THIRUVANANTHAPURAM: As a New Year gift to startups, the Kerala Startup Mission (KSUM) has announced the Grand Kerala Challenge with an innovation grant of `1 crore for startup ideas. The annual challenge will begin by the second quarter of this year, said a KSUM source. The grant is part of the IT policy announced last year. KSUM has modelled the challenge on the lines of global impact challenges (GIC), annual competitions organised by the US-based think tank, Singularity University.
As Kerala hosts the first national chapter of Singularity University in the country, KSUM will club the Grand Kerala Challenge with GIC of Singularity University.
This will give startup entrepreneurs the necessary experience to design global solutions for local problems, said the source. GICs are open to startups that can positively impact a billion people in 10 years. The national chapter of Singularity University was set up at KSUM in July last year. The chapter serves as the single spot for engaging academics, startups, corporates and government to adopt and adapt to changes in technology. KSUM will spend `1.7 crore to conduct the programme. The fund will be raised via the flagship Youth Entrepreneurship Development Programme.