Friday, March 29, 2024
News

KSUM's grants to startups cross Rs 25 cr in 5 years

   SocialTwist Tell-a-Friend    Print this Page   COMMENT

Thiruvananthapuram | Sunday, 2022 3:45:09 AM IST
The Kerala Startup Mission (KSUM), the nodal agency of the state government for entrepreneurship development and incubation activities, has provided Rs 25 crore as innovation grant to startups in the past five years ever since it was set up.

Since 2017, KSUM scouted more than 8,000 innovative ideas from tech startups, including student startups. Among them, 2,000 startups made their final pitches and a total of 550 innovations won KSUM innovation grants.

The innovation grants serve as the first tranche of seed capital for a product startup in Kerala, which intends to pursue an innovative technology idea and translate it into a full-fledged venture.

Of the total amount of over Rs 25 crore sanctioned as grants, around Rs 17 crore has already been distributed to startups through various schemes like Idea Grant, Productisation Grant, Scale-Up Grant, Women Productisation Grant and Startup Research Grant.

Commenting on the significance of grants, KSUM CEO John M. Thomas said these initial rounds of funding have served as the core capital for a large number of startups to set up their ventures.

"Startups are getting funds in the form of venture capital and angel funds. We are proud that KSUM acted as the core capital provider for these startups and entrepreneurs in their crucial formative stage," said Thomas.

--IANS sg/arm

( 229 Words)

2022-04-30-21:50:09 (IANS)

 
  LATEST COMMENTS ()
POST YOUR COMMENT
Comments Not Available
 
POST YOUR COMMENT
 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
 
MORE BUSINESS NEWS
Availability and cost of capital most im...
Religare Enterprises Ltd. (REL), Sir Gan...
BD India Launches UltraTouch; a New Age ...
The Art of Living upgrades its Bengaluru...
Introduction of T+0 rolling settlement c...
EC-Council Renews USD 3.5 Million Cybers...
More...
 
INDIA WORLD ASIA
Chennai: Three dead after false ceiling ...
Union Minister Gajendra Shekhawat meets ...
Jailed gangster-turned-politician Mukhta...
Eknath Shinde's Shiv Sena releases first...
'Three parties have allied directly...':...
Uttar Pradesh: Security tightened in Ali...
More...    
 
 Top Stories
No change of guard ceremony on Marc... 
"Brutal policy of killing, dumping ... 
Andhra Pradesh: Railway Protection ... 
Earthquake of 4.6 magnitude jolts A... 
Telangana: Fire breaks out at dump ... 
EAM Jaishankar shares glimpse from ... 
"My father was being given slow poi... 
South Africa's former President Jac...