AP to float Rs 100-crore innovation fund for startups

State targeting to incubate 500 startups by the end of this December, and 5,000 by 2020

The Andhra Pradesh government is planning to create a Rs 100-crore state innovation fund for startups, according to J Satyanarayana, adviser (egovernance, electronics and IT) to the state government. “The draft guidelines will be endorsed in a week, and the innovation fund will be launched during this year. Also, as a part of the state innovation and startup policy launched in August 2014, the government will reimburse to the incubator or the investor 15 per cent of the seed capital infused into a startup based out of the state,” he said. Speaking to mediapersons on ...