The Kerala Startup Mission (KSUM) announced that it will provide a financial assistance of $414K (INR 2.65 Cr) to 31 startups and student teams from all over the state, who presented a range of innovative technology solutions at the 8th edition of Grand Idea Day, an KSUM initiative.
More than 240 applications were received for the Grand Idea Day, and 49 grand ideas were selected for pitching, out of which 31 have been considered for funding.
KSUM manager Ashok Panjikaran said, “The Idea Day is a solution for the startups, which were finding it hard to find a source for funding and promote their products. Forty-nine existing startups and students from colleges have presented the ideas for their projects in four categories”
The startups that were selected for pitching were based on innovative technologies that include hardware, IoT, ERP (Enterprise Resource Planning), Platforms and Aggregators, Blockchain, AR/VR and Artificial Intelligence (AI).
As per TOI, the press release stated the amount to be given to each startup will be decided according to the nature of the projects which are presented and their potential for global marketing and development
The Grand Idea Day initiative has so far provided grants to more than 25 startups and KSUM is further looking to conduct the next edition in January 2018.