The release said selected companies under the programme would get up to Rs 2 crore of capital besides coaching on product development, market entry, governance and operational scalability.

The first class of the program will be announced shortly, it said. The alliance would bring together the incubation expertise and institutional linkages of IIM Calcutta Innovation Park with the regional network and local startup ecosystem of Ratan Tata Innovation Hub.

According to Ravi Eswarapu, CEO of RTIH Visakhapatnam, with the signing of the agreement, they aim to bring the best innovation ecosystem of RTIH together with the incubation capabilities of IIM Calcutta Innovation Park to enable businesses in Andhra Pradesh to grow on a pan-India and global scale.

VK Rai, CEO of IIM Calcutta Innovation Park, said that Andhra Pradesh has a very high level of entrepreneurial spirit.

They continued to explain that what they do is to assist entrepreneurs in getting their ideas from non-scalable to scalable by providing them with access to proper networks, mentors and markets.

IIM Calcutta Innovation Park has sponsored more than 2000 entrepreneurs, which has raised over ₹2000 crore funds and achieved a valuation of over ₹8000 crore.

Also mentioned is the fact that the Ratan Tata Innovation Hub, which is a flagship endeavour sponsored by the state of Andhra Pradesh, has a mission involving the development of the state as a global startup destination. This initiative is supported by GMR Group & ArcelorMittal Nippon Steel.