Uttar Pradesh Government Plans India’s Largest Startup Hub
The Uttar Pradesh Government has planned to setup India’s largest incubation center at the outskirts of UP’s capital city Lucknow. The Chief Minister of UP, Yogi Adityanath is working fast towards it.
The state has already identified about 40 acres of land patch near Lucknow Airport for the proposed Startup Incubation ecosystem comprising a Data Center, Business Processes outsourcing (BPO), Startup Development Center and Training Center.
Lucknow, a large city in northern India, is the capital of the state of Uttar Pradesh with total area of 2345 square kilometers and total population of about 3 million (30 lakhs). Lucknow being the capital and largest city of the Indian state of Uttar Pradesh is also the administrative headquarters of the eponymous District and Division. It is one of India’s fastest growing cities and known for its culture and commerce.
In the first phase, the Software Technology Parks of India (STPI), a Central Government Agency of India, is likely to invest about Rs 200 million to develop the main complex of the startup hub spread over 2 acres.
At the UP Investors Summit 2018 on 21-22 February, the state government had received 11 investment proposals worth Rs 130 billion for setting up startup ventures and these proposals are being followed up for early fruition.
Besides, the department would also tie-up with reputed UP based institutions, such as Indian Institute of Management, Lucknow (IIM-L), Indian Institute of Technology, Kanpur (IIT-K), Banaras Hindu University (BHU) etc as key knowledge partners in the ambitious project.
Uttar Pradesh Chief Minister, Yogi Adityanath recently announced a corpus of Rs. 1,000 crores for promoting startups and entrepreneurial ventures. In a progressive step towards fulfilling this mandate, the Government of Uttar Pradesh joined hands with the Federation of Indian Chambers of Commerce and Industry (FICCI) and also organised a roundtable discussion on disruptive innovations, startups and entrepreneurship at the Uttar Pradeh Investors Summit 2018. Through this step, the government’s objective is to enable incubators to identify and nurture disruptive technologies that can be used for the benefit of the state and scaling up the existing talent mine. Therefore Yogi Adityanath Government has already created a dedicated startup fund of Rs 10 billion in association with Small Industries Development Bank of India (SIDBI). About 2.5 billion had already been allocated for startups in the state.
After coming to power, the government had clearly spelt out its priority towards startups to promote entrepreneurship and generate employment for youth. In fact, the government has mooted to hold startup workshops in all the 18 divisions of the state in near future. A panel of 100 mentors has been created for helping the startups in initial stages and facilitating the transformation of their business ideas to marketable products.
The department has even launched a dedicated startup helpline for the benefit of greenhorns looking to creating the next unicorns in the country.
Of late, Lucknow has been witnessing a steady scaling up of startup ecosystems in the private sector. The startup infrastructure and support system is growing faster in Lucknow, which according to a research report by US-based angel.co is home to over 400 startups and counting. The UP startup ecosystem is proliferating in all dimensions viz. start-up funding, incubation, handholding, co-working space, knowledge sharing etc.
SIDBI had launched a financial technology incubator at IIM-L called ‘SIDBI Centre for Innovations in Financial Inclusion’ (SCI-FI), mandated to catering not just the IIM-L, but other institutions as well. SIDBI is keen to support similar incubators in other institutions too.
StartupLanes congratulates the honorable Chief Minister of Uttar Pradesh, Group of Ministers and Residents of Uttar Pradesh. It is indeed a grand step for the great future of startups in the state. We will soon be able to see a lot many startups coming up in Lucknow and entire Uttar Pradesh.