Kerala to come out with a framework for funding of startups

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Trivandrum: The Kerala Government would come out with a framework for funding of startups as part of the Startup Policy which will be announced within a few months along with the new IT Policy. All these initiatives would give a big boost to the startup ecosystem in the State.

This was disclosed by M Sivasankar IAS, IT Secretary, Government of Kerala today, on the sidelines of the ‘Seeding Kerala’ event which concluded here today. The two day Seeding Kerala event was organised by the Kerala Startup Mission, with support from Lets Venture and Konglo Ventures.

“Based on our interaction with VCs, Institutional investors and HNIs, we have decided to give all possible support to Angel Investors which would make it feasible for them to fund local start-ups. Kerala Startup Mission would give them the office space as well as other required support. The Government would also explore the option of participating in well known angel funds that are willing to fund start-ups in Kerala”, said Sivasankar.

Dr. Jayasankar Prasad, CEO of Kerala Startup Mission said, “The main objective of this event was getting all the stakeholders across, in terms of funding – investment community, the start-ups and the potential investors. The sessions, especially the training sessions went off very well. The successful start-ups too shared their experiences and this I am sure would have been a good learning experience.”

Summing up the event, he added, “Government has to support start-ups but not necessarily spoon-feed them. We are going to give them the potential for revenue. We would also create more touch points for investors to meet start-ups. We need to create more serious start-ups and have visibility for them. Seeding Kerala will be an annual event but we will have smaller events maybe on a quarterly basis where we will try and bring the investor community. We will tie-up with Lets Venture to create a platform to meet up with all the investors. We will also organise Startup Clinics where mentors would closely monitor the start-ups and give a course correction if necessary.”

There are about 300 startups in the ecosystem here, 80 start-ups directly under Kerala Startup Mission in Thiruvananthapuram, Kochi and Kozhikode and the remaining in colleges across Kerala.

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