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Tamil Nadu Government releases Startup and Innovation Policy 2018-2023

The Government of Tamil Nadu has released "Startup and Innovation Policy 2018-2023" with a mission of providing an enabling and innovative ecosystem for startups registered

Tamil Nadu Government releases Startup and Innovation Policy 2018-2023
in the state and to make Tamil Nadu a 'Global Innovation Hub for Startups' by 2023.
  • The policy aims for a minimum of 1,00,000 high skilled job creation, direct and indirect, in the startup ecosystem.

Core Objectives of the Startup and Innovation Policy 2018-2023:

  • Creation of at least 5000 technology startups of which at least 10 global high growth startups are in social impact sectors.
  • Infrastructure support to strengthen existing mechanism in areas like the Internet of Things (IoT), Artificial Intelligence (AI), Machine Learning (ML) and Software as a Service (SAAS).

Components of the Startup and Innovation Policy 2018-2023:

  • The policy aims to collaborate with educational institutions to promote entrepreneurial spirit, reduce existing regulatory and tax burden on startups in the field of labour, pollution and building norms.
  • The policy aims to partner with reputed investors across the globe to bring investment to the Tamil Nadu startups.
  • The policy envisages nurturing aspiring entity or individuals (defined as 'Start Steps') who develops a potentially scalable business model that can generate wealth and employment.
  • Entrepreneurship Development Institute of India (EDII) will act as a nodal agency to promote and facilitate startups.
  • Tamil Nadu Startup and InnovaTN Mission (TANSIM) headed by a full-time officer will advocate and oversee policies and programmes for promoting startup.
  • Tamil Nadu Startup Seed Grant Fund (TNSSGF) of Rs 50 crore with an allotment of Rs 5 crore in the first year in partnership with financial institutions nd universities for supporting early-stage financing requirements of the startups in the form of grants to fill the gap in fund requirement for for research & innovations.

5-point action plan for implementing the Policy:

  • Creating ecosystems for encouraging innovations.
  • Ensuring resources availability to Startup ecosystem.
  • Enabling skill development and job creation.
  • Supporting social entrepreneurship.
  • Establishing global accessibility and partnerships.

Definition of a Start-up in Tamil Nadu as per the Policy:

  • Registration under Tamil Nadu Startup and InnovaTN Mission (TANSIM).
  • Date of incorporation less than 7 years (less than 10 years in case of biotechnology, AI and ML startups).
  • Registration and turnover less than Rs 25 crore in any of the financial years.

Question:

Q. The government of which state has released "Startup and Innovation Policy 2018-2023" with a mission of providing an enabling and innovative ecosystem for startups registered in the state and to make the state a 'Global Innovation Hub for Startups' by 2023?
a. Karnataka
b. Tamil Nadu
c. Maharashta
d. Andhra Pradesh
Tamil Nadu Government releases Startup and Innovation Policy 2018-2023 Tamil Nadu Government releases Startup and Innovation Policy 2018-2023 Reviewed by Inderjeet Virdi on January 21, 2019 Rating: 5

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