Tamil Nadu Launches 'Smart Cards' for Startups

• 10 Feb 2024

On 7^Th February, 2024, Tamil Nadu's Micro, Small and Medium Enterprises (MSME) Minister introduced 'Smart Cards' for startups, offering a range of subsidized products and services tailored to support early-stage businesses.

Key Points

• Comprehensive Support for Startups: The Smart Card initiative, launched by Tamil Nadu Startup and Innovation Mission (StartupTN), provides startups with access to a diverse array of products and services at subsidized rates, aimed at facilitating their growth and development during the initial stages of business.
• Collaborative Efforts: StartupTN has partnered with various organizations to offer essential resources and support across six categories, including legal and compliance, marketing/business consulting, finance and insurance, human resources, smart workspace, and software/IT services.
• Implementation of Policy: The rollout of the Smart Card aligns with the objectives outlined in the Tamil Nadu Startup and Innovation Policy 2023, reflecting the government's commitment to fostering entrepreneurship and innovation in the state.
• Support for Marginalized Communities: As part of the event, sanctioned equity investment totaling ₹9.05 crore to four startups led by entrepreneurs from Scheduled Caste and Scheduled Tribe communities under the Tamil Nadu SC/ST Startup Fund.
• Launch of Open Innovation Portal: The minister also inaugurated the Open Innovation portal, which aims to bridge the gap between corporates/government agencies and innovators, startups, and researchers.
• Through this platform, problem statements and challenges posted by corporates and government agencies can be addressed with innovative solutions from the startup ecosystem.
• Empowering Entrepreneurs: These initiatives reflect the state government's commitment to supporting and empowering entrepreneurs across various sectors, fostering innovation, and driving economic growth through startup development and collaboration.