KSIDC to incubate' North Kerala

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.