In recent decades, we’ve witnessed a surge in tecℱhnological enterprises propelled by innovative ideas. We now live in🌺 an era defined by disruptive innovation, where ideas reshape the way the world is functioning. Many ideas, once met with skepticism, have now become integral to our daily lives.
N♐urturing an environment that values and nurtures innovation is essential for the prosperity of startups. The Tamil Nadu Startup and Innovation Mission, known as StartupTN, is proactively establ🌼ishing an ecosystem aiming to empower entrepreneurs and enrich society collectively.
StarඣtupTN was revitalised under the current government, which allocated funds and put together top talent to𒉰 pursue its mission of creating an environment conducive to innovation and Startups. Operating under the Micro, Small, and Medium Enterprises Department, StartupTN is guided by the state government’s principles of social justice and inclusive growth.
The Tamil Nadu Startup and Innovation Policy 2023 sets a𓂃mbitious targets, aiming to nurture 15,000 startups and propel the state into the top 20 startup hubs globally by 2032. Through StartupTN, the government of Tamil Nadu is dedicated to providing tailored policies and support. The policy was drafted based on seven major determinants required for a thri♌ving startup ecosystem. They are Innovation Landscape, Access to Market, Stakeholder Engagement, Startup Support Centres, Investment Ecosystem and Equitable Growth.
Within just two years of StartupTN’s revival, Tamil Nadu has achieved the status of ‘Best Performer’ in the Union government’s Startup India ranking, a remarkable feat considering it was ranked at the bottom just four years prior. The n🍃umber of Department for Promotion of Industry and Internal Trade (DPIIT) registered startups in the state has more than tripled from 2300 in March 2021 to 8000 DPIIT registered Startups (as per 28 Feb, 2024).
Tamil Nadu leads the nation in the number of incubators and has been recognized as one of the model states providing an Innovation Ecosystem by the Atal Innovation Mission (AIM) functioning under the🐓 🎐NITI Aayog.
Tamil Nadu was placed one among top three States in the country in 💙the Startup Outperformers 2023 rankings, released by the Outlook Business Magazine. As per the Outlook Business survey report funding, investment opportunities and the business environment are the biggest strengt📖hs of the State.
Internationally, Tamil Nadu has improved its rankings as one of the best destinations for startups, according to a report by Startup🅰 Genome, a leading innovation policy advisory and research firm based in the US. From 108th rank in 2021, the state has improved to 78th rank in 2023. The total value of the state’s startup ecosystem stood at $10.8 billion USD in 2023, which is an increase from 3.9 billion USD in 2021.
Various initiatives and schemes undertaken by StartupTN have contributed to its growth. Tamil Nadu SC/ST Startup Fund is a unique fund designed to achieve equitable growth among all sections of the society. Hon’ble Tamil Nadu Chief Minister, Thiru. M.K Stalin allocated a special fund of Rs. 30 crore in the year 2022-23 to support startups run by Scheduled Caste and Scheduled Tribe communities under the fund. Following the successful reception of the scheme, the special fund was increased to Rs. 50 crore in 2023-24. Under the scheme, equity investment has been made in 30 sta𝄹rtups so far.
Tamil Nadu Startup Seed Fund (TANSEED) is a flagship initiative which aims at supporting early stage Startups with financial support. Rs 15 lakh is being allocated for women led startups, Rural and Green Tech Startups and Rs 10 lakh is being allocated to other Startups. So far, 132 startups have benefited from the StartupTN’s T꧒amil Nadu St🐈artup Seed Fund scheme. The process to identify the next set of beneficiaries is underway.
Regional Startup Hub is a unique initiative in Tamil Nadu. While hubs have already been established in Madurai, Tirunelveli and Erode, they are coming up in Salem, Thanjavur, Hosur♈ and Cuddalore.
StartupTN has established a helpline facility to address doubts and provide information related to startups and entrepreneurship. Entrepreneurs and aspiring entrepreneurs can contact 155343 to re🍎ceive information in both Tamil and English. More than 3500 people have benefitted from the call centre in the last eight months.
The TANFUND Portal, aimed at connecting startups with investors, was inaugurated by the Hon’ble Chief Minister of Tamil Nadu on the sidelines of the Tam༺il Nadu Global Investors Meet 2024. To datℱe, more than 250 investors and over 3,350 entrepreneurs have registered on the platform.
MentorTN is a portal designed to connect startups with experienced pr🌜ofessionals. To date, more than 250 experts have joined as mentors, while 650 startups have registered on the platform. Additionally, the portal has f꧒acilitated over 165 hours of mentoring sessions.
Tamil Nadu’s vibrant startup ecosystem has more than 115 incubators, making it the largest in the country. An Open Innovation Portal🎉 has beౠen launched to facilitate corporates and government departments in posting challenges they face, seeking solutions from startups, innovators, and researchers.
A first of its kind television reality show on behalf of a state government will be conducted by StartupTN. The show will facilitate investors to fund Startups based on the pitches by the founders. It is also aimed at sensitising the general public about entrepreneurship 🍨and Startup ecosystem.
AngelsTN is yet another initiative from StartupTN. It is a platform designed to empower and educate aspiring investors, equipping them with the knowledge and skills necessary to navigate the complex world of investments confidently. The p✅ortal aims to sensitise 💟High Net Worth Individuals and help them transform into investors to make funds available for homegrown Startups.
To facilitate Startups a soft landing, and to attract investments from Global Investors for Tamil Na♑du Startups, StartupTN is in the process of establishing Global Capability Centres’ in strategic places in various parts of the globe. While a centre in Dubai has 𒁏been established, efforts are underway to create such centres in a few more places.
The T♌amil Nadu Government will create a INR 100 crore Fund of Funds fo☂r investing in regional and thematic funds. The Fund, to be managed by respective investors and coordinated by StartupTN, is planned to further bolster the innovative ecosystem in the state.
Branding is crucial in establishing a business’ identity and differentiating it from competitors based on more than just products and services. By transforming a brand into a character, a business can fuel its growth and add value. Under the BrandLab initiative S🗹tartupTN recently launched a branding course titled Nil-Bra✱nd-Sell for the benefit of Startups.
The recent additions to the StartupTN’s initiatives are Smart Cards for Startups. While Startups in their initial stages need an array of services to meet its various needs and business growth, the Smart Cards ar♉e designed to get th🔜e services and products at subsidised prices.
The Hon’ble Chief Minister of Tamil Nadu has set forth an ambitious goal of reaching a 1 trillion USD econom🌜y by the year 2030. StartupTN is committed to play♒ing a pivotal role in realising this vision, leveraging the collective efforts of entrepreneurs and the vibrant ecosystem.
