The government of Karnataka has selected 100 startups for the 3rd year of Elevate 2019.
The announcement was made by Gaurav Gupta, principal secretary, IT/BT department on 30 July during the Elevate 2019 programe in Bengaluru.
While, a brainchild of the state government, the ELEVATE 100 programme is a combined initiative of the government of Karnataka’s Startup Cell, the Karnataka Biotechnology and Information Technology Services (KBITS).
“As part of the programme, we not only provide funding support, but also, we provide mentorship, idea validation, and market access. And, for this grant programme, we have partnered with several organisations such as TiE, NASSCOM, Deshpande Foundation, Hubbali, IKP, and IESA (Indian Electronics and Semiconductor Association),” said Gupta.
Furthermore, Gupta added by saying that under the Startup Karnataka initiative, 264 startups have already been assisted with a total committed fund of INR 62 Cr.
For the Elevate 2019 cohort, out of 729 applicants, 270 finalists pitched their proofs of concept (PoCs) for eight minutes each in front of 14 panels constituted for 10 sectors on July 29. Of these, 100 have been shortlisted for the Elevate 2019, He said.
Startup finalists pitched to panels of jury members in IT/ITES, medtech, agritech and biotech, cleantech; audio, video, gaming and content (AVGC); electronics system development and maintenance (ESDM), Kannada and culture, tourism, aerospace and aviation. The 100 winners out of 270 finalists include 23 startups from Tier 2 and Tier 3 cities and 29 women entrepreneurs.
T.M. Vijay Bhaskar, chief secretary, Karnataka said, “Bengaluru holds the crown of “India’s startup Capital” with the highest funding in India of $5.12 Bn out of a total of $13.88 Bn. Startups in Bengaluru have closed 267 deals, the highest in the country out of a total of 864. Elevate will continue to provide the right support for startups to connect with the right people. It will also provide the right opportunity for startups to connect among themselves and recognise areas of mutual interest for collaboration.”
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