The Andhra Pradesh (AP) government has launched the AP Innovation & Startup Policy (4.0) 2024-2029, aiming to foster a thriving startup ecosystem.

 The Andhra Pradesh (AP) government has launched the AP Innovation & Startup Policy (4.0) 2024-2029, aiming to foster a thriving startup ecosystem. This policy focuses on creating 20,000 new startups and generating at least one lakh jobs within five years. The policy also targets the establishment of 10 Unicorns and 20 "Soonicorns" (companies expected to become unicorns soon).

Here's a breakdown of the key aspects of the policy:

Goals and Targets:

20,000 new startups: Aims to create a significant number of new businesses within five years.

100,000 jobs: Focuses on generating substantial employment opportunities in the startup sector.

10 Unicorns and 20 Soonicorns: Targets the development of high-growth, high-impact startups.

10 Centers of Excellence (CoEs): Will be established in emerging technologies like AI, blockchain, EVs, and IoT.

Ratan Tata Innovation Hub (RTIH): A central innovation hub will be established in Amaravati, with regional centers in other cities.

Key Initiatives:

AP Startup One Portal:

A single-window platform for startups to access government support and incentives.

Incentive Application Portal:

A platform for startups to apply for and receive various financial and non-financial incentives.

RTIH and Regional Centers:

The RTIH and its regional centers will provide support for startups, including seed capital and incubation facilities.

Innovation Cells in Educational Institutions:

Universities and colleges will be encouraged to establish innovation cells to support student entrepreneurs.

Dedicated Helpline:

A helpline will be available to provide startups with information and support.

Policy Framework:

Duration: The policy will be in effect for five years, from 2024 to 2029, or until a new policy is announced.

Applicability: The policy applies to the entire state of Andhra Pradesh.

Implementation: The IT, Electronics, and Communications Department (ITE&C) will be responsible for implementing the policy and its operational guidelines.

Other Important Points:

Existing Startup Ecosystem:

Andhra Pradesh already has a strong base with over 6,600 startups, with a significant percentage led by women.

Focus on Emerging Technologies:

The policy emphasizes the development of startups in areas like AI, blockchain, EVs, and IoT.

Alignment with National Initiatives:

The policy aligns with India's broader push for a strong startup ecosystem and the development of the semiconductor industry