At the 8th edition of Grand Idea Day, an initiative by the Kerala Startup Mission announced that it will provide financial assistance of Rs 2.6 crore to 31 startups and student teams from across the state. Kerala Startup Mission (KSUM) is a Government of Kerala nodal agency of for developing entrepreneurship and incubation activities in Kerala.
The “Idea Day” programme is aimed at promoting innovation in Kerala and the state’s government is looking to make setting up startups easier than it was before.
The Grand Idea Day was hosted to select technology relevant and scalable ideas from varying domains. 241 applications were received, from which 49 ideas from startups and students were selected and 31 startups have been considered for funding.
Ashok Panjikaran, KSUM manager, said “The Idea Day is a solution for the startups, which were finding it hard to find a source for funding and promote their products.”
The teams presented solutions from sectors including IOT, hardware, ERP (Enterprise Resource Planning), Platforms and Aggregators, Blockchain, AR/VR and Artificial Intelligence (AI).
The fiscal amount to be given to each startup will be decided basis the nature of projects being presented and their potential for global marketing and development, according to a report.
The Grand Idea day initiative has provided grants to more 25 startups and the next edition is being planned by KSUM for January 2018. So far, “Idea Day” has released grants to more than 25 startups, students and individuals.