Locked & loaded on $1 trillion mandate
The policy comes in the backdrop of TN having witnessed a notable increase in the number of registered start-ups, exceeding 7,000 in September 2023.
The vision is to facilitate the establishment of 15,000 start-ups across diverse sectors and regions in the state
CHENNAI: The creation of a Rs 100 crore fund of funds besides positioning TN as one of the top 20 global startup destinations by 2032 are among some of the key objectives outlined in the revamped start-up policy released by chief minister MK Stalin on Wednesday.
Noting that TN has a vibrant start-up ecosystem that nurtures social entrepreneurship at its core, the policy seeks to highlight that the state is represented by Chennai and Coimbatore as two of the top 400 Startup Cities Globally as per the Blink Startup Ecosystem Report, 2022.
“The Indian Startup Ecosystem Report 2022 ranks Chennai as the country’s fourth top start-up hub. Coimbatore, Madurai, Tiruchy, Salem and Vellore are recognised as emerging hubs. Overall, TN offers fundamentally sound building blocks necessary to create a distinctive democratic start-up ecosystem,” the 56-page policy said.
The policy comes in the backdrop of TN having witnessed a notable increase in the number of registered start-ups, exceeding 7,000 in September 2023. It has also attracted significant venture capital investments over the past two years.
The vision is for TN to become one of the top 20 global start-up destinations by 2032. The TN government will create a Rs 100 crore Fund of Funds, called the Tamil Nadu Co-Creation Fund, for investing in regional and thematic funds.
Valid for a five-year period beginning this year, the policy will be the fuel to accelerate and scale start-ups and increase their share in the State’s GDP. “The main focus of this policy framework is to establish a democratised ecosystem that fosters innovation and entrepreneurship, transforming the state into a land of opportunities,” the government said.
TN has a vision to facilitate the establishment of 15,000 start-ups across sectors and regions in the state, to emerge as one among the top three start-up ecosystems in the country.
As per the policy, the definition of a start-up includes being an entity that should not have exceeded 10 years from the date of incorporation and it should not have an annual turnover exceeding Rs 50 crore for any of the financial years since its incorporation.
StartupTN has been designated the task of being the nodal agency of TN, that is responsible for promoting start-up and innovation activities in the state. A dedicated team headed by the mission director who serves as the nodal officer has been set up for implementing the various initiatives outlined in the policy.
An advisory board, comprising leaders from prospective start-ups, investors and other stakeholders, would also be formed to successfully implement the policy.
The board would meet biannually to discuss the policy outcomes and suggest strategies that can be evolved from time to time, it said.
