Kochi: Kerala aims to have at least 3,000 IT companies by 2020 under the state's new Seed Support System for early-stage investment to assist new entrepreneurs under the new IT policy of nurturing "one product startup a day", Chief Minister Oommen Chandy said Sunday.

Speaking via video link at the Weekend@Startup Village celebrations, he also announced the setting up of a state-of-the-art Kerala Technology Innovation Zone at the Kinfra Hi-Tech park where India's first telecom business incubator, Startup Village, is currently located.

Startup Village is the first public-private partnership incubator in the telecom sector of the country located here and has already an innovation zone set up by Blackberry (RIM).

The new hub will have a built-up space of 500,000 square feet with all facilities required for a world class innovation ecosystem and will nurture startup companies across a number of sectors including IT and biotechnology.

The government's flagship Student Entrepreneurship Policy giving 20 percent attendance allowance and five percent grace marks for student entrepreneurs has taken effect in two Kerala universities. Similar regulations will be introduced by other universities within a month.

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