Flagship Start-up Promotion Scheme, Andhra Pradesh

To encourage the new and existing start-ups thereby creating a strong start-up ecosystem in the state

As per the new AP Information Technology Policy 2021-2024 announced on July 16, 2021, the state government is about to start a new flagship start-up promotion scheme Accelerate Startups in AP (ASAP). This scheme will be launched mainly for promoting the existing as well as new start-ups in the state thereby providing plug-and-play office space to them. It also tends to provide the start-ups with an access to the network of investors and mentors. Various incubation centres will also be set up under the scheme. Start-ups working on the application of emerging digital technologies will be allotted with plug-and-play spaces on priority along with other benefits. The state government is taking various measures to build a strong start-up ecosystem in the state. This initiative will create new jobs in the state. About Rs. 100 crore ‘fund of funds’ in partnership with various institutes are set aside for funding the start-ups in the state.

Overview:

Scheme:Flagship start-up promotion scheme
Scheme Under:Andhra Pradesh Government
Announcement Date:July 16, 2021
Beneficiaries:Start-ups in the state in various fields of technology, agriculture, health sector, etc
Benefit:Plug-and-play space, incubation centres, centres of excellence, access to a network of investors and mentors, etc
Major Objective:To encourage the new and existing start-ups thereby creating a strong start-up ecosystem in the state.

Scheme Objectives and Benefits:

  • The main objective of the scheme is to support the new and existing start-ups in the state
  • It tends to provide the start-ups with plug-and-play space, incubation centres, centres for excellence, prototyping labs, etc
  • This scheme will provide the start-ups with access to a network of investors and mentors
  • New job opportunities will be generated with more and more start-ups in operation in the state
  • It tends to benefit the start-ups to flourish
  • This scheme will also enable increased productivity and innovation
  • In the long run, it will impact increased economic growth ad development

Scheme Details:

  • Andhra Pradesh government announced a Flagship start-up promotion scheme Accelerate Startups in AP (ASAP) in its new AP Information Technology Policy 2021-24 on Friday, July 16, 2021
  • This scheme tends to provide support to the early-stage start-ups in the state
  • Under this scheme the start-ups will be provided with plug-and-play space
  • This scheme will provide the start-ups with access to a network of investors and mentors
  • It aims at encouraging new ideas and new innovations in the form of start-ups in the fields of technology, health, agriculture, etc.
  • Start-ups working on the application of emerging digital technologies like augmented reality, virtual reality artificial intelligence, data science, robotics, 5G cellular network, computing, natural language processing, block-chain, etc will be allotted with plug-and-play spaces, incubation centres, centres of excellence, prototyping labs, etc on priority
  • These benefits will be provided on a variable chargeable basis
  • It tends to create new job opportunities for the youth in the state
  • This new scheme will focus on boosting the start-ups for increased productivity
  • This scheme will build a strong base and ecosystem of start-ups in the country
  • State government is making efforts for building the IT and start-up mechanism in the state through the new IT policy
  • Focus will be given on setting up digital libraries, workplaces, in villages
  • Free-of cost knowledge database, video conferencing, work from anywhere concept will also be focused upon

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