From 200 startups in 2015 to 4280 startups in 2023. Kerala’s startup ecosystem is on a progressive path with Kerala government providing an aid of Rs 750 crore to startups in the last few years.
As per the latest data released by Kerala government, more than Rs 750 crore was made available to start-ups as government fund-of-fund apart from an amount of Rs 22.4 crore as an innovation grant.
The data shows that the state has witnessed a maximum investment of Rs 1720 crore from Fintech startups followed by Health Tech with Rs 1176 crore and Enterprise Tech with Rs 1024 crore. Of the six per cent of the hardware start-ups in the country, three percent are in Kerala. Also 11 per cent of the start ups in Kerala are owned by women entrepreneurs. “The startups in the state have emerged as a major employment provider in the state. The Startup Mission is also running a number of schemes to promote the entrepreneurship culture among the young graduates,” said officials of Startup Mission.
As of now, there are innovation and entrepreneurship development centres in 345 colleges in the state to identify ideas that have the potential to make it big in the market. A grant of up to Rs three lakh will be given for developing the concept and making a prototype.
Financial assistance of up to Rs 15 lakh will be provided to bring the prototype to the market. State-owned firms like KFC and KSIDC, as well as angel investors of the Startup Mission, help these entrepreneurs. The Startup Mission has also set up 63 incubators, 375 mini incubators, one super fab lab, three fab labs and 20 mini fab labs to support young innovators in the state.