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Government In Tamil Nadu To Introduce Equity Model To Motivate Startups
Government In Tamil Nadu To Introduce Equity Model To Motivate Startups
Highlights
- In order to encourage businesses to expand their operations, Tamil Nadu for the first time in its fifth iteration of the Tamil Nadu Startup Seed Fund will establish an equity model for entrepreneurs.
- In its fifth edition, TANSEED would be given out in an equity model for the first time in exchange for a 3% interest in the firms.
In order to encourage businesses to expand their operations, Tamil Nadu for the first time in its fifth iteration of the Tamil Nadu Startup Seed Fund (TANSEED 5.0) will establish an equity model for entrepreneurs. The government stated in a formal announcement that the investment in the form of equity is intended to assist entrepreneurs by providing appropriate advice in achieving their goals and scaling new heights.
The state's government has assisted 84 companies since the launch of TANSEED in 2021. In its fifth edition, TANSEED would be given out in an equity model for the first time in exchange for a 3% interest in the firms.
The fifth iteration of TANSEED seeks to provide equity investments to 50 entrepreneurs. The goal of TANSEED is to fill the funding gap faced by startups in their early stages. The seed fund offers support of up to Rs 15 lakh to ventures focused on green technology, rural impact, and women-led businesses.
T M Anbarasan, the minister for small and medium-sized businesses, had earlier declared in the assembly that this scheme will offer Rs 10 crore to 100 entrepreneurs.
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