Maharashtra launches MATRIX initiative to boost startup ecosystem

Mumbai, Nov 27 The Maharashtra government on Thursday launched the MATRIX (Maharashtra Technology, Research Incubator and Xcelerator) program, aimed to revolutionise the state's emerging technology landscape.

This initiative is designed to foster innovation, support startups, and position Maharashtra as a leading hub of high-tech development in India.

As part of the scheme, the government aims to establish around 200 incubation centres across Maharashtra within the next few years. These centres will provide state-of-the-art infrastructure, mentorship, and financial assistance to startups involved in cutting-edge sectors such as Artificial Intelligence (AI), Internet of Things (IoT), Blockchain, Robotics, Quantum Computing, Virtual and Extended Reality, Big Data, and Cyber Security. The focus is on nurturing high-potential startups that can contribute significantly to technological advancement and economic growth.

The MATRIX program is structured to encourage inclusive development by reserving a minimum of 10 per cent incubation space for women entrepreneurs, as well as startups led by Scheduled Castes (SC) and Scheduled Tribes (ST).

It emphasises a collaborative approach involving government agencies, private sector developers, and research institutions like IIT and STPI to ensure effective implementation.

One of the features of the program is its supportive financial framework. It offers subsidised rent and infrastructural benefits, with startups paying a maximum of 25 per cent of the highest IT park rental for general startups and up to 12.5 per cent for reserved-category startups like SC/ST and women-led enterprises.

The initiative operates on a "non-profit-no-loss" basis, ensuring that startups and incubators can thrive without excessive financial burdens.

The government also plans to roll out special focus areas, including Industry 4.0, Social Impact Tech, FinTech, Biotech, space technology, green energy, and agritech. These sectors are identified as critical growth drivers, aiming to create thousands of new jobs and attract significant investments.

The targeted outcome is to benefit around 10,000 startups over the next five years, with hopes of generating over Rs 1 lakh crore in revenue and establishing Maharashtra as a global innovation hotspot.

The initiative promotes a performance-based approach, with incubators required to submit biannual progress reports and participate in regular reviews.

The government retains the authority to evaluate, extend, or revoke incubator licenses based on performance. The entire program will be overseen by the Directorate of Industries and a dedicated MATRIX Steering Committee.

--IANS

sj/dan

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