The Startup Karnataka booster equipment at the moment contains a vary of software program instruments, cloud credit, entry to mentors, incubators and authorities funding, and authorized and monetary consultants, and is accessible for any startup registered with the State authorities.
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The Karnataka authorities is planning to introduce new sector-based booster kits for startups in the State in a month’s time.
IT/BT Minister Priyank Kharge advised The Hindu that that the brand new equipment can be far more sensible than the sooner ones with its sector-based strategy.
What every sector wants
“We are evaluating what it is that a particular sector needs. For example, in the biotech space, startups are not the problem, scaling is; Idea to proof of concept is not a challenge, but from there to Stage-1 is. After that funding gets easy. If it is a robotics startup, they can be tied up with ARTPARK. If it’s a life sciences startup, they could be given an opportunity to work in medical science colleges or other similar institutes. We are talking to people in various sectors and trying to figure out how to help,” Mr. Kharge stated.
The startup Karnataka booster equipment was launched initially in 2016. The equipment at the moment contains a vary of software program instruments, cloud credit, entry to mentors, incubators and authorities funding, and authorized and monetary consultants, and is accessible for any startup registered with the federal government of Karnataka.
“The last booster kit that was made was during my previous tenure. The successive governments did not bother about that. Now, I’m talking to startups, engage with them very often and trying to understand what they want specifically,” the Minister stated.
IT/BT Minister Priyank Kharge says the federal government, for the primary time, has been working with the Venture Capitalists to provide you with a blueprint to perceive how the previous may assist startups add extra worth. File picture
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Special Arrangement
Working with VCs
Mr. Kharge additionally famous that in the context of the continued funding winter, the federal government, for the primary time, has been working with the Venture Capitalists to provide you with a blueprint to perceive how the previous may assist startups add extra worth.
The authorities can be arising with a framework which might permit fewer variety of startups to fail, he stated.
“One part of it is the ELEVATE programme. Not all startups need money to succeed. Some can succeed with mentorship, some with market access, some by getting their first client. The government wants to facilitate all these. We have introduced the preferential market access for startups where government can be the first customer for startups,” Mr. Kharge famous, including that he’s additionally participating with banks to perceive the place authorities intervention is required.
The ELEVATE name, which not too long ago closed, obtained shut to 900 functions in lower than a month. ELEVATE Unnati for startups with founders from SC/ST communities has obtained 83 functions, stated Mr. Kharge.
He famous that the State can be eager to work with startups to resolve issues associated to city infrastructure and mobility and an city options summit is being deliberate by Deputy Chief Minister D.Okay. Shivakumar.
Angel tax nonetheless excessive in India
The Minister got here down closely on the central authorities for the excessive angel tax and questioned if the Centre is critical about Startup India.
“Investing in innovation comes at a high cost in India. It falls under the Central Government. If they are serious about Digital India, Startup India and so on, they should ease things out. How did Karnataka become the fourth largest technology cluster in the world? We took the hit for the greater good. Central government does not want to do that. Why is innovation being taxed so heavily in India? Indian startups, while scaling, move to USA and Singapore because of tax policies here,” he criticised.
