Tamil Nadu unveils revamped Startup and Innovation Policy 2023

Tamil Nadu has launched a revamped Startup and Innovation Policy 2023 with several action points aimed at making the state achieve leadership in the startup ecosystem, the government said on Wednesday.

The policy, equipped with 50 action points, was rolled out by Chief Minister M K Stalin at the Secretariat to support the state government's vision at becoming a USD 1 trillion economy by 2030. 

The decision to upgrade the startup and innovation policy came following the surge in the number of registered startups. 

As of September 2023, registered startups in the state exceeded 7,000 and have attracted significant venture capital investments. 

The policy, which will be valid for the period 2023-2028, will be the fuel to accelerate and scale startups and increase their share in the State's GDP. 

The main focus of this policy framework is to establish a democratised ecosystem that fosters innovation and entrepreneurship, transforming the state into a land of opportunities, the government said.

Tamil Nadu has a vibrant startup ecosystem that nurtures social entrepreneurship. 

The state is represented by Chennai and Coimbatore as two of the top 400 startup cities globally, as per the Blink Startup Ecosystem Report, 2022. While the Indian Startup Ecosystem Report 2022 ranks Chennai as the country's fourth startup hub, Coimbatore, Madurai, Tiruchirappalli, Salem, and Vellore are recognised as emerging hubs. 

The vision of the policy is to make Tamil Nadu one of the top 20 global startup destinations by 2032, based on internationally recognised criteria, and to enable groundbreaking innovative and wealth-creating ventures while also establishing a supportive startup ecosystem, the government said. 

Tamil Nadu has a vision to facilitate the establishment of 15,000 startups across sectors and regions in the state, and become one of the top three startup ecosystems in the country. 

According to the policy, StartupTN is the nodal agency of Tamil Nadu, that is responsible for promoting startup and innovation activities in the state. 

A dedicated team headed by the mission director who serves as the nodal officer has been set up for implementing the various initiatives outlined in the policy.

The government said that an advisory board would also be formed to successfully implement the policy. 

The board would comprise leaders from prospective startups, investors, mentors, incubation managers, domain experts, government, media, industry forums, and corporate establishments among others. 

The board would meet biannually to discuss the policy outcomes and suggest strategies that can be evolved from time to time, it said.