TN revamped Startup & Innovation Policy 2023

Article Title: TN revamped Startup & Innovation Policy 2023

21-09-2023

Development Administration in Tamil Nadu Current Affairs Analysis

Vision: To become one of the top 20 global Startup destinations by 2032

Validity: 5 years or Till the nextsuch Policy

Highlights of Bill:

Targets to make Tamilnadu:

Top 3 Startup ecosystems in India

Top State for incubation ecosystems

Top 3 States in terms of investments

Leading State for Startups and companies founded by individuals from SC/ST communities and women

START STEPs (budding entrepreneurs)

An aspiring non-registered entity or individual who develops an idea with a business model based on product / process / service innovation.

Criteria for Startups:

Time Limit: 10 years from the date of incorporation

Turnover Limit: INR 50 crore

The entity should not have been formed by splitting up or reconstructing an already existing business

Implementing Agency: Startup TN (Tamilnadu Startup and Innovation Mission)

Co-Creation Fund:

Purpose: To invest in Private Venture Capital Funds

Fund Amount: Rs.100 Crore

Administered by: Startup TN

Inspired by: Yozma ( initiative) model of Isreal

Social Justice Venture Lab

To promote equity investment for Startups founded and led by entrepreneurs from the Scheduled Caste and Scheduled Tribe communities (SC/ST).