funds for investment in startups and MSMEs established in Tamil Nadu. The government will invest `75 crore in the fund. The first tranche of `25 crore will be allocated in the budget for 2019-2020.
Besides, a Tamil Nadu Startup Seed Grant Fund (TNSSGF) of `50 crore with an allotment of `5 crore in the first year will be created in partnership with financial institutions and universities for supporting early stage financing requirements of the startups in the form of grants to fill the gap in fund requirement for research & innovation.
The TNSSGF would also provide funding for Idea-to-PoC (Proof of Concept) stages which are pre-startup activities. This will be similar to the erstwhile Technopreneur Promotion Programme (TePP) grant provided by DSIR and would support prototyping and testing of innovative ideas of students/ faculty/ individuals. The Tamil Nadu Startup and innovaTN Mission (TANSIM) will manage this fund, which will be governed by a professional Scientific Startup Seed Fund Board.
The policy will be reviewed every five years. However, amendments in this policy could be made with the approval of the State cabinet without affecting the beneficiaries already covered under the policy. Besides, the performance of this policy will be reviewed by Tamil Nadu Startup and Innovation Council (TANSIL) every six months based on Key Performance Indicators (KPIs) to be fixed by the council. The TANSIM will also arrange for annual evaluation of the policy and the report will be placed before TANSIL for review and direction.
A centralised registry cum repository on venture firms, incubators, intellectual property support centres, mentors, database of different talents for startups to hire, stakeholders and other activities will be established. The agency will host an online sub-portal for startups to apply for and avail grants and other benefits.
Land will be allotted at nominal lease for 99 years to establish ‘Startup Parks’ at appropriate places by entrepreneurs/Startups, including NRIs from Tamil Diaspora. The government will encourage entrepreneurs by giving access to relevant information/data for creating apps and technologies for public-good.
Core objectives of project
Encourage, facilitate and support emergence of at least 5,000 technology startups
Extend support to at least 10 global high growth startups developing innovative technology solution in sectors like sanitation, clean energy, healthcare, food, education, etc
Establish support infrastructure and strengthen the existing mechanism in thrust areas
Collaborate with educational institutions to promote entrepreneurship among youth
Maximise industry engagement
Provide adequate incentives and resources to startups, facilitators, mentors and investors to promote startup culture in the State
Nurture budding startups defined as START STEPs to graduate into startups
The policy will be reviewed every five years. The performance of this policy will also be reviewed by Tamil Nadu Startup and Innovation Council every six months
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