Kerala to offer seed capital for innovative projects
Updated: Jun 06, 2014 09:39:20am
Kochi, Jun 6 (KNN) Kerala State Industrial Development Corporation (KSIDC) will be setting up an angel fund to the tune of Rs 10 crore to fund innovative start-ups, said a Business Line report.
KSIDC would extend a maximum seed capital of Rs 25 lakh each for all innovative projects, be it IT-based, agri-based, biotechnology or any other sectors where there is some innovative component. The funds will be launched in the current year itself, said the report quoting Managing Director, KSIDC, Aruna Sundararajan.
Sundarajan said this on the sidelines of Nasscom Product Conclave (NPC) 2014 held here on May-30. The corporation is likely to partner with Kerala Financial Corporation for venture funds.
For starters, KSIDC would get professional entrepreneurs and investors to become angel investors, and KSIDC would propose to offer matching funds as part of the partnership.
Commenting on the software product industry, Chairman, NASSCOM Product Council, Ravi Gururaj said, “The Indian software product industry is growing exponentially, signaling a massive transformation. Keeping this in mind, the focus of the NPC is to provide a platform for Indian start-ups and emerging companies to access the support available in the ecosystem to build their markets, create performing teams and secure funding from investors. It’s a great time to be a product entrepreneur in India with the buzz in domestic and global markets.
“NASSCOM is of the firm belief that the contribution made by product companies will grow manifolds resulting in a revolution in the landscape in terms of business stability, revenue growth and further innovation,” Gururaj added.
On the other hand, Chairman, NASSCOM Kerala Regional Council and EC Member and Executive Chairman, IBS Group, V K Mathews, said, “…over 90 per cent of the IT output comes from 7 metros, with hardly any contribution from the 56 Tier-2/3 cities of the country.
“Government can address this effectively by one policy change, which is by continuing the STPI export tax benefits to companies operating in Tier-2/3 cities, thus motivating IT companies to plan their growth in smaller cities. This will reduce the digital divide, improve inclusiveness and also serve to decongest the metro cities. Further, there will hardly be any tax loss to the Government due to this policy as there is no IT industry in these cities in the first place,” said Mathews.
NPC Cochin witnessed a turnout of over 150 delegates and a line-up of software product industry, VC industry and entrepreneur speakers. (KNN/ES)
KSIDC would extend a maximum seed capital of Rs 25 lakh each for all innovative projects, be it IT-based, agri-based, biotechnology or any other sectors where there is some innovative component. The funds will be launched in the current year itself, said the report quoting Managing Director, KSIDC, Aruna Sundararajan.
Sundarajan said this on the sidelines of Nasscom Product Conclave (NPC) 2014 held here on May-30. The corporation is likely to partner with Kerala Financial Corporation for venture funds.
For starters, KSIDC would get professional entrepreneurs and investors to become angel investors, and KSIDC would propose to offer matching funds as part of the partnership.
Commenting on the software product industry, Chairman, NASSCOM Product Council, Ravi Gururaj said, “The Indian software product industry is growing exponentially, signaling a massive transformation. Keeping this in mind, the focus of the NPC is to provide a platform for Indian start-ups and emerging companies to access the support available in the ecosystem to build their markets, create performing teams and secure funding from investors. It’s a great time to be a product entrepreneur in India with the buzz in domestic and global markets.
“NASSCOM is of the firm belief that the contribution made by product companies will grow manifolds resulting in a revolution in the landscape in terms of business stability, revenue growth and further innovation,” Gururaj added.
On the other hand, Chairman, NASSCOM Kerala Regional Council and EC Member and Executive Chairman, IBS Group, V K Mathews, said, “…over 90 per cent of the IT output comes from 7 metros, with hardly any contribution from the 56 Tier-2/3 cities of the country.
“Government can address this effectively by one policy change, which is by continuing the STPI export tax benefits to companies operating in Tier-2/3 cities, thus motivating IT companies to plan their growth in smaller cities. This will reduce the digital divide, improve inclusiveness and also serve to decongest the metro cities. Further, there will hardly be any tax loss to the Government due to this policy as there is no IT industry in these cities in the first place,” said Mathews.
NPC Cochin witnessed a turnout of over 150 delegates and a line-up of software product industry, VC industry and entrepreneur speakers. (KNN/ES)
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