The Park has been receiving continuous support from both the State and the Central Governments. The Government of Andhra Pradesh has designated around 600 sq kms in three blocks around Hyderabad as Genome Valley for life sciences development and one such location is around the ICICI Knowledge Park and the S P Biotech Park. The State Government has provided 200 acres of land for establishing the Park and also declared the area as a no-pollution zone and prohibited the establishment of polluting industries within a radius of 25 km of the Park.

ICICI Knowledge Park is recognized by the Government of India as a SIRO (Scientific & Industrial Research Organization) and is entitled to customs and excise duty waivers. The Park has received partial funding from National Science and TEchnology Entrepreneurship Development Board (NSTEDB), Department of Science & Technology (DST) to establish the Life Science Incubator and from Department of Scientific & Industrial Research (DSIR), Government of India to establish the Virtual Information Centre.

Customs Department has set up an extension counter at the Park for speedy clearances and issued a public notice whereby perishable and refrigerated goods of any R&D centre located at the Park would be cleared without any delay. AP Technology Development Council has set up a Patent Facilitating Cell at the Park to take care of the patent related needs of the clients.

Today the Park is recognized both in India and outside as the best Research Park in the country with a successful model for various governments/science parks to emulate. When the Project took off in 1999 the concept of developing an innovation hub around a shared facility for wet-lab business-driven research was novel for India. The Project was made possible by ICICI Bank providing management support and initial funding of around Rs. 400 million and the Government of Andhra Pradesh giving 200 acres of land free of cost for establishing the Knowledge Park. IKP also received around Rs. 31.2 million as grant from the Central Government for establishing the Virtual Information Centre and the Life Science Incubator.

The Park has achieved operational breakeven in 2005-06.