In a welcome step by Uttar Pradesh’s government it has been planned to develop a startup incubation hub in Lucknow. It’s a very promising decision as the project is said to be the largest startup ecosystem in India. The step is a boon for the youth of Lucknow and neighboring region.
About 40 acres of land has already been identified in the outskirts of Lucknow, near the Chaudhry Charan Singh Airport. The start-up incubation centre will reportedly include Business Process Outsourcing (BPO), Development Centre, Comprising Data Centre and Training Centres among several other projects.
The main complex of the startup hub will spread across 2 acres and will be developed in the first phase. The Software Technology Parks of India (STPI), will reportedly invest around Rs.200 million for the development of startup hub.
UP additional chief secretary (IT & electronics) Sanjiv Saran was quoted saying that, “We estimate that it would take six months to forge the necessary tie-ups with other stakeholders and partners on board, while the startup hub would be up and running in the next 3 years.”
In the recent 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 in Uttar Pradesh. The initiative has thus started in Uttar Pradesh and initiated from Lucknow, the capital city.
Also, the department will work in association 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.
The Yogi government has already created a startup fund worth Rs.10 Billion in association with Small Industries Development Bank of India (SIDBI). The government has allocated about 2.5 billion for startups in the state.
Government is keen to promote entrepreneurship in the state and generate employment for its youth. As unemployment is one of the biggest challenges in front of them.
To facilitate upcoming entrepreneurs, a provision of startup workshop is being planned for all the 18 divisions of the state. A panel of 100 mentors is being worked upon for helping businesses in initial stages. What’s more is that a startup helpline will also be started.
The UP startup ecosystem once developed will render support to upcoming startups. In terms of funding, incubation, hand holding, co-working space, knowledge sharing and much more.
Lucknow has been identified as one of the leading destinations for startups in India. With over 400 startups in Lucknow and counting the city is already growing in a promising pace. With such great step taken towards the cause it will grow in leaps and bounds.