Kerala: KSIDC Start-up incubation center at UL Cyber Park to be closed soon
The startup incubation center was started by KSIDC in 2017 at UL Cyber Park in Kozhikode to encourage young entrepreneurs in the IT field. KSIDC has sent a letter to the start-ups stating that the incubation center will be closed soon.
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FollowKozhikode: The start-up incubation center of Kerala State Industrial Development Corporation (KSIDC) operating at UL Cyber Park will be closed by the end of this month. KSIDC has sent a letter to the start-ups stating that the incubation center will be closed soon. Around 100 young entrepreneurs in 20 companies are in crisis after receiving the letter.
The startup incubation center was started by KSIDC in 2017 at UL Cyber Park in Kozhikode to encourage young entrepreneurs in the IT field. The content of the letter is that the agreement made by KSIDC with UL Cyber Park will expire this month and KSIDC is not interested in renewing the agreement, so the start-up incubation center will cease operations by March 1. All the women entrepreneurs who have moved from Bengaluru to Kozhikode to start a business in their own country are in crisis.
KSIDC leased four thousand square feet of space at UL Cyber Park under the Uralungal Cooperative Society for incubation centers for young entrepreneurs. KSIDC was charging rent of Rs 4012 per feet from entrepreneurs. The facilities include excellent office facilities, a conference hall, and other related facilities for this amount. Many entrepreneurs have shared their experiences of starting small businesses and scaling them up successfully. It has been noted that while incubation centers are operational in several districts under the Start-Up Mission, the income generated by entrepreneurs is often less than the rent they are required to pay.
KSIDC MD S Harikishore responded that they decided to move out of the incubation center at Cyber Park as it is not a core business of KSIDC. The MD stated that discussions are being held with the Start-Up Mission regarding the acquisition of the incubation center at the Cyber Park and only if there is an agreement in this regard, the operation will be stopped completely.
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