1. Tamil Nadu state is preparing to set up the Tamil Nadu Startup Fund of Funds with the number of Rs 250 Crore. The fund will register as an Alternative Investment Fund (AIF).
2. Tamil Nadu state soon counts as one of the states who have a startup policy with a purpose to promote innovation and to build one lakh jobs by 2023 through entrepreneurial activities.
3. Tamil Nadu states also set up Tamil Nadu Startup Seed Grant Fund (TNSSGF) of Rs 50 crore.
After brainstorming for about a year, the Tamil Nadu government has revealed its startup and innovation policy through which they are planning to build one lakh jobs by 2023. To encourage entrepreneurship skills and activities the Tamil Nadu government is working on various sectors where they can create jobs for everyone.
The Tamil Nadu government is working on a plan to set up the Tamil Nadu Startup Fund of Funds with the fund of Rs 250 crore. The fund register as an Alternative Investment Fund (AIF). The Tamil Nadu Startup Fund of Funds will manage by the organisations like -The Small Industries Development Bank of India (SIDBI). Chief Minister K Palaniswami announced that the government will spend Rs 75 crore in the fund and the first tranche of Rs 25 crore distributed in FY20.
Tamil Nadu state is planning to set up Tamil Nadu Startup Seed Grant Fund (TNSSGF) of Rs 50 crore, with an allotment of Rs 5 crore in the 1st year. Tamil Nadu Startup Seed Grant Fund (TNSSGF) will be set up in partnership with universities and financial institutions to help new-age startups. With the funds, the government will support new-age startups or business in their research and innovation.
What is the Tamil Nadu state’s startup policy?
R V Shajeevana who is the Additional Director of Entrepreneurship Development and Innovation Institute of Tamil Nadu (EDII) said – “This is a large policy document, and we will come out with the complete guidelines soon. With this, we are planning to provide startups with an opportunity so that new-age startups able to participate in public procurements.
These are some of the condition startups usually face like –
1. Prior existence,
2. Turnover criteria, and
3. Earnest money deposit (EMD)
The government is all set to help entrepreneurs by providing them access to necessary data/information so, that they can build apps and technologies for public welfare.
It is the good news for students because they will receive the special grace marks and attendance relaxation only if their project work gets turned into a startup in the incubator.
The government true motive is to build a world-class startup ecosystem in the state.