Govt notifies KSUM proposals liberalising norms of the scheme
Thiruvananthapuram, May 27: In a major boost to the startup ecosystem, Kerala Government has announced substantial financial support to the promoters of startups attending global and national events, enabling them to gain greater exposure and expand the scope of operation.
Approving the proposals submitted by Kerala Startup Mission (KSUM), the Government has notified fresh guidelines in this regard, as per which the state will bear bulk of the travel expenses of those attending big startup events within and outside the country.
In a letter to the government, Dr Saji Gopinath, CEO, KSUM, had requested the revision of the existing guidelines to make them more supportive.
As per the new norms, one member from a startup will get 90 per cent support for the first journey outside the country, which includes to and fro travel and visa charges.
If two founders are traveling, 50 per cent of travel and visa support will be provided to them. In the second travel, 70 per cent travel support will be given to one member from the startup. If two founders are travelling, 40 per cent of travel and visa support can be obtained.
In the third travel, 50 per cent travel support will given to one member of a startup, which includes to and fro travel and visa charges. If two founders are travelling, they can claim 30 per cent of travel and visa support.
During the fourth travel, 25 per cent travel support will be given for one member from the startup, which includes to and fro travel and visa charges.
A startup that has availed the first and second travel expenses in the first year will only be eligible for the third and fourth travel support from the second year onwards. Startups will be eligible only for two journeys a year.
While attending national programmes and conferences, 100 per cent support will get for maximum two members from a startup for the first and second journeys, which includes to and fro travel expenses.
In the third journey, one member from the startup will get 100 per cent support for two-way travel. If two founders are travelling, they will get 50 per cent support.
In the fourth and further journeys, one member from the startup will get 50 per cent support.
The expenditure for implementing the scheme will be met from the funds set apart for the Youth Entrepreneurship Development Programme.
Startups that fall in the eligible category, as defined by the Department for Promotion of Industry and Internal Trade (DPIIT), can avail the benefits of the scheme.
KSUM, the nodal agency of Kerala Government to promote entrepreneurship development and incubation activities, has been proactively supporting the startups in obtaining international exposure through various programmes. It has already supported more than 75 startups, directly during the last three years.
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