The Telangana government is discussing with fund managers the $100 million (about Rs.600 crore) venture capital fund it proposes to set up for entrepreneurs at the upcoming T Hub incubator in the city.
Though the priority remains getting the incubator, being set up at IIIT, Gachibowli, ready by May, the government is simultaneously weighing various modalities associated with the fund.
The fund, Information Technology Minister K.T.Rama Rao declared on Thursday, was “economic impetus” component of T Hub, a 60,000 sq ft facility the government is setting up. Indian School of Business (ISB), IIIT-H and NALSAR are also associated with the project.
Mr. Rao counted the incubator among initiatives of the State government to promote entrepreneurship and industrial growth, at the inaugural session of TiE-ISB Connect 2015 here on Thursday. Highlighting the commitment to issue necessary clearances to industrial projects within a maximum of 30 days and the emphasis on self-certification, the Minister said the government would also pitch in with resources for the fund. IT Secretary Harpreet Singh, who addressed the meeting and later interacted with presspersons, said meetings were being held regularly to work out of the modalities of inviting entrepreneurs to T Hub and appointing the fund manager. There are plans to visit Far East with the fund manager to raise funds. Government support by way of seed fund may not be required, he said, with fund managers saying plenty of resources are available.
