Site identified for next phase of startup village

April 19, 2015 12:00 am | Updated 05:46 am IST - VISAKHAPATNAM:

After encouraging response to the sea-facing Sunrise Startup Village inaugurated on Rushikonda hills, the State government is mulling over to take up work on phase-II venture.

A four-acre land adjoining the existing facility has been identified.

“Though the nitty-gritty of the venture has to be finalised, an in-principle decision has been taken to commence work on another building with facilities for startups,” a senior official of the APIIC told The Hindu on Saturday.

MobMe Wireless Solutions Ltd which has been engaged by the government to groom startups receives 400 applications, out of which 100 have been selected for taking up ventures in Internet solution and e-commerce domain. “We are very happy with the initial response to the Sunrise Startup Village. The facility, with a built-up area of 50,000 sft, was made operational in January this year. During our next level of training in hardware and electronic fields, we will need campus-based grooming,” MobMe CEO Pranav Kumar said.

Once they have a dedicated campus for stay and training, the success story of startups would certainly excite others across the State to translate their innovative ideas into successful ventures.

Innovation fund

As part of Innovation and Startup Policy, the government has created an innovation fund of Rs.100 crore to give venture capital loans. The policy has also promised 20 per cent attendance exemption and four per cent grace marks to student entrepreneurs.

MobMe plans to launch 500 to 1,000 startups in Visakhapatnam by 2020. There is a plan to raise 5,000 startups in the next five years across the State.

Menlo Park Mayor Catherine Carlton had promised in February during a maiden visit to Visakhapatnam to take some of the enthusiastic first-generation entrepreneurs to Silicon Valley.

Though the nitty-gritty of the venture has to be finalised, an

in-principle decision has been taken to commence work on another building.

Senior official, APIIC

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