Startup Genome Report on Kerala’s Ecosystem Fully Based on Independent Research: KSUM

THIRUVANANTHAPURAM:
Kerala Startup Mission (KSUM) today clarified that the report highlighting the phenomenal growth of the state’s startup ecosystem published by global innovation ecosystem development organization Startup Genome was the result of independent and unbiased research by them.

Startup Genome is an organization having worked with more than 160 economic and innovation ministries and public/private agencies in over 55 countries. Its reports enjoy irrefutable credibility and acceptability as Startup Genome is reputed as totally independent organization that does not give in to any external influence or bias.

Its reports are monitored closely by innovation ecosystems the world over for understanding the good practices of governments, innovation agencies and startup clusters, and formulate development strategies in the light of the insights provided by them.

Kerala has been a member of since 2021 and has given USD 48,000 as membership fee so far over a period of four years. Apart from Kerala, states like Tamil Nadu, Karnataka and Telangana are also members.

What makes the Startup Genome reports different is the high credibility it enjoys the world over. Its reports are drawn upand published on the basis of primary and secondary level research and data analysis.

The Startup Genome report regarding Kerala has found that state’s startup ecosystem recorded a phenomenal growth of 254 per cent in value terms in the second half ( H2) of 2021-23 compared to H2 2019-2021. The report also found that Kerala stood fourth for availability of Affordable Talent in Asia.

The credibility of Startup Genome report on Kerala remains unassailable when it is read in conjunction with the coveted achievements made by the ecosystem. Kerala was rated as a top performer by the Centre’s ranking in 2018, 2019 and 2020. In 2022, Kerala emerged as the Best Performer State along with Tamil Nadu and Karnataka in the Startup Ranking Framework of the central government

The number of registered startups have also grown impressively during this period. In 2019, 594 startups were newly registered in Kerala, which steadily went up to 669 in 2020, 899 in 2021, 1,069 in 2022, 1,294 in 2023 and 1,128 in 2024 as per government of India’s statistics.

As per the Government of India’s official data, the total number of startups in Kerala now stands at 6,304. As per the KSUM data, the startups in the state received funding to the tune of Rs 826 crore during 2019-20. This steeply increased to Rs 3,880 crore during 2021-22, marking a phenomenal growth of 369 per cent.

These facts clearly show that the growth story of Kerala’s startup ecosystem is not a hyped one, going by any of the parameters.