In quest of its endeavor to boost the startup ecosystem in Karnataka, state IT and BT minister Priyank Kharge has launched an ‘Elevate 100’ program which aims to help 100 startups with funds, mentorship, and a go-to-market strategy with a Rs400 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 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.
The government started accepting applications for the program on 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 had identified 46 startups and sanctioned a total of Rs 15.68 crore in various fields such as biotechnology, IT, and tourism.
The startups will get access to Startup Cell’s other initiatives such as idea validation, incubation facilities, brainstorming sessions on accounting, legal, and emerging technologies. The startups, apart from the seed funding by the government, can also connect with investors through the program.
The Karnataka Government runs several other programs to help startups, under the Startup Cell, such as the Grand Challenge that seeks to identify startup solutions for governance issues.