The Government of Kerala announced yesterday (29/11/2017) that it plans to fund exactly fifty startups based in the state using the funds allocated for Kerala Startup Mission (KSUM) by the end of December, this year (2017). The criteria for a startup to qualify for the funding is that it should provide innovative products or services to the society, it should provide useful products or services to the society, its products or services should be scalable and that its products or services should have scope for growth (i.e., they should continue to be in demand) in the future. Regarding this funding, an event will be hosted by the Government of Kerala on 23/12/2017 at Kochi. Entrepreneurs who have innovative ideas but who are trying to create a product or commercialize their existing product can apply to participate in that event. Even applications from entrepreneurs residing outside Kerala would be considered, the Government of Kerala said. Read more about Events
Each startup/entrepreneur is eligible to get a grant of up to Rs. 12 lakhs if their ideas or products are innovative and useful to the society and if their products or services have a scope for growth. This event is known as Idea Day and has been conducted for quite a few years now. So far a total of 700 entrepreneurs had participated in this event since its first inception and 25 startups or entrepreneurs have received grants from this event. The startups belonging to the sectors hardware, IoT, ERP (Enterprise Resource Planning), Aggregators and AI (Artificial Intelligence) have been funded by this event so far.
“The Idea Day has really helped us to take our project to the next level”, said Vimal G, CEO of Genrobotics, the startup that got funded at this event a few years back.
“It was by the help of the state government that we could complete the Robotics project and pitch to Taipei University, Taiwan”, Vimal G added.
The deadline for startups to apply for this event is December 12th, 2017. India is a land of youthful talent. There are many talented and hardworking youth in India who have started a business of their own and whose startups provide essential products or services to the society. The Government of India (Central Government) should conduct such events on a national level at least once a year so that thousands of innovative and useful startups in India can get funded and grow into MNCs, making India proud and serving the whole world rather than just India. Read more on Startup News