Uttar Pradesh plans to integrate higher education with incubators to support business ideas through angel funding.
With 63 incubators already operational, the government is working to establish one in every higher education institution in 75 districts.
According to a KPMG report, Uttar Pradesh emerged as the country’s fourth-largest startup ecosystem, with eight unicorns and two potential Soonicorns. Currently, two Soonicorns are working in the state: Class Plus and InShorts.
Of the nearly 10,000 startups recognized in the state, 50 per cent come from tier II and III cities. More than 4,300 are run by women entrepreneurs. UP is home to eight of the 108 Indian unicorns: Paytm, Paytm Mall, India Mart, Moglix, Pine Labs, Innovaccer, InfoEdge and Physics Wallah.
More than 500 universities are affiliated to the state’s nodal technical education varsity – APJ Abdul Kalam Technical University. It aims to establish the proposed incubators by March as per the UP Startup Policy 2020. These incubators will help startups with funding, marketing and mentorship.
Digital marketing major InMobi, India’s first unicorn, plans to contribute to the state’s startup bandwidth through mentorship and training partnerships.
UP has a progressive startup policy, which would pay rich dividends to the state in agritech, edtech and digital marketing. Additionally, the state is catalyzing micro, small and medium enterprises (MSMEs) and leveraging its One District One Product scheme to encourage startups, said InMobi founder and CEO Naveen Tewari.
“MSMEs and startups have infused a ray of hope in rural areas by reducing regional imbalances and ensuring equitable distribution of income and wealth,” MSME Export Promotion Council Chairman DS 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 such as artificial intelligence, drones, medical technology, blockchain, 5G, 6G, quantum computing, additive manufacturing and space technology.
First published: January 29, 2024 | 18:18 IS