AP govt extending credit line to startups
Rs100-cr fund to incubate startups; To provide seed grant up to Rs3 lakh per start-up for idea validation, prototype development and assistance
AP Innovation Society has so far incubated around 360 startups working in a wide range of sectors including artificial intelligence, agritech, electronics, e-mobility, healthcare, fintech and biotechnology
Visakhapatnam: With four technology business incubators across the State, Andhra Pradesh Innovation Society (APIS) has a robust infrastructure at Visakhapatnam, Kakinada, Tirupati and Tadepalli for budding innovators and student entrepreneurs, who are interested in converting their ideas into potential startups. It also provides a platform for existing entrepreneurs in scaling up their businesses.
The APIS has already partnered with industry bodies or educational institutions such as Nasscom, Gastrotope, Govin Capital, FICCI, IC2 Institute of technology (University of Texas, Austin), iBHubs and National Research Development Corporation (NRDC) to give mentorship support to the startups. Going forward, it is looking for more tieups to strengthen the startup ecosystem in the State.
For startups and entrepreneurs, the APIS offers a range of services including provision of co-working spaces, as well as help with intellectual property (IP) rights and patent filing. In an exclusive interview with Bizz Buzz, Lavanya Chimata, Joint Director (Administration and Infrastructure) of APIS, shares her views about the startup ecosystem and the recent developments in the State
How are the startups doing in AP? How is the startup ecosystem in the State?
Under the dynamic leadership of Chief Minister YS Jagan Mohan Reddy's vision of transforming AP into knowledge-based economy, the APIS is taking all the necessary affirmative action's to enable the growth of startups. The startup ecosystem is very progressive as the State is equipped with the right talent pool and entrepreneurial spirit to emerge as a hub for startups in India.
How is the support from the government to the startups? How is the startup policy being implemented in the State?
The government is intending to create a Fund of Fund of Rs 100 crore to meet the funding requirement for scalability of startups. A Seed Grant up to Rs 3 lakh per start-up shall be provided for validation of idea, prototype development and assistance towards travelling costs and carrying out field/ market research/ skill training/marketing and initial activities. The seed funding to startups would be routed through State/Centre recognised Incubators.
How many startups are being mentored across various incubators under the APIS? Most of them are from which sectors? Particularly, how many are from the IT/ITeS background?
AP has around 1,000 startups working in various sectors spread across 26 districts. The APIS has incubated around 360 startups working in a wide range of sectors including artificial intelligence, agritech, electronics, e-mobility, healthcare, fintech and biotechnology. They have collectively raised about Rs 150 crore investments from various funding agencies.
Are you looking for any tie-ups with industry bodies or educational institutions to reach more startups?
On the path to recovery from the pandemic slump, the APIS firmly believes that stronger the ecosystem, the higher the chance of success for the startups. Given this premise, we understand the various constituents of an entrepreneurial ecosystem, the relationships and interactions between them.
Through our recent initiative SPIINE (Supporting Institutional Innovations and Entrepreneurship), the APIS has collaborated with over 50 higher educational institutions for promoting the spirit of innovation and entrepreneurship. We also intend to partner with other incubators and industry bodies on seeking inputs from all the stakeholders to efficiently strengthen the startup ecosystem.