Hon’ble CM of Tamil Nadu releases the Startup and Innovation Policy with over 50 action points that will help the State become a leading Startup Ecosystem

Chennai : The Hon’ble Chief Minister of Tamil Nadu Thiru. M.K. Stalin released the ‘Tamil Nadu Startup and Innovation Policy 2023’ with over 50 action points that will help the State become a leading Startup Ecosystem. The Policy, released at the Secretariat here on Wednesday, also forms the base to propel the role of Startups in realising the State’s vision of emerging as a USD 1 Trillion economy by 2030.
The Policy is designed to nurture Startups, accelerate their growth, make them globally competitive and increase their share in the State GDP and Social Capital. It defines and strengthens the seven determinants of the Startup Ecosystem – Startup Literacy; Innovation Landscape; Startup Support Centres; Access to Market; Investment Ecosystem; Stakeholder Engagement and Equitable Growth. Below are some of the salient features of the Policy :

• Redefinition of a Startup – Ventures by persons from socially marginalised communities that apply proven innovative techniques in other sectors for the betterment of the socio-economic conditions of their communities will also be considered as Startups. This is in addition to the existing criteria of a Startup.

• Co-creation Fund – The Government of Tamil Nadu will create a Rs. 100 Crore ‘Co-creation Fund’, a unique Fund-of-Funds model designed to participate in private sector VC Funds. Special focus will be given to funds investing in Regional Startups and sectors like Rural Impact, Women-led and Climate Action.

• StartupThamizha – This distinctive Startup pitching television reality show will be launched to raise awareness of entrepreneurship, innovation and investment in Tamil Nadu. It will bring about a cultural change from the employee mindset to emerge as employers.

• Startup Smart Card – Cards loaded with a wide range of essential services by various service providers, that are vital for early-stage Startups, at a subsidised cost.

• Social Justice Venture Lab – A mechanism to enable multistage intervention in Startups founded by entrepreneurs from marginalised communities.

• Women-led Startups – Comprehensive supportive measures designed for the promotion of Women-led Startups with the understanding of the unique challenges faced by them.

• Differently abled & Trans people-led Startups – Special schemes to support Startups promoted by differently abled and trans people, who may not get support from the mainstream.

• EIR Programme – Entrepreneur-in-Residence is a special financial and acceleration support linked programme for seasoned corporate executives to become entrepreneurs.

• TANFUND – A Startup-Investor aggregator platform to connect national and international investment agencies with Tamil Nadu Startups, with structured back office facilitation.

• Beyond TN – Establishing ‘Global Coordination Centres’ in potential countries across the globe to connect resources including funding, mentorship and market access with Tamil Nadu Startups.

• Sectoral Focus – Enabling Sectoral Forums with the objective of connecting sector-specific Startups with the respective sectoral stakeholders to take them to the next level.

These focussed initiatives, among others, will result in groundbreaking innovative and wealth-creating ventures while giving equal importance to creating socially impactful enterprises by individuals from all walks of life.