THIRUVANANTHAPURAM: With the state’s IT sector anticipating a global economic slowdown, the Kerala StartUp Mission (KSUM) has envisaged a project titled ‘StartUp Infinity’ to bolster the startup ecosystem in the state. The project aims to invite NRIs to the state to invest in best-performing startups, thereby ensuring mutual benefit for both parties. It also facilitates NRIs to launch and invest in their own startups in the state.
The project will act as a global launchpad wherein the NRI community can engage, co-create, and set up their own businesses in their resident country or India. Startup Infinity centres will provide the necessary support to register the company.
In his latest address to the legislative assembly as part of the budget session, the governor, too, had announced this project, sources said.
“With over 32 million NRIs living abroad, India hosts the largest number of migrant citizens. Adding about $78 billion in remittances to our country’s economy, NRIs play a huge role in the development of our nation,” said Anoop Ambika, the CEO of KSUM.
“The groundwork for the project is underway. We have tentatively selected four countries for this project. The approval from the state government is awaited,” Anoop added.
Binu Jacob, the MD and CEO of Experion Technologies, said, “What will genuinely benefit the technology landscape in Kerala is a renewed focus to bring back and retain top talent from the state and initiatives from the government to reduce infrastructure costs.”
“Invest more into our parks’ social and physical infrastructure, and funding will come. If solid steps are taken in this regard, it can highly benefit programmes like Startup Infinity,” he added.
KSUM’s action plan
Earlier, the KSUM had prepared a 10-point action plan to help startups here scale globally. The other major projects include sector-specific incubation programmes to support startups focusing on various technologies like enterprise software, fintech, agri-tech, and health technology. Startup innovation zones will also be developed to support startups that come out with world-class innovative products in collaboration with government departments.