ShivrajSingh Chouhan, Chief Minister of Madhya Pradesh has announced (on Twitter) that the state government is launching a VC fund of INR 100 crores to promote and incubate startups in IT and MSME sector.
To promote and incubate start ups with innovative ideas in IT and MSME sectors we are launching a Venture Capital Fund of 100 crore.
— Shivraj Singh Chouhan (@ChouhanShivraj) October 6, 2014
This is a great step to not just promote innovation at state level, but also will help tap (and grow) local talent.
Having said that, the bigger question is who is the beneficiary? Who helps government decide on a ‘great startup’ to invest in? What are the metrics to track such funding?
We certainly hope that the government has answers for all these. Nevertheless, entrepreneurship is going mainstream and is certainly a good news for all!
Recommended Read : What is the role of government in promoting Entrepreneurship? Stay Away!
[Thanks @ravhari for the tip.]