Thiruvananthapuram: Kerala government’s start-up policy is expected to give a fillip to the young technology entrepreneurs in the state by setting up business incubation centres in industrial parks and educational and research institutes.
Technology companies based on novel ideas and registered within the last three years are considered start-ups.
All government-owned IT parks, industrial parks and clusters of small and medium enterprises shall have incubation facility for the sectors concerned. Incubators will also be set up in higher education and research institutions through an e-platform to be started by Technopark Technology Business Incubation.
Incubation facilities, testing labs and studios for start-ups will be initiated on the public-private partnership model.
World-standard accelerators will be set up in Kerala. The government also plans to expand the technological training being imparted to students in the state to make them better equipped in vocational training and to lead them towards entrepreneurship.
The government will ensure the support of banks and financial institutions for the start-ups. The government will reimburse the value-added tax and central sales tax the start-ups have paid. Start-ups registration fee and stamp duty will also be reimbursed. The incubators or host institutes will also pay the start-ups half of the amount needed to renew registration.
A ‘Challenge grant’ is planned to promote ideation and invention among students and young entrepreneurs.
If a start-up has rented a government building, this will be lease-free for the initial five years. The start-up will also get funds for maintenance of the building in the period. These incentives are available for incubators which are not yet self-sufficient.
If a start-up has rented a private building, the company will be reimbursed Rs 5 per square per month or 25 percent of the rent or lease paid. Start-ups can also claim Rs 25,000 for training new employees.
Start-ups attached to incubators will be reimbursed the money spent on filing patents. This will be given in three instalments. All financial incentives to start-ups and incubators will be disbursed in a timely manner.
Technology Incubators would be encouraged to expand to more niche themes including Internet of Things, 3D printing, pharma, oil & gas, urban management, fabless semiconductors and electronics, animation & gaming, digital media entertainment, visual effects, printed & organic electronics and social media, mobility, analytics and cloud computing (SMAC).
Technopark Technology Business Incubation will join with Sebi and RBI to form a platform for cloud funding. Fifty select start-ups will be provided monetary assistance for product development and marketing.