Thursday, 11 September 2014

Andhra Pradesh sets ambitious target in innovation, start-up policy

HYDERABAD: Tech-savvy chief minister N ChandrababuNaidu's imprint seems to have largely been reflected in the Innovation and Start-up Policy for the next five years designed by the state Information Technology, Electronics and Communications department.

Setting itself an ambitious target, the Andhra Pradesh government has planned to establish 100 incubators and develop 1 million sqft of incubation space during the next five years through its Innovation and Start-up Policy.

In the GO MS No 17 issued on September 9 by the department of information technology, electronics and communications, the state government has set various targets for itself, including setting up of 5,000 companies and start-ups by June 30, 2019. The state government has also aimed at creating at least one homegrown billion-dollar technology start-up during this time period.

In order to achieve its incubation space target, the government has planned to partner with Indian and globally successful incubators to replicate the successful funding and mentoring models. Also, the government would host a cloud server to connect all incubation centres across the state as it would prove to be beneficial for start-ups.

The policy also outlines niche themes, which will be the focus of the government in the coming five years. Among these are Internet of Things (IoT), social media, mobility, analytics and cloud computing (SMAC), fables semiconductors, entertainment, automotive, visual effects and 'IT for X' in the areas of pharma, urban management, and oil and gas.

The state government has identified five key areas including shared infrastructure, accelerators/incubators, human capital, funding and good governance (state support) as part of its policy for innovation. The government plans to develop physical incubation infrastructure through the public private partnership (PPP) mode and a new incubation infrastructure development fund will be set up under the innovation mission as a revolving fund.

The state government wants to create an initial innovation fund of Rs 100 crore for entrepreneurs and businesses. As part of its plans, the state government is planning to start an academy for fostering innovation at Tirupati.

Also, students and universities figure high among the government's plans. The government has said the universities will be advised to change curriculum in tune with the emerging technologies and requirements of the industry. Varsities will also be asked to give credits to students successfully completing notified online courses as part of the state government's plan to boost human capital.

Moreover, universities may introduce concept of student entrepreneur in residence wherein outstanding students who wish to pursue entrepreneurship can take a break of one year after the first year to pursue entrepreneurship full time. This may be extended to two years and these two years would not be counted for time for the maximum time for graduation.

Game for start-ups

* 100 incubators/accelerators to be established

* 5000 companies and start-ups to be incubated

* 1 million sqft of incubation space to be developed

* Rs 1,000 crore venture capital to be mobilized for innovation

* Academy for fostering innovation in Tirupati

* University syllabus to be changed in tune with emerging technologies

* Government to host cloud server to connect all incubation centres

Stay updated on the go with The Times of India’s mobile apps. Click here to download it for your device.



Post a Comment