The Uttar Pradesh Startup Fund is gaining and growing rapidly and it will soon start distributing development capital to state-based organizations. The fund has collected interest from major investment funds in the country including venture funds, spokespersons of the government.
SIDBI has received four applications from AIF for a total amount of 285 crores. This decision will soon be initiated by the nodal agency in the first venture capital investment.
The government has released Rs 41 lakh to prepare the nodal agency. His proposal had already been approved, the Policy Implementation Committee. The money will be rigged to start as a substance allowance on the consideration stage. Capital grants at the commercialization stage for incubators for IT infrastructure and they also use their base to be used by start-ups and other investors.
A collection of Rs 150 crore, has been set up by the UP government with the help of Abdul Kalam Technical University to provide funds for deliberations, patents, registrations, and participation at national and international levels, among others.
UP has initiated policy promises to create a strong ecology to develop and nurture innovative ideas by setting up 100 incubators. The policy focuses on encouraging PwDs, women, and transgender communities to dream and provide employment for them.
This is a strong step taken by the state government in the country to bring in the startup ecosystem. This step is beneficial for Uttar Pradesh for its growth and establishment.
Many other institutes like – Banaras Hindu University, High-Tech University, ABES Engineering College, Krishna Energizing College, Jaipuria Management Institute have also shown interest in setting up incubators under this policy.
This policy has focused on many things and will establish a fantastic ecosystem for new startups. This will resolve many issues from his state. From all these steps it may be resolving the fund issues for start-ups which can be highly benefitted or its state.