Start-up companies and IT companies with a trunover of less than Rs.50 lakhs p.a will be eligible to submit proposal under this category. The focus will be on innovative products that address societal problems. The start-ups and companies selected for Innovation Award shall be granted an amount of Rs.1.00 Lakh (Rupees one Lakh only )per product.
Awards in the following techonologies and subject are considered for this purpose:
Any Start up / MSME / Enthusiastic First Generation Technocrat / Enterpreneur from Andhra pradesh, with an annual turnover between Rs 50 lakhs and Rs.25 Cr, in Electronics and IT Sectors cansubmit a Suo Moto proposal under this category. The companies outside andhra pradesh, can also apply under this scheme and will be evaluated by evaluation committee.If there poducts/solution is selected and they do not have a presence in A.P, they shall open a development center in Andhra Pradesh.Assitance under this schema will be provided only on opening of such development center in A.P
To create a world-class technology startup ecosystem and foster entrepreneurship and a culture of innovation in the state; which contributes towards increased knowledge, wealth and employment in the society, Government of Andhra Pradesh through a dedicated and focused approach is trying to create a significant and substantial change by designing and operationalizing various incentives and programs in order to make the state an Innovation and Entrepreneurship Hub of Global repute.