A.P. to launch ₹100-crore innovation fund in February

The State government is gearing up to set up a ₹100-crore innovation fund to encourage start-up companies. It is likely to be launched by mid- February.

The government is finalising the guidelines, according to Panchayat Raj and IT Minister Nara Lokesh.

Mr. Lokesh launched AP chapter of The Indus Entrepreneurs, TiE Amaravati, here on Wednesday.

Speaking at the event, he maintained that A.P. itself was a start-up State. The government was creating eco-system to encourage the young entrepreneurs to set up their start-ups.

As part of its plans and commitment to encourage innovative ideas by entrepreneurs, ₹100 crore was being allotted to create a separate fund to support out-of-the box ideas by aspiring entrepreneurs.

“We are optimistic that the start-ups will double and triple with support of the Andhra Angels and TiE,” he said.

Mr. Lokesh said offering the basic infrastructure for the start-ups would be their main priority.

Ideas, incubating, mentoring etc were addressed through the AP Innovation Society set up by the government in association with partners such as XLR8AP.

Mr. Lokesh said there were a number of companies looking at funding. These companies were being accelerated by the XLRAP or AP Innovation Society.

But these companies have to be put before Andhra Angels to decide on funding. The process had just started and a concrete mechanism would emerge by middle of February, he said.

Principal Secretary(IT) Vijay Anand, AP CRDA Commissioner Ch. Sridhar, AP Innovation Society CEO V. Valli Kumari, AP NRT Society CEO Ravi Vemuru, Peepul Capital Founder Srini Raju, TiE Amaravati Board Member Suresh Rayudu Chitturi, TiE AP president Sateesh Andra and others addressed the gathering.