Tamil Nadu’s main organization Tansim for startups, is developing a new start-up strategy to support the state’s emerging investor eco-system.
According to Sivarajah Ramanathan, chief executive officer of the Tamil Nadu Startup and Innovation Mission (Tansim), the organisation intends to promote the establishment of at least 10,000 companies in the state by the year 2026.
TANSIM will focus on the 80 incubation centres already operating in Tamil Nadu and take action to connect them with markets and investors.
Additionally, a mentor network and a startup database will be formed. This will examine the number of start-ups in each district, their funding sources, and the industries they operate in.
The organisation will see to it that entrepreneurial networks are developed in universities and that additional firms outside of the capital city and Coimbatore have access to investment.
The state government appears to be recalibrating its strategy as it seeks to increase job creation through startup formation, hence the renewed focus.
Initiatives
In his recent budget speech, Finance Minister Palanivel Thiaga Rajan revealed plans to establish regional startup hubs in Erode, Madurai, and Tirunelveli to ensure the growth of the startup eco-system throughout the state.
The Minister had allocated Rs 50 crore to the Emerging Sector Seed Fund to make equity investments in companies based in Tamil Nadu and Rs 30 crore to TANSIM to support businesses by SC and ST entrepreneurs.
This comes close on the heels of the launch of the third edition of TANSEED that aims to support early-stage startups with seed money.
Ramanathan added, “We want to be among the top three states in terms of start-up ecosystem – through supporting ideas, investments, generating finances, and cultivating an entrepreneurial mindset.” with a view to establishing Tamil Nadu as a startup hotspot.
Growing Startup Hub
According to reports, the state government is particularly interested in players involved in agritech and climate change. According to its present plan, TANSIM anticipates that 5–10% of the enterprises will receive finance soon.
Chennai has earned out a special place for itself as the SaaS epicentre of the Indian startup industry. The designation was given to the city because it is home to numerous companies and founders who have made a name for themselves in the sector.
Five unicorns may be found in Chennai, which has attracted significant investment in recent years. Cheap labour and the abundance of skilled programmers in the city have driven this rise.
Tamil Nadu is home to numerous deeptech and agritech firms that have experienced rapid growth in recent years.
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