Taking first of its kind initiative, the government of Karnataka has announced a grant of ₹400 crores for supporting 100 most innovative startups in the state. The announcement was made by IT Minister Priyank Kharge at an event held in the state capital. Nasscom Product Council chairman, Ravi Gururaj was present on the occasion along with other venture capitalists.
The government of Karnataka had launched its Elevate Program in May to identify and support innovative startups from smaller cities in the state. Under this program, selected 100 startups will get support in terms of mentoring, idea validation, incubation facilities, training about marketing and accounting, funding and registration of intellectual properties along with patent or trademark registration.
To shortlist and identify the startups, the government will hold events in cities like Mangaluru, Kalaburgi, Mysuru and Hubli. The last date for registration for these open house competitions is July 18. Once the registration is over, the registered startups will have to pitch in front of the teams assigned by the government. The shortlisted startups will then get access to the benefits by the state government.
Speaking on the development, Priyank Kharge said that the government has partnered with various VC firms, which will help it to curate and fund startups. For bigger opportunities, government will be open to partner with VCs to fund projects together. He also added that the opportunity will not only provide technical help to the startups, but it will also help them in an in-round development. With this initiative, the government of Karnataka will become the first state in the country to do so.
Till date, the government has identified 46 startups in travel and biotech and has sanctioned a total of ₹15.68 crores for the same.