With every state putting its foot forward in supporting startups, Uttar Pradesh is the latest entrant. After having announced an Rs 1000-crore startup fund, the state will now see the country’s biggest incubator come up at Lucknow, reports Times of India. However, it will be taking on Telangana's T-Hub, which is currently the largest startup incubator in India.
Speaking at an event at IIM Lucknow, Sanjeev Saran, additional chief secretary, IT and electronics said that the incubator will provide assistance and funding to new businesses and start-ups. It will help companies registered in UP give shape to its business and fund companies.
The incubator will come up near Lucknow airport and will be spread across 40 acres.
Small Industries Development Bank of India (SIDBI) will be the state’s funding partner.
"UP's start-up policy is better than other states. We give financial assistance of Rs 25 lakh to start-ups. We are currently reviewing both the policy as well as funding. In one month, we are hopeful of coming up with a new start-up policy," TOI quotes Saran as saying.
And the budget allocated for startups will be increased from Rs 1000 crore to Rs 4,000 crore with the incubation centre coming up.
As per a report in Inc42, in a bid to encourage entrepreneurship, UP CM Yogi Adityanath said that the state will give Rs 25 lakh to universities and leading educational institutions, to encourage students to take up self-employment through startup projects. A mobile app too will be launched for startups.
Since the launch of Startup India, Stand Up India initiative, the country has been launching various initiatives for entrepreneurs and this also includes states launching startup policies and funds to help startups.
UP will be the second state after Telangana to launch an incubator. The state of Telangana launched T-Hub through a unique public and private partnership with IIIT-H, ISB and NALSAR and key private sector leaders. The 70,000 square-foot building currently houses over 200 startups. After the success it saw, a second phase is being built spread over 3,50,000 square feet, which will be opened in 2018.