StartUps in AP
The Andhra Pradesh government will start an Initial Startup Promotion Program in AP (ASAP) for early-stage startups to provide plugin and game office space and a network of investors and mentors.
It will set up a Rs 100 crore ‘financial fund’ in association with venture capitals and a consortium of private equity firms and universities to finance start-ups in the state.
The new Andhra Pradesh Information Technology Policy 2021-24 announced this. The Cabinet formally announced on Friday after approved on June 30. The policy states that the state will set up incubation centers at various declared locations as part of its efforts to create a start-up ecosystem.
The new policy should expect to create more than 55,000 employments over the next three years by creating a “strong and complete business environment”. Also, transforming the IT, electronics, and communications sectors into a revenue hub.
New IT Policy
The previous IT policy was to develop 2014-20 Visakhapatnam as a mega IT hub. Hence to create four IT hubs at Vijayawada, Kakinada, Tirupati, and Anantapur. Concept Cities, an exclusively designated area in the state, are close to existing major IT ecosystems.
The new IT Policy will be in launch till March 31, 2024.
The state will expect to generate revenue of Rs 783 crore in 10 years in the form of various taxes. While direct employment alone is expected to pay over Rs 2,200 crore every year, which in turn leads to the overall growth of the state economy through policy, in principle.
The new policy combines incentives to achieve direct employment in the state. To ensure transparent and effective utilization of public funds.
The government will set up an Information Technology Emerging Technology Research University in Visakhapatnam to develop AP as a leading contributor to the National Skills Group on IT and Advanced Emerging Technologies.
The University will focus on applied research in the application of emerging technologies in areas of government interest.
Digital libraries and workplaces are planned to be accessible at the gram panchayat level with high-speed internet, six workstations, and need software.
Provides an ecosystem for the concept of ‘work from anywhere. That includes video conferencing, printing and scanning, and access to free knowledge databases.
India has a growing consumer base in Startups
Today, India is developing in the world. Products are made for the Indian audience because it is a huge consumer platform and here built technologies.
Rural economies could transform as a result of the government’s introduction of several programs to bring more people into the banking realm. While turning even the next billion into a major consumer base.
Why Startups in Andhra Pradesh?
While, Explaining the importance of India as a strong market, VP for an emerging market, and MD. After an interesting talk by Jason Wang, Special Chief Secretary to the State of Andhra Pradesh and Information Technology Adviser. He said to the Honourable Chief Minister on the platform explaining how the new state of Andhra Pradesh was a start.
As an entrepreneur, Chowdhury was one of the co-founders of Portal Player. Also pioneered the growth of the chip that went into the first generation of the Apple iPod.
1. Focus specifically on developing technology and innovation
Naidu should always have great faith in being the main driver of the development of technology. He aims on setting up processes, which help new technologies and creations.
Moreover, Key pointers to AP innovation and start-up policies contain: Installing more than 100 incubators and accelerators. Also setting up incubation space, and assisting more than 5000 companies and startups to incubate.
2. A unique – Focus on AP-driven 5M strategy – HR, Money, Meetings, Money and Market Access
Since Andhra Pradesh is a new state, the government believes that start-ups need to set up the right support system to grow and develop. It is important to have the manpower to understand new forms and types of technology. To understand that technology is changing and changing rapidly.
To help bring in more manpower, it is important to bring in R&D centers – AB now owns Cyber Security R&D centers, an R&D center for cryptology, blockchain technology, and specialized centers by an Israeli company. The team expects to set up a one million square foot incubator by 2019 to promote and develop innovation centers.
The government is also setting up monthly meet-up events to help beginners meet different people in the ecosystem so they can network and learn with them. In terms of guidance and market access, the government works with different companies. Also, well-established start-ups guide and talk to those in incubation centers.