14th June 2024- Kerala’s startup ecosystem has witnessed remarkable growth, as highlighted in The Global Startup Ecosystem Report 2024 by a prominent development organization. Between July 1, 2021, and December 31, 2023, the value of Kerala’s startup ecosystem surged by 254%, surpassing the global average of 46% over the same period. This analysis, based on data from 4.5 million startups across 300 global ecosystems, underscores Kerala’s emergence as a promising hub for startups.
Key factors contributing to Kerala’s startup success include robust government support for investment, a high percentage of youth proficient in coding, and a commitment to the digital revolution. Chief Minister Pinarayi Vijayan lauded the state’s vibrant startup ecosystem, citing the establishment of 5,443 startups since 2016. Notably, 2,662 startups commenced operations in the past two years, with their products entering the market.
The report also ranks Kerala fourth in the Asia ecosystem for affordable talent, showcasing the state’s appeal for budding entrepreneurs. Industries Minister P Rajeeve highlighted Kerala’s significant progress in this authoritative report, emphasizing achievements such as the development of the Kairali AI chip by Digital University and innovative ventures like Iris, the first AI robot teacher, and Visor, a generative AI platform.
With an investment of Rs 5,600 crore in startups since 2016, Kerala’s startup landscape continues to attract attention and funding. Notably, investments in the past two years alone amount to Rs 1,200 crore, marking a substantial increase from Rs 207 crore received up to 2016. The state’s emphasis on nurturing talent, fostering innovation, and providing conducive environments for startups bodes well for its future as a leading startup destination in Asia and beyond.
Source:Link
