HYDERABAD: The Innovation Policy, released by the state’s IT department on Tuesday with an aim to further develop IT sector in Telangana, besides making Hyderabad a global brand, talked of nightlife and micro-breweries. According to the policy, studies of various startup ecosystems across the world show that one of the reasons for the ecosystem’s success is an end-to-end offering of all entrepreneurial needs including quality living standards, thriving social life and safety.
As part of this, on the nightlife front, the government has issued licenses to multiple micro-breweries that will be go to destinations for youth for meeting new people, exchanging ideas and relaxing after work.
Under the ‘Happening Hyderabad’ brand, the government is supporting a range of cross-cultural events. Going forward, the government wants to collaborate with other countries to organise youth festivals to attract crowds from all parts of the globe to Hyderabad, the state government explained in its Innovation Policy.
However, the main idea is to build up on incredibly positive response to T-Hub, country’s largest innovation ecosystem and put Hyderabad and TS firmly on global innovation map, the government informed in its order.The vision of the Innovation Policy, according to orders issued by IT department on Tuesday, is to continue its transformation from a paradigm of exclusive elitism to one of inclusive excellence.
Phoenix Fund
In a first-of-its-kind initiative, a ‘Phoenix fund’ will also be set up in collaboration with the private sector. The aim of the fund will be to identify and attract entrepreneurs who have attempted at least one venture
going for a global brand
Innovation policy is based on 5 pillars
Developing physical infrastructure & programme management capabilities
Focusing on creating sustainable funding models through funds and other instruments
Developing human capital by creating the right environment and support systems for learning, experimentation and innovation from the early phases of education
Proactive engagement with industry to continuously promote and identify innovation
Encourage startups in the rural and social enterprise space by providing additional incentives
Salient features of the policy
Universities will be encouraged to introduce the concept of Student Entrepreneur in Residence. Outstanding students, who wish to pursue entrepreneurship, can take a break of one year, after the first year, to pursue entrepreneurship full time
All Universities in Telangana will be encouraged to grant 5 per cent grace marks and 20 per cent attendance every semester for students in Startup teams
An international Startup programme would be setup to send the most brilliant startups, college and school students to leading startup destinations around the world for getting global exposure
The government will work with private real estate companies to build affordable housing/dorms for entrepreneurs