Andhra Pradesh's Start-up Policy To Infuse New Energy Into Entrepreneurship | SupportBiz

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Andhra Pradesh's Start-up Policy To Infuse New Energy Into Entrepreneurship

Through the Innovation and Start-up Policy, the government intends to create an ecosystem that produces an entrepreneur in every family
In line with the Centre's focus to promote entrepreneurship, Andhra Pradesh is boosting the Start-up culture in the State by proposing to set up an Innovation & Capacity Building Mission. Titled “Re-Imagining Andhra Pradesh – role of e-Governance, Electronics and IT, the new policy aims at creating a world class ‘technology start-up ecosystem’ by fostering ‘entrepreneurship and a culture of innovation’.
The government has laid out the targets and other policies on its official website. 
The targets of the Policy till June 30, 2019, are to: 
• establish 100 Incubators / Accelerators 
• incubate 5,000 companies & Start-Ups 
• develop 1 million sq ft of Incubation Space
• mobilise Venture Capital of Rs 1000 Cr for Innovation 
 • Create at least one home grown billion dollar technology start-up. 
Shared Infrastructure:
The Government will endeavour to create world-class shared infrastructure for technology product Start-ups to operate at no cost and technology service Start-ups at nominal cost till the company achieves self-sufficiency. 
The Government would facilitate creation of support infrastructure for development of innovation ecosystem to attract new entrepreneurs.
Accelerator and Incubators
The Government will establish at least one world class Accelerator/ Incubator by inviting global Accelerators and Incubators to set up their programs in the state. 
As the government targets to create 1 million square feet of Incubation Space by 2019, it proposes to partner with Indian and globally successful Incubators in order to replicate the successful Funding and Mentoring Models. 
The government will create an Initial Innovation Fund of Rs.100 crore (1 billion) for entrepreneurs and businesses but it will not invest directly in start-ups. 
State Support: 
The fiscal and non-fiscal incentives applicable to all categories of IT industry would be applicable to the incubators, accelerators and start ups. 
(For more information on Startup Innovation Policy of Andhra Pradesh Click here)
Picture Courtesy: Alfred Neumann (freeimages)