Kozhikode: Kerala has been recognised as the ‘Best Performer’ state under the ‘State’s Start-up Ranking 2022’ in the A category (including States and UTs with a population of more than 1 crore), a statement said on Tuesday. The ranking of States and Union Territories (UTs) released by the Department for Promotion of Industry and Internal Trade (DPIIT) also adjudged Tamil Nadu, Karnataka, Gujarat, and Himachal Pradesh as best performers in the A category. According to the DPIIT release, Avinya Infinity Solutions Private Limited, Palakkad won National Startup Award (2023) under category the ‘NextGen Innovator category’.
Himachal Pradesh emerged as the Best Performer in category B (including States and UTs with a population of less than 1 crore). The governments of Maharashtra, Odisha, Rajasthan, Telangana, and Punjab emerged as top performers in Category A, while Arunachal Pradesh and Meghalaya championed as top performers in Category B. The participants were evaluated across 7 broad Reform Areas consisting of 25 Action Points ranging from Institutional Support, Fostering Innovation and Entrepreneurship, Access to Market, Incubation and Mentorship support, Funding Support, Capacity building of enablers & Roadmap to a sustainable future.
15% of the total scores were awarded based on 10,000+ survey responses collected in 9 languages (telephonic and web-based). Kerala stands out as a frontrunner, earning its reputation as one of the best states for fostering entrepreneurial endeavors. The state’s unwavering support, from grassroots initiatives to government-driven schemes, has propelled its startup ecosystem to new heights.
The government’s proactive approach is evident through the launch of the “Innovation Grant Scheme,” facilitated by the Kerala Startup Mission (KSUM). This initiative, aimed at catalyzing innovation, empowers startups and entrepreneurs to transform groundbreaking ideas into fully-fledged businesses. In the competitive arena of state-wise performance, Kerala consistently shines.
In 2018, it shared the limelight with Karnataka, Odisha, and Rajasthan. By 2019, Kerala and Karnataka continued their stellar performance, and in 2021, Karnataka emerged as the best performer, while Kerala stood strong alongside Maharashtra, Odisha, Telangana, and Jammu and Kashmir. Kerala Startup Mission’s commitment to financial support is evident in the disbursement of over Rs 20 crore in grants.
Additionally, the establishment of a Fund of Funds amounting to over Rs 60 crore showcases strategic partnerships with SEBI-accredited Alternative Investment Funds. This collaboration opens avenues for technology startups in the scaling-up stage to connect with investors and secure equity-based investments for sustained growth. Recognizing the significance of diversity in entrepreneurship, the government introduced a Soft Loan against Purchase Order scheme tailored for women entrepreneurs.
This initiative provides crucial financial assistance for executing government orders, aligning with the state’s broader mission to foster inclusivity in the startup ecosystem. Kerala’s commitment to bridging startups with private funds is evident in the success of programs like the “Investor Café. ” Through strategic events, such as a special edition organized during Seeding Kerala, the state facilitates meaningful interactions between startups and more than 35 private investors, including those from Angel Networks and VC firms.
Detailed report on Kerala can be read here: With PTI, PIB inputs.
From: mathrubhumi
URL: https://english.mathrubhumi.com/news/kerala/startup-india-ranking-kerala-among-top-performing-states-proud-moment-for-palakkad-1.9246703
