The State Government has announced a first of its kind policy to promote innovation and entrepreneurship leveraging upon its natural demographic assets as well as its base of skilled technology and research professionals.
The innovation policy envisages development of physical infrastructure and programme management capabilities and focus on creating sustainable funding models through funds and other instruments. It will encompass development of human capital along with proactive engagement with the industry to continuously promote and identify innovation. In addition, efforts would be made to encourage start ups in the rural and social enterprise space by providing additional incentives. On the physical infrastructure front, the policy envisages development of one million sq.ft of work space dedicated to start ups in the next five years. The emphasis would be on partnering with 20 global accelerators/incubators in building facilities under the public private partnership mode besides ensuring that two incubators are developed in Tier-II locations of the State.
The T-hub, will work as the catalyst in the entire effort to attract the best start ups and entrepreneur organisations from across the world and work with an extensive network of partners to help entrepreneurs launch and scale innovative companies. It would work for equipping start ups with entrepreneurship skills required to succeed and function as the nodal agency to lead or support entrepreneurship efforts of the government.
The policy also outlines the need for building plug and play work spaces across different sectors and locations of the State. Accordingly, construction work on the phase II of the T-Hub with over three million sq.ft area capable of housing 900 start ups would be launched and completed within five years.
The policy lays emphasis on programme management - ease of doing business in the State with an aim to reduce the time to set up a business in 12 days or lesser (OECD average). Steps would be initiated to put in place a hassle free system for obtaining construction, electricity and property registration permits besides establishing favourable labour and intra-State goods movement regulations.
99 years of lease period
The government would work for carving a separate fund exclusively for the development of infrastructure for incubation facilities that would be built under the PPP mode. The incubation facilities thus developed would be built for a lease period of 99 years and hence, an additional innovation infrastructure maintenance fund would be created for maintenance of these facilities and ensuring that world class services were provided throughout the life time of these facilities. In addition, a start up cell that would look after the tasks like IP protection, obtaining State and Central incentives and enabling entrepreneurs to focus on business and product development full time would be constituted, according to the policy.
There is need for building plug and play work spaces across different sectors and locations.