The Tamil Nadu Startup and Innovation Policy 2018-2023, aims to provide an enabling, innovative ecosystem in the State. Implementation of the policy will enable the State to emerge as the “Knowledge Capital” and “Innovation Hub” of the country. It will also attract entrepreneurs and investors across the globe.
Tamil Nadu is one of the economic power houses of India. Entrepreneurship, social mobility, economic growth and technology innovation have defined the growth story of the State. Today, the State has the potential to further enhance this by supporting the knowledge and capability of individuals to create new technology-driven enterprises to address challenges and take advantage of the opportunities present. This further complements “Tamil Nadu Vision 2023” goal of attaining a GSDP growth at a sustained pace of 11% per annum for the coming years.
The contribution of the State to India’s GDP is phenomenal in sectors like Automobiles, Commercial vehicles, Auto parts, Leather products, Textiles, Software and ITeS. The scope of the state for technical innovation and product development is ample. In terms of infrastructure, Tamil Nadu is one of the best performing States in the country. With the highest GER, the State is the destination for students from various States, providing the highest number of skilled manpower and one among the best in terms of technically qualified manpower. Tamil Nadu houses the best and renowned Incubator of the country, namely, the IIT-Madras and many promising Incubators catering to the needs of entrepreneurs, students and researchers for innovating new products and processes in various fields. The State is increasingly becoming the destination for Startups in Software-as-a-service (SaaS). Thus the State is a potential anchor for many Startups not only in Tamil Nadu but also those thriving all over the country.