Hyderabad, July 26: In order to promote industrial development, Telangana has come up with ‘Innovation Policy’ which aims to encourage entrepreneurs to establish their start-ups in urban as well as in the rural areas. ‘Innovation Policy’ also aims to offer incentives for the investors.
Through this new policy Telangana will attract big corporates to set up research arms and encourage entrepreneurs to establish startups in urban as well as in the rural areas. Under the policy, investors would be offered a slew of incentives like reimbursement of paid stamp duty and registration fee.
The government will also assist the host institutes of recognised incubators with an operating grant to be calculated based on number of startups incubated in a year. It will also ensure uninterrupted supply of electricity at industrial tariff. Additionally, the incubator will be permitted to avail renewable energy under open access system.
The Telangana government plans to set up a master fund to invest in sector-specific and general venture capital funds with an initial target of Rs.2000 Crores. "A fund, that will function as a master fund and invest in sector-specific and general venture capital funds, shall be set up with an initial target of Rs 2,000 Crore," said the policy document.
Besides, there will also be a T-SEED fund with Rs 250 crore aimed at encouraging innovators who need early stage funding to work on their research discoveries and college project ideas.
"Additionally, in a first-of-its-kind initiative, a `Phoenix fund' will also be launched in collaboration with the private sector. The aim of the fund will be to identify and attract entrepreneurs who have attempted at least one venture previously and have met with some degree of success and derived learnt key learnings," the document said.
As part of the policy, first of its kind Chief Innovation Officer (CInnO) of Telangana will be appointed to work across departments and with industry, to incubate, conceptualise and evangelize innovative ideas, it said.