VC fund is expected to do the hand holding of state's young entrepreneurs including from biotech sector who otherwise have to seek funding from outside
"The decision to create the Rs 100 crore venture capital fund was taken by the state cabinet at its meeting chaired by Chief Minister Shivraj Singh Chauhan," an official statement released on Ooctober 14, 2014.
As per the release, the fund will be created based on the rules of Securities and Exchange Board of India (SEBI) and in the beginning, the fund will be provided to medium, small, and micro entrepreneurs.
The Directorate of Institutional Finance will appoint an advisor by adopting transparent means for the venture capital fund and handholding support of institutional arrangements.
"The fund will help new and talented entrepreneurs, who cannot set up innovation-based new enterprises due to the lack of adequate share capital," it said.