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Karnataka Startups Gets Rs. 400 crore Boost, Will Mentor 100 Startups

karnataka startup boost

05 July 2017, India:

It & BT Minister Priyank Kharge has boosted the Karnataka startup ecosystem by launching an ‘Elevate 100’ program which aims to help 100 startups with funds, mentorship, and a go-to-market strategy with a Rs. 400 crore allocation.

“It is a first-of-its-kind initiative in the country. Elevate will help the state support IT and BT, which is growing at a fast pace, and also help to take them to the next level. It will not be just funding because not all startups need it. We are also offering technical and business support, based on their needs,” Kharge said.

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The Karnataka Government has set up a Rs 400 crore fund to help startups by way of venture funding through partner VC funds. The IT department will help startups with idea validation, incubation facilities and sessions for startups on accounting, legal & emerging technologies. It has also started accepting applications for the program from July 4, and will close the process on July 18, which will be followed by a demo event in August, this year. Kharge said that the government will hold open house sessions in Mangaluru, Kalaburgi, Mysuru, and Hubli, to identify the best startups among the ones shortlisted.

Till date, the government, Kharge said, has identified 46 startups and sanctioned Rs 15.68 crore in the field of biotechnology (26 startups, Rs 10.70 crore), tourism (8 startups, Rs 1.80 crore) and IT (12 startups, Rs 3.18 crore). (Image- Twitter)

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