Kerala Startup Ecosystem Clocks High Growth, Says Report
Kerala Startup Ecosystem 2019 report by Inc42 unveiled at TiEcon Kerala details the accomplishments of the sector
Kerala has emerged as one of country’s top startup destinations marking an impressive compound annual growth of 17 per cent since 2012, taking the total number of ventures based out of the State to 2200 and displaying high competence in netting funds, says a report by DataLabs, the research division of Inc42.
This year, the number of startups set up in Kerala marked a steep increase of 35 per cent, says the report, unveiled at the valedictory function of the TiEcon Kerala 2019, in Kochi recently.
Dr. Subramanian Swamy, MP, released the report titled ‘Kerala Startup Ecosystem 2019’ in the presence of Dr. Saji Gopinath, CEO, Kerala Startup Mission (KSUM).Kerala-based startups kept up their competence in getting funds by raising $89mn till date, and compared to 2018, till September this year startups clocked an 18 per cent uptick in securing funds. In 2019, startups netted $44mn funding spread across 13 investor deals.
“Kerala is the first State in the country to formulate a startup policy for the development of technology startups way back in 2014. Today, it has over 2200 startups which are developing innovative products and services leveraging Industry 4.0. Through a host of measures, right from colleges to accelerator spaces, the State provides multiple resources to foster disruptive technology ideas into sustainable business ventures”
“To ensure investment opportunities, KSUM has come out with an innovative Fund of Fund scheme to invest in Alternative Investment Funds (AIFs). A combined corpus in excess of Rs 1,000 crore of investment capital has been made available for startups through this scheme by committing less than 10 percent of this amount into various AIFs”
Dr. Saji Gopinath
“KSUM has designed and executed a set of programmes and schemes as per the revised Kerala Startup Policy (Technology Innovation and Entrepreneurship Policy) to identify and support technology startups in the State. In the last six months alone, KSUM incubated and funded over 200 startups”
M Sivasankar IAS
Secretary, Electronics and IT, Government of Kerala