KOCHI: Hardware startup entrepreneurs and those championing the cause of startup culture in the state have reasons to cheer as the state government is likely to ink an agreement with a 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 hardware startups.
The Kerala Startup Mission (KSUM) has recently floated an expression of interest inviting globally-reputed accelerators that found a place in the first 25 list of Forbes to open a new chapter in the start-up ecosystem in the state, creating co-working spaces for hardware startups to incubate and get nurtured.
The KSUM has received a response from three international accelerators, one from Estonia and other from Germany, apart from the Brinc.
Unlike the other two firms, Brinc has met the terms and conditions set by the KSUM. A senior officer with the KSUM said they have held the first round of talks with the Brinc and a tie-up is on cards as the company has enough experience in providing acceleration to startups in the Middle East and Spain apart from Hong Kong.
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, they would provide acceleration to the hardware startups in the state. After a detailed evaluation, Brinc would select 10 companies and provide them with acceleration, mentoring and incubation in six months. It would also invest in the selected companies, he said. The agreement would also be reviewed after the acceleration programme.
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 wight are hardware startups. Further, 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.
Boost for startups
●Talks with the Brinc is progressing and it is likely to be appointed as an accelerator in Kerala
●The Maker Village, an electronics Incubator under MeitY and IIITM K, has around 50 hardware startups
●The accelerator would invest in the selected companies apart from providing
acceleration
●The experience of the accelerator, its demonstrated expertise in specific functional domains, availability of mentors, specialised facility, association with venture capitals (VC), proven access to international markets, amount of investment expected to be made by accelerator during the course of the acceleration etc, are considered for the selection
●The selection criteria included accelerators should be among the 25 in the Forbes list of the global
accelerators, or, it should be in operation for at least three years, having a presence in at least three countries and must have at least 10 successful cases of demonstrable exits with VC funding.