Karnataka Government supplied funding of round ₹200 crore to assist 874 start-ups for the reason that graduation of the Elevate Scheme, an initiative by the Department of Electronics, IT, BT and Science & Technology.
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Although the ‘funding winter’ has slowed down enterprise capital actions, Karnataka has emerged as the primary State in India to offer grant-in-aid to start-ups with out taking fairness in return, in response to Priyank Kharge, Minister for Information Technology and Biotechnology, Rural Development and Panchayat Raj.
The State Government supplied funding of round ₹200 crore to assist 874 start-ups for the reason that graduation of the Elevate Scheme, an initiative by the Department of Electronics, IT, BT and Science & Technology.
“In the last four years, the State has offered around ₹200 crore to 874 start-ups that operate across various business domains. No State government has done this. In fact, we have done better than private venture capital firms, especially when the funding industry is still talking about a funding winter,” the Minister stated in Bengaluru on November 18.
Priyank Kharge, Minister for Information Technology and Biotechnology, Rural Development and Panchayat Raj, briefing mediapersons in Bengaluru on November 18, 2023.
Start-ups situated in Tier 2 and Tier 3 cities
According to the Minister, by the Elevate Scheme, the State has created a platform for start-ups even in Tier 2 and Tier 3 cities. “Interestingly, 24% of fund recipients are from Tier 2 & Tier 3 cities, and 30% are women entrepreneurs.”
The authorities additionally initiated particular programmes to equip Kalyana Karnataka by enhancing the start-up ecosystem in the area to compete with bigger markets. Around 25 start-ups from Kalaburagi, Bidar, Raichur, Yadgir, Koppal, Ballari, and Vijayanagar districts have benefitted underneath the Elevate Kalyan Karnataka initiative.
Elevate Unnati scheme
Ninety-one start-ups have been funded Under Elevate Unnati, a social inclusion programme began by the Social Welfare Department to advertise startups by the SC/SC neighborhood.
The analysis and choice course of for this yr’s Elevate winners has already begun.
Every yr, round 100 start-ups can be chosen with a dedication to grant ₹20 crore from the federal government, the Minister stated.
Job creation exterior Bengaluru
“We want to handhold the start-up ecosystem, and we are keen to support start-ups in Tier 2 & Tier 3 cities and in rural areas across the State. All these startups have cumulatively created thousands of jobs in the State. We want this process to continue with more vigour,” the Minister stated.
