The Gujarat government has framed a student startup & innovation policy and is determined to provide a grant worth Rs 200 Cr. to students for innovations. It was developed by the state education department and announced by Gujarat chief minister Vijay Rupani.
As per the new policy, the government will create pre-incubation support facilities, called Pre-Incubation Ecosystem Support (IPIES) in universities and support over 1,000 innovative ideas developed by students in a year.
“The policy’s target is to create a conducive environment enabling 1% of our graduates to become job creators, and the Student Innovation Fund would help develop an innovation and pre-incubation ecosystem across the state,” said Education Minister Bhupendrasinh Chudasama.
Of Rs 200 Cr. provided by the state government as State Innovation Fund, Rs 100 Cr. will be proportionately allocated by the state. Whereas the remaining amount of Rs 100 Cr. will be utilised for other purposes in the form of university and CSR funds.
Other than Gujarat government, last year also saw many government bodies showing active interest in supporting technology startups.
The government of Karnataka launched a GOK (Government of Karnataka) Startup Cell to implement startup initiatives and various funds to back technology, agricultural and tourism startups, and KITVEN Fund (Karnataka Information Technology Venture Capital Fund) among others. Reportedly, there were about 1,400 startups that had registered with the Karnataka Startup Cell.
The Chhattisgarh government has also launched Startup Chhattisgarh to promote startups in the state. As part of the initiative, the state government offered tax relief to 36 firms in the state.
This development was reported by ET.