The Karnataka Government has recently launched the “Elevate 100 Program”to boost the startup ecosystem. In this initiative 100 most innovative startups in Karnataka will be identified and efforts including funding will be given to elevate to them to next level of success.
ELEVATE 100, an initiative of the Department of Information Technology and Biotechnology, Government of Karnataka aims to provide a comprehensive entrepreneurship platform for startups. The top 100 technology based startups chosen through a rigorous hunt across Karnataka State will tap into a whopping sum of Rs.400 Cr of Government funds. This is the largest pool of funds ever offered by any State Government to Startups.
The program has outlined a budget of Rs. 400 crore to ‘elevate’ the selected startups. Apart from funds even the mentors will be provided to help them convert their ideas into successful businesses.
Karnataka’s IT and BT Minister, Priyank Kharge unveiled the program along with the official website (www.elevate.bengaluruite.biz) and logo for the flagship initiative on Wednesday July 05, 2017.
The scheme is conceived by the startup cell of Karnataka Biotechnology and Information Technology Services (KBITS) and will extend complete support and knowhow to identify startups working in the field of IT, Electronic System Design Manufacturing, Animation Visual Gaming & Comics, Biotechnology, Pharmaceuticals, Agriculture and Life Sciences.
All the Startups that are selected under this program will also be provided with facilities like idea validation, complete incubation and in detailed sessions for entrepreneurs on accounting matters, legal issues and emerging technologies.
Speaking at the launch, the IT Minister said, “through Elevate they will provide startups with technical and business support based on their need along with funding. Till date, the startup cell has identified 46 startups and sanctioned ₹ 15.68 crores in the field of biotech, tourism and IT.”
According to the IT Minister, renowned venture capitalists and VC firms have also been brought on board to help in curating and funding the identified startups. Though initially funding will be provided by the government to these startups to bring them to a point where outside VC’s get interested to invest in the same.
This program has been launched in partnership with the Deshpande Foundation, The Indus Entrepreneurs and others to empower startups and scale operations.
The Government of Karnataka has taken tremendous steps to encourage the startup ecosystem. They announced a $ 1.4 million fund for women entrepreneurs in March this year. IT Minister Priyank Kharge has also allocated a $ 1.65 million fund for agritech startups in May and later announced a fund of $ 1.65 million for 26 selected startups in the biotechnology sector.
For more details please visit: http://startup.karnataka.gov.in/ | http://elevate.bengaluruite.biz/elevate100/index.php