diff --git a/include/tosa_serialization_handler.h b/include/tosa_serialization_handler.h
index 91b1a9d..139a476 100644
--- a/include/tosa_serialization_handler.h
+++ b/include/tosa_serialization_handler.h
@@ -28,7 +28,7 @@
 
 // Keep version number in sync with the version default value with schema/tosa.fbs
 #define TOSA_VERSION_MAJOR 1
-#define TOSA_VERSION_MINOR 0
+#define TOSA_VERSION_MINOR 1
 #define TOSA_VERSION_PATCH 0
 #define TOSA_VERSION_DRAFT true
 #define TENSOR_BUFFER_FORCE_ALIGNMENT 8
diff --git a/python/serializer/tosa_serializer.py b/python/serializer/tosa_serializer.py
index d0445ae..c328aaf 100644
--- a/python/serializer/tosa_serializer.py
+++ b/python/serializer/tosa_serializer.py
@@ -32,7 +32,7 @@
 
 # Keep version number in sync with the version default value with schema/tosa.fbs
 TOSA_VERSION_MAJOR = 1
-TOSA_VERSION_MINOR = 0
+TOSA_VERSION_MINOR = 1
 TOSA_VERSION_PATCH = 0
 TOSA_VERSION_DRAFT = True
 TOSA_VERSION = [