Coimbatore Emerges As Thriving Start-Up Hub With Over 1,300 Start-Ups Across 52 Sectors

ENA Sectors 2024-11-07 16:55:25 Coimbatore, Nov 7 (KNN) Coimbatore, traditionally recognised for its industrial and manufacturing prowess, has transformed into a vibrant start-up ecosystem. The city has witnessed a remarkable surge in registered start-ups, expanding from 271 in 2020 to 1,350 in 2024, spanning 52 diverse sectors including IT services, healthcare, agriculture, food, renewable energy, and aerospace and defence. The establishment of 22 incubation centres has fortified this growth, offering start-ups crucial guidance and financial backing through various government initiatives. The city now hosts approximately 15 per cent of Tamil Nadu's 10,000 start-ups registered with the Department for Promotion of Industry and Internal Trade (DPIIT), securing the 12th position in national start up rankings and leading among the state's tier-II cities. This transformation is largely attributed to Coimbatore's abundant pool of skilled professionals. The availability of highly skilled engineers and non-engineers provide the right launchpad for start-ups in Coimbatore, explains K S Rathinasamy, Co-Founder and Director, Enthu Tech, a local start-up specialising in AI and IoT solutions. While information technology dominates the start-up landscape, the ecosystem encompasses various sectors including healthcare and agriculture. StartupTN officials report an increasing trend of IT firms from Kerala, Chennai, and Bengaluru establishing operations in Coimbatore, attracted by its robust industrial infrastructure. The Start-up India initiative offers DPIIT-recognised start-ups various benefits, including tax advantages and streamlined compliance procedures. The start-up community acknowledges significant improvements in the entrepreneurial environment. Recent years have seen enhanced access to mentorship, funding, and networking opportunities, facilitated by StartupTN. The organisation has invested approximately Rs 8.75 crore in Coimbatore startups, complemented by investments from domestic and international venture capital firms. Despite these achievements, challenges persist, including limited direct flight connectivity to major cities and insufficient coworking spaces, as noted by industry observers. Nevertheless, Coimbatore's start-up ecosystem continues to demonstrate promising growth potential, supported by both government initiatives and private sector investment. (KNN Bureau) 39840 https://knnindia.co.in/news/newsdetails/sectors/coimbatore-emerges-as-thriving-start-up-hub-with-over-1300-start-ups-across-52-sectors 2024-11-07 16:55:25 knnindia.co.in Coimbatore Emerges As Thriving Start-Up Hub With Over 1,300 Start-Ups Across 52 Sectors