Singapore co to help set up incubation unit for start-ups.

Startup Accelerator India will be one of the first pilot incubation facility to promote technology start-ups in the coastal city of Visakhapatnam. Singapore-based Govin Capital will help set up the facility at Sunrise Startup TRIP Incubation Tower, Madhurawada IT layout.

A Memorandum of Understanding was signed by Anand Govindaluri, Managing Director of Govin Capital and B Sreedhar, Secretary, ITE & C of AP Government. The Minister Palle Raghunatha Reddy also participated in the event.

Govin Capital intends to incubate 100 start-up companies and nurture 1,000 students as first generation technocrat entrepreneurs over the next five years. The Singapore company had expressed interest to partner Andhra Pradesh Government as a pilot incubator to promote start-ups in Visakhapatnam.

The AP Government has constructed an incubation tower of 50,000 sq.ft. at the place as part of its initiative to promote start-up an innovation culture. The focus would be on first generation technocrat entrepreneurs and offer 'Bootup-Startup-Scaleup model'. The government had announced the Innovation and Start-up policy 2014-20 a few months ago. The State intends to establish 100 incubators/ accelerators and 5,000 companies and start-ups to be incubated by 2020.


HBL