Fostering inclusivity and economic empowerment in the state, Tamil Nadu Chief Minister MK Stalin announced the allocation of Rs 6.5 crore as equity investment under the Tamil Nadu SC/ST Startup Fund for five startups. The beneficiaries, all hailing from Scheduled Caste and Scheduled Tribe communities, operate in diverse sectors such as electronics manufacturing, agri-tech, healthcare, and food. The startups are situated in Chennai, Tiruvallur, Perambalur, and Kanyakumari districts.
Investing in Diversity: A Transformative Initiative
The investment, a part of the broader Tamil Nadu SC/ST Startup Fund, seeks to uplift entrepreneurs from marginalized communities. Till date, the government has sanctioned a total of Rs 34.6 crore to 26 startups, furthering the cause of economic empowerment among SC/ST entrepreneurs. The startups selected span various industries, contributing to the state’s vision of a diverse and vibrant startup ecosystem.
Speaking on the occasion, Chief Minister MK Stalin emphasized his commitment to building a Tamil Nadu based on social justice, equality, and brotherhood. The government’s focus on welfare schemes for SCs/STs reflects a broader vision of inclusive growth. Stalin highlighted the need for sustained efforts to establish an egalitarian society, fostering social growth and changing mindsets.
புரட்சியாளர் அம்பேத்கர் பிறந்தநாளைச் சமத்துவ நாளாகக் கொண்டாடும் நமது #DravidianModel அரசு, ஆதி திராவிட மக்களைக் கல்வி – அதிகாரப் படிநிலையில் உயர்த்துவதற்கான திட்டங்கள், உதவித்தொகைகளோடு, ‘அண்ணல் அம்பேத்கர் தொழில் முனைவோர் மேம்பாட்டுத் திட்டம்’ முதலானவற்றையும் செயல்படுத்தி… pic.twitter.com/pVOUk58w5T
— M.K.Stalin (@mkstalin) December 27, 2023
Diverse Sectors, Diverse Impact
The five startups receiving the recent equity investment include Ecopmin Technologies Pvt Ltd, Adhiban Farms Pvt Ltd, COEO Wellness Pvt Ltd, Mannvasanai Traditional Food Pvt Ltd, and Nanjil Nadu Kani Tribal Women Creations Pvt Ltd. These startups operate in electronics manufacturing, agri-tech, healthcare, and traditional food production. Notably, Nanjil Nadu Kani Tribal Women Creations Pvt Ltd is a commendable example of women entrepreneurship, showcasing the potential for inclusive growth.
Investment from the government not only injects capital into these startups but also lends credibility, facilitating their journey to acquire new clients and expand into untapped markets. In addition to financial support, the Tamil Nadu Startup and Innovation Mission (StartupTN) provides mentorship and post-investment support, ensuring the holistic development of these startups.
Tamil Nadu’s Startup Ecosystem
The state’s commitment to nurturing startups is evident in its ranking as the country’s fourth top startup hub, according to the Indian Startup Ecosystem Report 2022. Beyond Chennai, emerging startup hubs in Coimbatore, Madurai, Tiruchi, Salem, and Vellore showcase the broadening landscape of innovation in Tamil Nadu. The state has seen a surge in registered startups, surpassing 7,000 in September 2023, attracting substantial venture capital investments over the past two years.
Scaling Inclusivity Through the Startup Fund
The Tamil Nadu Startup Fund, specifically designed for SC/ST entrepreneurs, aims to provide a platform for exploring and expanding business capabilities. By offering equity investment or debt, the government becomes a shareholder, instilling confidence and catalyzing a revolution among under-represented communities. The initiative aligns with the government’s ambition to support 200 startups run by SC/ST entrepreneurs, with 21 startups already benefiting from assistance totaling Rs 28.1 crore, according to the Tamil Nadu Startup Policy 2023.
StartupTN has formed a dedicated team to ensure the seamless functioning of this initiative. The focus remains on encouraging scalable business models and those based on Indigenous Traditional Knowledge (ITK) that can be commercialized.
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