Uttar Pradesh is planning to integrate higher education with incubators to support business ideas through angel funding.
With 63 incubators already operational, the government is working towards setting up one at every higher education institution across 75 districts.
According to a KPMG report, Uttar Pradesh emerged the country’s fourth-largest startup ecosystem, with eight unicorns and two potential soonicorns. At present, two soonicorns are working in the state — Class Plus and InShorts.
Of nearly 10,000 recognised startups in the state, 50 per cent come from tier-II and –III cities. More than 4,300 are being run by women entrepreneurs. UP is home to eight of 108 Indian unicorns — Paytm, Paytm Mall, India Mart, Moglix, Pine Labs, Innovaccer, InfoEdge, and Physics Wallah.
Over 500 colleges are affiliated with the state’s nodal technical education varsity — the APJ Abdul Kalam Technical University. It aims to set up the proposed incubators by March under the UP Startup Policy 2020. These incubators will help startups with funding, marketing, and mentorship.
Digital marketing major InMobi, India’s first unicorn, is planning to contribute to the state’s startup bandwidth through mentorship and skilling partnerships.
UP has a progressive startup policy, which would give rich dividends to the state in agri-tech, edu-tech, digital marketing.
Moreover, the state is catalysing micro, small, and medium enterprises (MSMEs) and leveraging its One District One Product scheme to nurture startups, InMobi Founder and Chief Executive Officer Naveen Tewari said.
“The MSMEs and startups have instilled a ray of hope to the rural areas by reducing regional imbalances, assuring equitable distribution of income and wealth,” MSME Export Promotion Council Chairman D S Rawat said.
The Yogi Adityanath government had earlier allocated Rs 1,000 crore to the UP Startup Fund.
The state is promoting startups in fields like artificial intelligence, drones, med-tech, blockchain, 5G, 6G, quantum computing, additive manufacturing, and space tech.