Telangana creates $1.6 bn in startup ecosystem value
Recruitment assistance and performance grants are the major reasons for startups to consider setting up their base in the State
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Hyderabad: Despite the pandemic, Telangana has created $1.6 billion in ecosystem value with $120 million in total early-stage funding over the last 2.5 years as per a report.
It cited that recruitment assistance and performance grants are the major reasons for startups to consider setting up their base in the State.
To promote the growth of local idea-stage companies, the State government offers recruitment assistance of Rs 10,000 per employee for their first year of operation.
Also, the startups that record a year-on-year growth rate of 15 per cent during their first three years since inception are eligible for a performance grant of 5 per cent on turnover, up to Rs 10 lakh.
2021 Global Startup Ecosystem Report (GSER), a research on world-wide startups, was launched by Startup Genome and Global Entrepreneurship Network on Wednesday at London Tech Week.
Hyderabad-based innovation ecosystem T-Hub has partnered with Startup Genome to highlight Telangana's entrepreneurial environment and its strengths against global ecosystems.
The report evaluated over 280 ecosystems globally, ranked the leading 140 ecosystems and analysed three million startups across the world.
Telangana stood among the top 15 Asian ecosystems in affordable talent, top 30 Asian ecosystems in performance, top 30 Asian ecosystems in knowledge and top 30 Asian ecosystems in talent and experience.
