Chandy launches IT incubator

New Delhi, March 27 (IANS) Assuring full support for the Startup Village, an incubator for the Information Technology entrepreneurs, Kerala Chief Minister Oommen Chandy Tuesday said his state invited investment from IT companies in it and eyed 1,000 ventures in the next 10 years.

"I am proud to announce the partnership between the Startup Village and the central government," Chandy told reporters while launching the initiative here.

"Our aim is to incubate 1,000 startups over the next 10 years from college campuses and start the search for a billion dollar start up from Kerala," he said.

According to Chandy, Kerala has always been in the forefront of IT revolution in the country and set up its first IT Park in early 1990s.

"However, we were slow in cementing our pace and we lost the race to other states," he said.

The Startup Village, he said, will focus on IT product companies adding that the Technopark incubator started in 2006 has 125 companies, employs 3,000 people and is generating revenues worth Rs.100 crore.

Infosys co-founder, Kris Gopalakrishnan would be the chief mentor of the star ups, Chandy said.

Speaking on the occasion, Nasscom's former president Kiran Karnik said: "Incubators are the catalysts of change and growth in any sector and need government support."

Talking about the project, IT professional Sanjay Vijayakumar said the incubator will extend a host of perks like three year service tax exemption up to Rs.50 lakh revenues.

It will also have full 4G network and advanced telecom labs and will provide services including intellectual property and accounting.