Hyderabad, Dec 10 (NationPress) The government of Telangana is set to establish a remarkable Rs 1,000 crore fund aimed at boosting startups, as announced by Chief Minister A. Revanth Reddy on Wednesday.

He encouraged startups to leverage this fund to evolve and aspire to be the next Google, underscoring the importance of nurturing product-driven, innovative, and intellectual property-heavy startups.

Addressing attendees at the launch of the Google for Startup Hub at T-Hub, India's largest startup incubation facility located in Hyderabad, the Chief Minister expressed the government's ambition to foster a conducive ecosystem for startups within the state.

He informed the startups about the collaboration between the Telangana government and Google to develop a comprehensive support network for their growth.

Referring to Google as one of the leading startups in Hyderabad, he reminisced about its inception in 1998, when two ambitious Stanford University alumni started their journey in a garage in California, which ultimately led to the global phenomenon that is Google today.

CM Reddy highlighted that numerous startups launched two decades ago have transitioned into billion-dollar enterprises, citing examples such as Google, Apple, Amazon, Tesla, and Facebook.

He noted that over the past 25 years, many startups in Hyderabad have flourished into major players in sectors like software services, pharmaceuticals, and life sciences.

"Hyderabad must not only develop as a startup hub; our goal is to nurture these ventures into unicorns. We aim for at least 100 startups from Hyderabad to achieve unicorn status," the Chief Minister stated.

With a vision to elevate Telangana to a $1 trillion economy by 2034 and $3 trillion by 2047, he urged startups to aim for $1 billion valuations, asserting, "By 2034, we expect at least 10 of them to emerge as super unicorns."

He likened the startup journey to a football game, emphasizing the need for hard work, practice, and teamwork, while highlighting that victory is paramount.

Minister for IT, Electronics, and Communications D. Sridhar Babu remarked that the inauguration of the hub would enhance the innovation ecosystem, aimed at not only helping startups create outstanding technology products but also strengthening their overall innovation capacity.

Google announced plans to engage with regional startups from Telangana through the Hub, offering free, year-long dedicated coworking spaces for selected AI-focused startups, alongside a curated list of venture investors. The partnership aims to support AI-driven startups, nurture talent, and establish direct connections to international markets.

As part of the global Google for Startups network, the Hub is designed to assist startups throughout their journey, from incubation to innovation. It will provide founders with a mix of physical infrastructure, hands-on mentoring, AI expertise, and global visibility through the Google for Startups network. Startups will have access to a center designed to support them from initial product concepts to scaling AI-driven businesses responsibly across India and international markets.