Kerala’s future lies in its industries capitalising knowledge and the industrial parks started on campuses of professional colleges according to the cabinet meeting are a step in this direction, Industries Minister P Rajeeve has said.
The Minister was inaugurating the Kerala Scale-up Conclave 2024 organised by the Kerala State Industrial Development Corporation (KSIDC) for startup entrepreneurs here on Monday to create awareness about funding opportunities and feedback from the startups.
An officer will be appointed at KSIDC for scaling up purposes only, to guide them in speeding up the funding process and ensuring the timely starting of new ventures by young talents. The Minister said that through this initiative, it will be possible to increase the skill capacity and find talent. The International AI Conference on Artificial Intelligence, being held in July, will open new horizons for young talents and startup entrepreneurs. The Robotics Roundtable Conference will also be held in the same month.
Rajeeve also interacted with the conference participants on scaling up infrastructure, state support and partnerships between professional colleges and industrial houses.
Suman Billa, Principal Secretary (Industries), said successful home grown startups would strengthen the state’s robust ecosystem to benefit young talents and their ventures. Kerala has the upper hand in terms of the skill. Startups will be able to improve their operations in such a way that they can get better income by using it, he said.
KSIDC Chairman Paul Antony said that it has been decided to increase the scale-up loan for startups and other industries to ₹5 crore and that the rules and norms in this regard are being formulated.
Director of Industries and MD, KSIDC, S Harikishore, said KSIDC has been able to streamline the funding process to strengthen the startups. The KSIDC has also made efforts to bring positive changes in the attitude of banks in granting loans.
Anoop Ambika, CEO of Kerala Startup Mission (KSUM), said entrepreneurs should clearly understand the difference between startups and micro, small and medium enterprises (MSMEs). The easiest way to raise capital for startups is through KSIDC and Kerala Financial Corporation (KFC) and they should utilise the opportunity, he said.