In a significant move to bolster the startup ecosystem, the Uttar Pradesh government has earmarked a substantial sum of Rs 1,000 crore for the UP Startup Fund. This fund is dedicated to nurturing and supporting innovative business ventures across the state.
Uttar Pradesh has asserted its presence in the Indian startup landscape by contributing eight out of 108 unicorns in the country. The state takes pride in being the home to renowned unicorns such as Paytm, Paytm Mall, India Mart, Moglix, Pine Labs, Innovaccer, InfoEdge, and Physics Wallah. To further nurture entrepreneurship and innovation, the government has established a network of over 60 incubators to provide crucial funding and support to emerging startups.
A senior government official shared insights into the state's aspirations, stating, "Efforts are being made to promote startups in advanced areas, such as artificial intelligence (AI), drones, med-tech, blockchain, 5G, 6G, quantum computing, additive manufacturing, space tech, and more."
In line with the aim to foster promising startups, Uttar Pradesh is actively encouraging "soonicorns" and "minicorns." A unicorn is defined as a privately held startup with a valuation exceeding $1 billion, while a soonicorn, as the name suggests, is a startup displaying strong growth potential with prospects of achieving unicorn status in the near future.
Currently, the state is nurturing two soonicorn startups, Class Plus and InShorts, which exhibit great promise and potential.
The official further emphasized the diversity of the state's thriving startup ecosystem, encompassing "minicorns," which are indicative of the varied range of enterprises flourishing under the Yogi Adityanath government's policy framework.
Uttar Pradesh had set an ambitious goal of nurturing 10,000 startups by 2025, a target it claims to have already accomplished. A recent report by KPMG attests to the state's thriving startup environment, ranking it as the fourth-largest startup ecosystem in the country.
Remarkably, the startup landscape in Uttar Pradesh extends to all 75 districts of the state, with 49 percent of startups emerging from Tier-II and Tier-III cities. This flourishing ecosystem has generated over 100,000 employment opportunities within the state and played a pivotal role in socio-economic growth.
Furthermore, agri-tech startups are making strides in Uttar Pradesh, contributing to employment opportunities and socioeconomic development.
Meanwhile, the Uttar Pradesh Council of Science & Technology (CST) has introduced a program aimed at identifying innovative ideas from students and providing seed capital for selected startup concepts. Principal Secretary (Science & Technology) Narendra Bhooshan emphasized the CST's commitment to helping students commercialize their groundbreaking innovations. In a recent announcement, CST pledged an investment of Rs 14 crore in 109 research proposals, further propelling innovation and entrepreneurship within the state.
