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Andhra Pradesh government has planned to spend about $16 Mn as state innovation fund for startups.
State government IT adviser J Saryanarayana said that the draft guidelines will be endorsed in a week, and the innovation fund will be launched during this year. Also, as a part of the state innovation and startup policy launched in August 2014, the government will reimburse to the incubator or the investor 15 per cent of the seed capital infused into a startup based out of the state.
Andhra Pradesh has incubation infrastructure at Vizag, Kakinada, Tirupathi and Ananthapur and construction work is on for an additional 300,000 sq ft. Startup Village currently has 107 startups and the government is targeting to incubate 500 startups by the end of this December and 5,000 by 2020.
The state government is also planning to come up with seven centres of excellence (CoEs) to nurture the startup ecosystem. “We have requested various universities to create space for the CoEs. The idea will be a reality in the next few month,” said Saryanarayana.
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