In a first of its kind initiative, Kerala Government yesterday conducted a Summit for Young and Aspiring Entrepreneurs from Kerala. Young Entrepreneurs Summit 2014 is a Government of Kerala initiative to foster entrepreneurship in young minds.
In the presence of welcomed guests, entrepreneurs and media persons, Shri. K. Babu, Hon. Minister for Fisheries, Ports and Excise along with Shri. P. K. Kunhalikutty, Hon. Minister for Industries and IT, Shri. V. K. Ebrahim Kunju, Hon.Minister for Public Works, Shri. Jose Thettayil MLA, Smt. Aruna Sundararajan IAS, Addl. Chief Secretary & MD, KSIDC, Shri. Hibi Eden MLA and Shri. Pranav Kumar, CEO Start up Village officially inaugurated the Young Entrepreneurs Summit 2014 at Adlux Convention Centre in Kochi, Kerala.
- KSIDC (Kerala State Industrial Development Corporation) to introduce Seed Fund for start-ups. Earlier named as Angel Fund, KSIDC has created a Rs. 10 crore financial assistance to support innovative start-ups. The fund will be allocated to any innovative projects not only in IT sector but in bio-technology, agriculture, food processing, business innovation, green technology and so on. The maximum seed capital for each start-up will be Rs. 25 lakh.
- Suggestions to change industrial policies to promote startups
- The state government to promote environmental friendly enterprises
- Aiming to add another 500 startups by 2016 to reach 1000 startups
- To set up a Startup Campus in the state for Entrepreneurs
- To start incubators in major cities of Kerala
- First women incubation cell started at Assumption College, Changanassery
The summit was organized in association with KSIDC (Kerala State Industrial Development Corporation), KFC (Kerala Financial Corporation), TBI, Technopark, Infopark, and KINFRA. At the event, the final selected innovators/ideas were rewarded and honoured selected successful startups from the state.
Kerala needs revenue from Entrepreneurship
IT and Industries Minister P K Kunahlikutty while inaugurating the summit said that Kerala needs revenue from Entrepreneurship and not from liquor sales and beverages corporation! We need to promote the new models of development which includes the vibrant young and challenging minds. He also urged the young minds of Kerala to make the state first in the country to promote startups and entrepreneurship.
The emergence of new startups will make an impact on the IT sector, said Nasscom chief R. Chandrasekhar.
The major retail chain LULU group chairman Mr. Yousafali announced a seed fund of Rs. 2 crores for new startups and entrepreneurs. He said this should inspire young people who wants to make it big.
YES is one of the navaratna programmes taken under the Government of Kerala’s Mission 676 programme.
Objectives of YES 2014
The objective of YES is to instill an entrepreneurial mind-set in the youth of Kerala and should be viewed as the commencement of a journey, and not an end in itself.
The main highlights of YES include the launching of infrastructural initiatives such as:
- Dedicated incubators and labs for emerging sectors like Life and Medical Sciences, Agri-tech, Food processing, Marine, Fashion and Electronics
- Training and skill development programs such as Boot Camps for college students, junior Boot camps for schools
- Internationalizing course curricula in cutting edge disciplines
- Provision of technology and tool-kits
- Creation of Innovation zones
- Value added services including mentoring by experts and professionals
Earlier in the last budget, Kerala Government has rolled out the Student Entrepreneurship policy which is designed to encourage innovations by students. The state government will also be launching a new project that offers 100 teams of five college students each a Startup Tool Box, which will have high-end computers, smartphones and other technology items required to create a startup company. The students will be given duty leaves and grace marks for their performance based on the startups ideas.
Kerala has been one of the top states in India to promote Entrepreneurship recently. With the launch of Startup Village and Incubation Centres across Kerala, the state has been considered a more business friendly state now.
The upcoming projects like Smart City in Kochi, Technopark Expansion in Trivandrum will be considerable addition to the state’s growing IT expansion plans. Hopefully within the next few years we can see major companies starting their units in Kerala and helping it to be the next Startup destination of India after Bangalore!