KOZHIKODE: The Kerala State Industrial Development Corporation (KSIDC) on Thursday launched the ‘Startup Kozhikode’ to boost the entrepreneurial culture among youngsters in North Kerala. Under the scheme, incubator centres will be started and their financial requirements will be met through seed funding. Innovative ideas/ventures will be given 90 percent of the project cost or Rs 25 lakh, whichever is lower, as soft loan for one year at the prevailing RBI rate. After one year, the company should either convert the soft loan into equity capital or repay it with interest.
Dr M. Beena, KSIDC director, said, “the initiative is planned to build a strong eco-system for nurturing innovation and start-ups in North Kerala which will drive sustainable economic growth and generate employment opportunities. This will empower start-ups to grow through innovation. We have purchased nearly 5,000 square feet space at UL Cyber Park as an incubator centre for entrepreneurs to start their ventures.
“We have a fund of Rs 10 crore to support innovative start-ups and money will be provided to innovative ideas in IT, bio-technology, agriculture, food processing, business innovation, green technology and so on,” she said. Ahead of launching the scheme, four interactive sessions were held on topics such as startup funding, entrepreneurship, marketing, infrastructure availability and mentoring. The speakers included Nagaraja Prakasam, lead investor, Indian Angel Network, S.R. Nair, MD, Mentorguru and Gireesh Gopal, MD, Mindlabs.
