Kochi:  Kerala is working towards a four-fold increase in the number of startups by aiming to take their total to 15,000 in the next five years, said Chief Minister Pinarayi Vijayan, here on Saturday.

The Chief Minister said this after inaugurating a pioneering digital hub by the Kerala Startup Mission (KSUM). The state-of-the-art digital hub set up by KSUM is billed as South Asia's largest product development centre as it is in over 2 lakh square feet of built-up space.

The Chief Minister said, "to realise the plan of 15,000 startups, the government will set up technology labs and incubators that will play a critical role for nascent firms to transform the state into a knowledge society," adding that "We are particular that shortage of funds should not stand in the way of conversion of a brilliant innovative idea into marketing reality."

Minister for Industries P. Rajeev said the government was determined to go ahead with its plans to encourage the state's young entrepreneurs. "We are giving focus to the semiconductor sector and are in talks with companies in Belgium," said Rajeev. KSUM, is the state's 2006-founded nodal agency for entrepreneurship development and incubation activities. KSUM provides interest-free loans to startups.

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