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TN to set up Rs 250 cr fund to assist start-ups
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SME Times News Bureau | 19 Jan, 2019
The Tamil Nadu government will set up a start-up fund with a corpus of
Rs 250 crore for investments in start-up businesses, as per the new
Tamil Nadu Startup and Innovation policy 2018-2023 unveiled by Chief
Minister K. Palaniswami on Saturday.
According to the policy, the first tranche of Rs 25 crore will be allotted in the financial year 2019-2020.
Called
Tamil Nadu Startup Fund of Funds, it will be managed by a professional
financial agency like the Small Industries Development Bank of India.
"It
will be registered as an Alternative Investment Fund (AIF) under
Securities and Exchange Board of India (SEBI) regulation, 2012. The fund
will be invested in other SEBI registered AIFs for investment in
Startups and MSMEs established in Tamil Nadu. Government of Tamil Nadu
will invest Rs 75 crore in the fund," according to the policy.
In
addition, a Tamil Nadu Startup Seed Grant Fund (TNSSGF) of Rs 50 crore
with an allotment of Rs five crore in the first year shall be created in
partnership with financial institutions and universities for supporting
early stage financing requirements of the start-ups in the form of
grants to fill the gap in fund requirement for research and innovations.
The TNSSGF would also provide funding for Idea-to-PoC (Proof of Concept) stages which are pre start-up activities.
According
to the new policy, the state and central public sector undertakings
(PSU) shall be encouraged to adopt incubators and channelise their
corporate social responsibility (CSR) funds.
These incubators
shall also serve as an innovation sandbox to solve problems faced by the
state/central PSUs which, in turn, shall support start-ups with access
to platform, test bed, data, handholding and others.
According to
the new policy, an entity will be recognised as a start-up (a)if it is
registered in Tamil Nadu under the Tamil Nadu Startup and Innovation
Mission (TANSIM),(b) if it is incorporated as a private limited
company/partnership firm/limited liability partnership, (c) up to seven
years from the date of its incorporation/ registration; however, in the
case of start-ups in the biotechnology, Artificial Intelligence (AI) and
Machine Learning (ML) sectors, the period shall be up to 10 years from
the date of its incorporation/registration, (d) if its turnover for any
of the financial years since incorporation/registration has not exceeded
Rs 25 crore.
According to the policy, the following entities
would not fall under the start-up category -- (a) entities formed by
splitting up or reconstruction of a business already in existence, (b) a
subsidiary of a firm in the State, except subsidiary of a start-up
itself which also qualifies as start-up and the combined entity also
satisfies the start-up criteria, (c) a franchisee of an existing
business in the state, (d) entities promoted or sponsored by or related
to an industrial group in the state whose group turnover exceeds Rs 300
crore.
The Tamil Nadu Startup and Innovation policy, aims to
provide an enabling, innovative ecosystem in the state and hopes to
support emergence of at least 5,000 technology start-ups.
The
policy also hopes to extend a dedicated support to at least 10 global
high growth start-ups developing innovative technology solution for high
social impact in sectors like sanitation, food, clean energy,
healthcare, education and others.
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