Saturday, May 18, 2024

Impending Closure of Kerala’s KSIDC Start-Up Incubation Center at UL Cyber Park


Kerala: KSIDC Start-up incubation center at UL Cyber Park to be closed soon

The KSIDC (Kerala State Industrial Development Corporation) start-up incubation center located within UL Cyber Park in Kozhikode is set to be shut down by the month’s end. An announcement has been made to the resident startups, leaving approximately 100 entrepreneurs from 20 companies facing an uncertain future. Established in 2017 to foster IT entrepreneurship, the center’s closure follows KSIDC’s decision not to renew its lease with UL Cyber Park.

Priced at Rs 4012 per square foot, the 4,000 square foot space provided startups with prime office facilities and a conference hall. Despite the success stories, many expressed that the rewards didn’t always outweigh the costs. KSIDC’s MD, S Harikishore, mentioned that the move was prompted by the realization that running the incubation center isn’t aligned with KSIDC’s core operations. Ongoing discussions with the Start-Up Mission could potentially influence the final decision regarding the center’s future.

Alex Sterling
Alex Sterling
Alex Sterling is a seasoned journalist with over a decade of experience covering the dynamic world of business and finance. With a keen eye for detail and a passion for uncovering the stories behind the headlines, Alex has become a respected voice in the industry. Before joining our business blog, Alex reported for major financial news outlets, where they developed a reputation for insightful analysis and compelling storytelling. Alex's work is driven by a commitment to provide readers with the information they need to make informed decisions. Whether it's breaking down complex economic trends or highlighting emerging business opportunities, Alex's writing is accessible, informative, and always engaging.

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