HYDERABAD: Stating that his aim was to see Hyderabad emerge as a base not only for startups but also for unicorns, Chief Minister A Revanth Reddy on Wednesday said his government would be setting up a `1,000 crore fund to support startups and urged founders to make use of it.
Speaking at the launch of the Google for Startups (GfS) hub at T-Hub here, the chief minister said: “At least 100 startups from Hyderabad must become unicorns, and at least 10 of them should grow into super unicorns by 2034.” He asserted that the city must focus on product-based and innovation-led enterprises.
Revanth, accompanied by IT and Industries Minister D Sridhar Babu, launched the GfS hub, the first such facility in India.
He said the partnership between the state government and Google would help build a support system for young companies. “We will work together to create an ecosystem that succeeds,” the chief minister said, referring to Google’s rise from a garage startup in 1998 to a global corporation. He urged founders to scale their companies into billion-dollar ventures.
Referring to the Telangana Rising 2047 Global Summit, where the state’s long-term targets were discussed, Revanth said: “We aim to become a USD 1 trillion economy by 2034 and USD 3 trillion by 2047,” noting that the goal for startups aligns with the broader economic vision.
‘Startups are like football’
The chief minister said companies like Google, Apple, Amazon, Tesla and Facebook grew from small startups to billion-dollar firms within two decades, and pointed to the growth of Hyderabad-based firms in software services, pharmaceuticals and life sciences over the last 25 years.
Drawing a comparison with sport, he said, “Startups are like football. You have to work hard and play as a team. Winning matters in the end.”
The GfS hub will provide Google-branded space aimed at supporting Telangana’s startup ecosystem. Google will work with regional startups through the hub, offering free year-long coworking seats for selected AI-led firms and access to a panel of venture investors.
Creating an ecosystem for success
Revanth said the partnership between the state and Google would help build a support system for young companies. “We will work together to create an ecosystem that succeeds,” the chief minister said, referring to Google’s rise from a garage startup in 1998 to a global corporation.