The Andhra Pradesh government is pulling out all stops to turn the state into a startup hub. After it had announced plans to set up India’s largest startup incubator in Hyderabad earlier this week, it has now announced that it plans to create five world-class incubators in the state. It would spend Rs. 750 crore on these incubators over the next 4 years.
“In this direction, Chief Minister N Chandrababu Naidu has launched the Integrated Risk Guarantee Scheme for support to public private partnerships in creating world-class Technology Business Incubators (TBI),”, an official statement said. This scheme envisages a PPP model of implementation with infrastructure creation, incubator creation and seed funding of start-ups all under one roof to eliminate red-tape in project implementation and make it start-up-friendly with quick clearances.
The total investment will bring 500,000 sq ft of incubation infrastructure across Andhra Pradesh creating a density that would create a mini silicon coast as the first core cluster of a start-up ecosystem,” the official statement added. The incubators would target sophisticated technologies such as Internet of Things and Social, Mobile, Analytics and Cloud (SMAC).
“Our long-term vision is to create a new entrepreneurial civilization by integrating ‘Make in India, Skill India and Digital India’ to create a Start-up India. Creation of employment, knowledge and wealth in India through start-ups is our priority. I want our youth to not just be job seekers, but also job creators,” said Chief Minister Chandrababu Naidu.