After the resounding success of the 'Startup Infinity' launchpad scheme in Dubai, the Kerala Startup Mission (KSUM) is now poised for a strategic global expansion. The mission aims to replicate its triumph on an international scale by establishing additional branches overseas. The remarkable achievement in Dubai has laid the foundation for KSUM's ambitious outreach.
Startup Infinity’s International Outreach
Chief Minister Pinarayi Vijayan, addressing the Kerala Assembly, divulged the upcoming expansion plans. The Startup Infinity scheme, which has garnered immense attention and engagement, is set to be extended to several more countries in the foreseeable future. This announcement marks a significant step towards enhancing Kerala's presence on the global startup map.
Dubai's Startup Infinity Sparks Global Expansion Strategy
Mr. Ashok Panjikaran, the Head of Business Linkages & Startup Life Cycle at KSUM, told TICE News about the imminent expansion. "Our next focus areas include the United States, Europe, and Australia," he affirmed.
The overseas launch of Startup Infinity aims to catalyze the entrepreneurial spirit of Non-Resident Indians (NRIs) residing in these regions, fostering a dynamic ecosystem for startups.
The inaugural center established under the Startup Infinity initiative in Dubai has exhibited exceptional performance. Garnering an impressive 54 applications for membership and soft-landing support, the Dubai center has become a hotspot for aspiring entrepreneurs, revealed Mr Panjikaran.
This positive response has invigorated KSUM's confidence in its global expansion strategy.
Catalysing Entrepreneurship Globally
The essence of the Startup Infinity program lies in its role as a catalyst for NRI communities to initiate and nurture startups. These centers, envisioned as comprehensive support hubs, are designed to facilitate the growth of startups across the globe. By providing a platform for collaboration and growth opportunities, they contribute to the enhancement of Kerala's startup ecosystem.
Kerala's Startup Ecosystem: A Success Story
The startup landscape in Kerala has witnessed a remarkable evolution. Chief Minister had highlighted that the number of startups in the state has surged from 300 in 2016 to an impressive 4652. This exponential growth in entrepreneurship has yielded substantial economic benefits, with job opportunities within the sector skyrocketing from 3,000 to 40,750 during the same period. The state's incubator count has also surged from 18 to 63, further underscoring its robust startup ecosystem.
Infusion of Capital and Job Creation
Kerala's commitment to nurturing startups is evident in the surge of capital investment. The Chief Minister highlighted the impressive rise in capital investment from Rs 207 crore in 2016 to an impressive Rs 5,500 crore. This financial injection has fueled innovation, job creation, and overall economic growth. The projection for the current financial year promises an addition of 20,000 jobs, further solidifying Kerala's position as a thriving hub for startups.
Startup Infinity: A Global Launchpad
The inaugural Startup Infinity center launched in Dubai in June 2023 act as global hubs for collaboration between the NRI community and Kerala-based startups, facilitated by KSUM. They enable cross-border engagement, co-creation, and business establishment, either in the host country or within India.