The coastal city of Visakhapatnam is all set to get its first incubation facility that will promote technology based startups in the city. The incubation facility is called ‘Startup Accelerator India’ and intends to incubate 100 startup companies and nurture 1,000 students as first generation entrepreneurs over the next five years.
The facility will be set up at Sunrise Startup TRIP Incubation Tower, Madhurawada IT layout with help of Govin Capital, a Singapore based company.
A memorandum of understanding (MoU) regarding the same was signed between B Sreedhar, Secretary, ITE&C of Andhra Pradesh Government and Govin Capital’s Managing Director, Anand Govindaluri on 21st February in Visakhapatnam. Palle Raghunatha, the Minister, was also part of the event held in Visakhapatnam.
Govin Capital has plans of incubating some hundred startup companies over the next five years. It also intends to nurture around one thousand students as first gen technocrat entrepreneurs in the same time frame.
The Singapore based company wants to partner the AP government as a pilot incubator in promoting technology startups in the coastal city of Visakhapatnam.
As a part of its initiative to promote the startup culture in the state, the Andhra Pradesh government has even constructed an incubation tower of 50,000 square-feet at the place.
The primary focus would be on offering ‘Bootup-Startup-Scaleup model’ and nurturing students into first gen technocrat entrepreneurs .The Innovation and Startup policy 2014-20 was announced by the government a few months ago.
The Andhra government plans to establish around hundred Accelerators/Incubators and incubate five thousand startups and companies by 2020.