Kerala’s startup ecosystem has been making significant strides in recent years, with the state emerging as a hub for entrepreneurship and innovation. According to the Global Startup Ecosystem Report (GSER) 2024, Kerala was ranked fourth among Asia’s ecosystems in ‘Affordable Talent’ that measures the ability to hire tech talent. Additionally, the state is on the top-30 list when it comes to the ‘Performance’ of startup ecosystems across the continent .
Valuation and Rankings
Kerala’s startup ecosystem is valued at $1.7 billion, which is five times more than the global average. This remarkable achievement is a testament to the state’s commitment to fostering a robust startup ecosystem. The GSER-2024 analyzed data from over 4.5 million companies across 300-plus entrepreneurial innovation ecosystems, providing new insights and knowledge about startup trends around the world .
Key Highlights
- Affordable Talent: Kerala ranked fourth among Asia’s ecosystems in ‘Affordable Talent’, which measures the ability to hire tech talent.
- Performance: Kerala is on the top-30 list when it comes to the ‘Performance’ of startup ecosystems across the continent.
- Valuation: Kerala’s startup ecosystem is valued at $1.7 billion, five times more than the global average.
- Bang for Buck: The state emerged among the top 20 Asia ecosystems in the ‘Bang for Buck’ category that measures the amount of runway tech startups acquire on an average from a venture capital round.
- Knowledge: Kerala is in the Top 35 ecosystems of the continent in ‘Knowledge’ that measures innovation through research and patent activity and ‘Funding’ which measures innovation through early-stage funding and investor’s activity .
Initiatives and Support
The Kerala Startup Mission (KSUM) is the primary agency responsible for cultivating a vibrant technology startup ecosystem in the state. KSUM has been instrumental in implementing various initiatives to support startups, including the establishment of incubators, accelerators, and funding programs. The state government has also launched schemes and programs to nurture startups focused on rural impact and has provided significant support to women-led startups .
Future Plans
Kerala aims to build on its dynamic startup ecosystem by investing in talent and infrastructure to nurture groundbreaking startups in advanced technologies. The state is also planning to establish a $180 million emerging technology hub at Technocity, Trivandrum, to transform Kerala into a Deep Tech hub. This ambitious plan is expected to create a significant number of new jobs and contribute to the state’s economic growth .
Kerala’s startup ecosystem has made significant strides in recent years, with the state emerging as a hub for entrepreneurship and innovation. The state’s commitment to fostering a robust startup ecosystem has led to remarkable achievements, including its ranking among the top 30 in Asia and its valuation of $1.7 billion. With ongoing initiatives and support, Kerala is poised to continue its growth trajectory and become a major player in the global startup ecosystem.