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Rajasthan setting up largest start-up incubation hub in the country
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SME Times News Bureau | 19 Apr, 2018
Move over Bengaluru and Pune. Udaipur in Rajasthan is aiming to set up
the biggest start-up hub in the country with a capacity to accommodate
700 newcomers.
The state plans to create a strong start-up
ecosystem, taking a leap to match the top tech cities in the country.
The incubation centre, coming up in Udaipur, will give start-ups and
entrepreneurs space, internet connections and other infrastructure
facilities -- all free. It will also throw in government funding.
"The
incubation centre will not charge any kind of fee from start-ups as
well as entrepreneurs and shall provide free facilities unlike T-Hub in
Hyderabad which charges a fee for different facilities. It will be
bigger than the biggest T-Hubs operational in India," Akhil Arora,
Principal Secretary, IT and Communication Department of Rajasthan, told
IANS.
Arora said some of the best incubators were being invited
for the hub and the management would be handled by professionals.
Mentoring for start-ups would be provided by top corporates. "We will
evaluate the performance of start-ups every three months to ensure that
they do not turn complacent," he said, adding that entrepreneurs can use
the facilities for a maximum of two years.
An incubation centre
in Jaipur is already running with 45 operating start-ups. The Udaipur
one was recently inaugurated -- to be operational from next month -- and
had already drawn "exciting response" from the start-up community, he
said.
"We want to spread wings across the state to provide equal
opportunity to all. Incubation Centres would be set up in Kota and
Jodhpur for which work had already started," he said.
According
to Arora, the start-up ecosystem has the potential to germinate new
ideas as this is being extended to even students coming out of college,
who will be mentored. "We will help them to take their ideas forward, at
a time when they lack sufficient capital structure," he added.
To
take care of funding needs, Bhamashah Technofund was introduced which
provides seed capital without any collateral or without detailed
evaluation. This was an investment decision taken by the government
without expecting big returns, Arora said.
Under Technofund,
seven start-ups, based on their Q-Ranking -- which blends quality rating
and curation -- were funded. While six were given Rs 20 lakh each, the
seventh one got Rs 15 lakh. The seven were chosen from over 700
applications.
Mudit Jain, founder of Qriyo, and one of the
beneficiaries of the funding in Jaipur, said: "Rajasthan's start-up
ecosystem is growing and we are receiving constant support from the
government. For the first time, we have seen a government expediting the
processes at a fast pace."
Arora said that for the funding
process they had roped in creditable agencies empanelled with the
government. "When they grant funding, we match the funds up to Rs 25
lakh, sanctioning them in five days," he said, adding that the
government had earmarked Rs 500 crore to meet the funding requirement of
start-ups.
Also, the government gives a grant of Rs 2 lakh to
help them try out their ideas. For those looking for expansion, equity
capital and interest-free loans are provided after proposals are
evaluated by an external jury.
"We are confident that
entrepreneurs and start-ups will get their best in Rajasthan as we
provide quality lifestyle too, which is missing in Bengaluru, Pune and
other similar cities due to modern-day challenges such as traffic and
pollution," Arora said.
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