TG will set up Rs 1,000-cr startup fund: CM Revanth
image for illustrative purpose
Hyderabad: The Telangana government will create a Rs 1,000 crore fund for startups, Chief Minister A. Revanth Reddy announced on Wednesday.
He urged the startups to use the fund to grow and become the next Google. He emphasised the need to focus on product-based, innovative and IP-intensive startups.
The Chief Minister was speaking at the inauguration of Google for Startup Hub at T-Hub, India’s largest startup incubation centre in Hyderabad.
The Chief Minister stated that the government wants to create a good ecosystem for the growth of startups in the state.
He told the startups that the Telangana government and Google have come together to create a support system for them.
Calling Google one of the top startups in Hyderabad, he mentioned that in 1998, two Stanford University friends with lofty aspirations floated the startup in a garage in California and today it has become the global giant Google.
He pointed many startups started 20 years ago have become billion-dollar companies today. Google, Apple, Amazon, Tesla, and Facebook are some great examples, he said.
CM Revanth Reddy stated that in the last 25 years, many startups in Hyderabad have become big companies in the fields of software services, pharma and life sciences. “Hyderabad should not only grow as a startup hub. We want startups to grow into unicorn companies. We hope that at least 100 startups from Hyderabad will grow as unicorn companies,” the Chief Minister said.
Referring to his government’s vision to make Telangana a $1 trillion economy by 2034 and a $3 trillion economy by 2047, he urged startups to grow into $1 billion companies.
