The state government will reimburse expenses of startups for procuring technology from the Centre’s research institution
Anoop Ambika, KSUM’s CEO, said the scheme will help startups operating in Kerala to have better access to the required know-how required for actualising their ideas into saleable products
Under this scheme, 90% of the fees paid for procuring tech licences will be reimbursed to such startups
The Kerala government has introduced a scheme to reimburse up to INR 10 Lakh expenses of startups for procuring technology from the Centre’s research institution. Such technology may come in the aid of commercialising and developing the startup’s tech products.
According to a PTI report, the state government will reimburse those amounts under its Kerala Startup Mission’s (KSUM) project called Technology Transfer Scheme.
Anoop Ambika, KSUM’s CEO, said the scheme will help startups in Kerala to have better access to the required know-how for actualising their ideas into saleable products.
“This is a highly rewarding scheme that will encourage our startups to innovate on their ideas without bothering about the cost involved,” Ambika said.
Under this scheme, 90% of the fees paid by startups for procuring tech licences (from the government research institutes) will be reimbursed. The scheme can only be availed by startups registered with KSUM.
Founded in 2006, KSUM is the nodal agency of the Kerala government that promotes entrepreneurship and incubation activities in the state. It also implements Kerala Technology Startup Policy, in turn, facilitating in shoring up the state’s startup ecosystem.
The development has come on the back of Union Minister Piyush Goyal’s announcement that the Indian startup ecosystem is pegged at about INR 3 Lakh Cr.
So far, India has produced 106 unicorns in total; SaaS-based logistics startup Shiprocket being the latest addition to the coveted unicorn club. With this, the country has managed to have the third largest unicorn hub after the US and China.
According to an Inc42 report, the country is likely to mint 250 unicorns by 2025 thereby, becoming the second in line after the US, which has minted 618 unicorns so far.
To further boost the startup ecosystem, various state governments have introduced a slew of initiatives such as Arunachal Pradesh, Delhi, Madhya Pradesh, Tamil Nadu, Haryana’s startup policy and Maharashtra government’s EV startups-focused fund, to name a few.