Empower Self-reliance: KSUM Launches ‘Build It Big for Billions’

THIRUVANANTHAPURAM:
Kerala Startup Mission (KSUM) has launched an ambitious new initiative aimed at redefining the country’s production landscape by encouraging start-ups to develop scalable and product-based solutions so as to reduce India’s reliance on imports.

Named ‘Build It Big for Billions’, the program handholds entrepreneurs on clear and well-researched ideas that have the potential to replace imports and scale globally. It focuses on product-based innovations in sectors such as electronics, machinery, medical health-care aligned with the government’s ‘Make in India’ movement.

The initiative comes at a time when India’s import bill has reached a staggering $610 billion in 2023-24. Of this, electronics alone account for $68 billion. The country’s imports of electrical and electronic equipment from the United States totalled approximately $1.76 billion in 2023, while China alone is supplying $26.1 billion worth of just electronics.

With India’s reliance on platforms and imported products, KSUM seeks to empower entrepreneurs to create local alternatives, especially innovative solutions that cater specifically to Indian needs.

“KSUM is committed to fostering local manufacturing innovation, with a primary focus on solutions that reduce the influence of importing,” said Anoop Ambika, CEO of the nodal agency under the state government. “By supporting scalable and production-driven startups, the program aims to position Kerala as a key player in the country’s journey towards self-reliance.”

Several products that were once made in India, particularly in Kerala, have been replaced by imported goods. Experts note that they have even lost a competitive edge owing to lack of further research and development. The resultant gap has led to India’s growing reliance on imports in sectors where it once thrived. This makes the ‘Build It Big for Billions’ essential to reviving local manufacturing and fostering innovation in these industries.

KSUM is particularly interested in innovators who can develop solutions that serve both local and global markets, pointed out the CEO.

On offer for the entrepreneurs are grants up to Rs one crore and funding, which involves financial support, access to grants and funding opportunities, besides expert mentoring which provides guidance to help scale businesses effectively by business professionals in the market. Also provided are research and prototype support by assistance in developing and testing products, along with assistance for prototypes. Another benefit is market exposure, lending opportunities to showcase innovations both nationally and globally.

The selected start-ups will receive mentorship, funding, and the opportunity to showcase their innovations at a national level. The initiative is open to early-stage innovators, expanding start-ups, and research-driven entrepreneurs — all working towards creating products that strengthen the country’s economy.

This is alongside a strong focus on showcasing Kerala’s innovation ecosystem, as the program aims to integrate local start-ups into the national economic framework, driving self-reliance and contributing to the national economy.