THIRUVANANTHAPURAM: The hardware startup entrepreneurs and those championing the cause of spreading startup culture in the state have reasons to cheer as the state government is likely to ink an agreement with Hong Kong based ‘Brinc’, a globally renowned accelerator, to give an impetus to the growing start-up ecosystem in the state by way of providing acceleration to the hardware startups.
The Kerala Startup Mission (KSUM) had recently floated an expression of interest inviting globally reputed accelerators that found a place in the top 25 list of Forbes to open a new chapter in the startup ecosystem in the state, creating co-working spaces for hardware startups to incubate and get nurtured. The KSUM has received response from three international accelerators, one from Estonia and other from Germany, apart from the Brinc.
While Brinc has met the terms and conditions set by the KSUM, the other two have not met the criteria listed by the KSUM. A senior officer with the KSUM said the KSUM has held first round of talks with the Brinc and a tie-up with the Brinc is on the cards as it has enough experience in providing acceleration to startups in West Asia and Spain, apart from Hong Kong. Commenting on the development, KSUM CEO Saji Gopinath told ‘Express’, Kerala is trying to create an exclusive hardware startup ecosystem in the state and it is necessary to create accelerators who provide product-market linkage, early market connect and access to venture funds.
The talks with the Brinc is progressing and once the KSUM inks a deal with them, they would provide acceleration to the hardware startups in the state. After a detailed evaluation, Brinc would select 10 companies and provide them acceleration, mentoring and incubation in six months.
The Brinc would also invest in the selected companies, he said. The agreement with the Brinc would also be reviewed after the acceleration programme to know the agreement would be renewed. The decision to appoint globally famed accelerators assumes significance considering the fact that around 15-20 startups from other South Indian cities have evinced interest to shift their base to Kerala, of which eight startups are hardware startups.
The move is expected to draw a considerable number of potential investors to Kerala as this is the first time an accelerator is going to be appointed in the hardware ecosystem.