COIMBATORE: To encourage the creation of new venture capital firms, the state government will create a co-creation fund with an allocation of Rs 100 crore, said Chief Minister MK Stalin after inaugurating the two-day Global Startup Summit at the Codissia Trade Fair Complex in Coimbatore on Thursday.
He also released the Tamil Nadu Startup Ecosystem Report 2025 and highlights of Startup Vision Report 2035 for Tamil Nadu.
“The co-creation fund will be managed by the Tamil Nadu Startup and Innovation Mission (StartupTN). Under this scheme, the government will invest in venture capital funds that, in turn, will invest in startups based in Tamil Nadu. The Global Startup Summit and similar industrial conferences have become a testament not just to Tamil Nadu’s industrial growth, but to the overall development of the state.
When industries grow, the entire state grows and through the jobs they create, families grow and thrive. In that sense, industries stand as symbols of progress and industrialists always choose states that ensure peace and strong law and order,” he said in the inaugural address.
“In the four and a half years since we assumed office, Tamil Nadu has attracted countless industrial projects. Through these efforts, our government is diligently working towards achieving the goal of making Tamil Nadu a $1 trillion economy by 2030.”
Stating that the government is spreading awareness about startups across the region, he said the government’s new-age entrepreneurship initiatives must reach people from all walks of life.
“To achieve this, we have been continuously implementing several progressive programmes. The grand vision of the Dravidian model government is to make Tamil Nadu one of the world’s foremost startup hubs. This Global Startup Summit stands as a major milestone.
Discussions around startup growth are often centred on billion-dollar valuations and large-scale investments. But in Tamil Nadu, our plan is to ensure that opportunities in innovation and entrepreneurship reach everyone. In particular, we are focused on ensuring that these opportunities reach people from disadvantaged and marginalised backgrounds,” he added.
Pointing to the six-fold increase in the number of startup registrations, from 2,032 to over 12,000, he expressed pride that half of these are led by woman entrepreneurs.
“Between 2021 and 2024, deep tech startups headquartered in Chennai achieved a 66% compound annual growth rate in investment value, ranking second in the country. We set a goal to ensure that the growth of startups extends beyond metro cities and reaches every part of the state. Accordingly, we have established 11 regional hubs across Tamil Nadu,” the chief minister stated.
Pointing to the equity investment scheme being provided to uplift SC/ST persons, he said the allocation under the scheme was increased from Rs 30 crore in 2022-23 to Rs 50 crore in 2023-24.
Over 250 participants from over 40 countries participated in the summit.
TN’s longest flyover inaugurated
Chief Minister Stalin inaugurated the state’s longest flyover, the GD Naidu flyover, on Avinashi Road. Spanning 10.10 km, the flyover, built at a cost of Rs 1,791 crore, runs from Uppilipalayam to Goldwins
Foundation laid for jewellery park
The chief minister also laid the foundation stone for the construction of the first phase of a five-storeyed jewellery park for Rs 81.40 crore at Kurichi in Coimbatore. The government had announced the Rs 126.12 crore jewellery park, to be built in two phases. The five-storeyed complex will include 300 workshop and seminar halls, business lounges, a training institute and a gold council office
Row over caste name on flyover, govt to consult GD Naidu’s family
The new ‘GD Naidu’ flyover has sparked a controversy over the use of a caste name, with some leaders, including NTK chief Seeman, criticising the move. Minister for Public Works EV Velu said a decision will be made after consultations with GD Naidu’s family. Meanwhile, AIADMK general secretary Edappadi K Palaniswami criticised the DMK for naming projects that were announced during his party’s tenure
