Startups to drive future investments to the state, says Kerala Finance Minister

The Startup Ecosystem in Kerala will play a major role in bolstering future investments in the state, Finance Minister K N Balagopal said on Wednesday. Virtually inaugurating the seventh edition of Seeding Kerala, the Kerala Startup Mission’s (KSUM) flagship initiative to attract high profile investors to the state by showcasing the opportunities in startups, Balagopal said the state needs to develop an investment culture by creating awareness among the High Networth Individuals (HNIs) about the potential of the ecosystem.

”We have a lot of HNIs and there are several new areas which need investment. A campaign to create awareness among HNIs is needed,” he said, adding that the Seeding Kerala meet will help explore new possibilities. Acknowledging the practical issues faced by the startups in raising funds from state agencies like Kerala Finance Corporation (KFC), Balagopal said the government is working on these concerns.

The two-day summit in hybrid format is hosted by KSUM, the state’s nodal agency for startups.

Infosys co-founder Kris Gopalakrishnan, who attended the event online, said the startup ecosystem in the state has become more mature and is attracting more and more capital not just from Kerala but outside. ”Every ecosystem will require creation of a local support system. Kerala, I strongly believe, has created that support system in terms of physical infrastructure, not just in one location but multiple locations like Thiruvananthapuram, Kochi, Kozhikode and Kannur,” he said. The state has also created a talent infrastructure, besides providing mentoring support to startups, he said.

”We are now seeing more and more successes, we have more examples and exemplars and icons which will show the way. I strongly believe that Kerala has created a sustainable model ecosystem for startups and the future is looking bright,” Gopalakrishnansaid.

The invite-only summit being held in physical and virtual mode would witness interactions between 150 select participants, 100 HNIs, representatives of 10 top funds, 14 Angel Networks, 30 corporate houses and family offices besides 30 selected startup founders.