Mumbai, Nov 27 (NationPress) The government of Maharashtra has officially unveiled the MATRIX (Maharashtra Technology, Research Incubator and Xcelerator) initiative, which aims to transform the state's burgeoning technology sector.

This program is intended to promote innovation, assist startups, and cement Maharashtra's status as a premier destination for advanced technology development in India.

Under this program, the government plans to create approximately 200 incubation centres throughout Maharashtra in the coming years. These centres will be equipped with cutting-edge infrastructure, mentorship, and financial support for startups engaged in high-tech fields such as Artificial Intelligence (AI), Internet of Things (IoT), Blockchain, Robotics, Quantum Computing, Virtual and Extended Reality, Big Data, and Cyber Security. The initiative is focused on nurturing startups with high potential that can make significant contributions to technological progress and economic growth.

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

A collaborative approach is emphasized, involving government bodies, private sector developers, and research institutions such as IIT and STPI to ensure efficient execution.

A key feature of the initiative is its supportive financial model, which includes subsidized rent and infrastructural advantages, allowing startups to pay a maximum of 25 percent of the highest IT park rental for general startups and 12.5 percent for those in reserved categories like SC/ST and women-led businesses.

This initiative functions on a non-profit-no-loss principle, ensuring that startups and incubators can flourish without overwhelming financial pressures.

The government also intends to focus on critical sectors like Industry 4.0, Social Impact Tech, FinTech, Biotech, space technology, green energy, and agritech. These sectors are recognized as vital growth engines that aim to generate thousands of new jobs and attract substantial investments.

The goal is to support around 10,000 startups over the next five years, with aspirations of generating over Rs 1 lakh crore in revenue and establishing Maharashtra as a global epicenter of innovation.

The initiative adopts a performance-based strategy, requiring incubators to submit biannual progress reports and engage in regular assessments.

The government retains the right to evaluate, renew, or revoke incubator licenses based on their performance. The entire program will be managed by the Directorate of Industries along with a dedicated MATRIX Steering Committee.