The state government of Uttar Pradesh in India has planned to set up five centres of excellence (CoE) in the province focusing on 3D printing, spacetech, virtual reality, 5G and quantum computing. Further, the state government has planned to set up five more startup centres of excellence (CoE) in the province. At present, a total of 52 government-recognised incubators and nearly 7,200 DPIIT-registered startups are operating in the state.
Earlier, the state government proclaimed setting up an INR 4,000 Cr ‘UP Innovation Fund’ to infuse money in seed-stage startups. Besides, it is also looking to set up an INR 1,000 Cr angel fund to back about 10,000 startups. The development has come at a time when the Centre and state governments are taking various initiatives to encourage emerging startups and unicorns.
At present, a total of 52 government-recognised incubators and nearly 7,200 DPIIT-registered startups are operating in the state. Earlier, the state government proclaimed setting up an INR 4,000 Cr ‘ Innovation Fund’ to infuse money in seed-stage startups. Besides, it is also looking to set up an INR 1,000 Cr angel fund to back about 10,000 startups. The development has come at a time when the Centre and state governments are taking various initiatives to encourage emerging startups and unicorns.
Under the revamped policy, the monthly sustenance allowance for startups has been increased from INR 15K to INR 17,500 Additionally, As part of the policy, selected startups will get INR 5 Lakh worth funding for prototype development. The state government has planned to set up five more startup centres of excellence (CoE) in the province
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