Kerala to host statewide entrepreneurship meets to boost startups

THIRUVANANTHAPURAM : In an effort to promote startups, the industries department in collaboration with local self-government department will organise entrepreneurship meetings on the lines of grama sabhas across the state in September. Industries Minister P Rajeeve, during the question hour in the assembly, announced that the meetings will include all entrepreneurs within the local self-government institutions.

To further support new startup ventures, the state government has launched MSME clinics, which will offer technical, financial and GST-related assistance to entrepreneurs to sustain their ventures. The minister said the startup mortality rate is 30% nationally and Kerala the mortality rate is just 15%. He said that efforts are on to revive around 1,600 ventures that were closed last year. He said the state’s startup has achieved a growth rate of 251%.

As per data from the Department for Promotion of Industry and Internal Trade, Kerala currently boasts 5,522 startups, attracting a total investment of Rs 5,500 crore and generating over 55,000 jobs. The Kerala State Industrial Development Corporation (KSIDC) is playing a crucial role in nurturing the state’s booming startup ecosystem by providing financial assistance and support to new and emerging businesses, said Rajeev.

Since its inception, KSIDC has sanctioned Rs 40.06 crore in startup loans to 165 startups across Kerala, with 121 startups already receiving Rs 24.48 crore in funding. He said 27 of these startups have successfully repaid their loans in full. KSIDC is rolling out seed fund assistance and scale-up support for startup growth.