Two flagship startup programmes launched in Karnataka; to tackle funding challenges

Karnataka Information Technology Minister Priyank Kharge on Tuesday launched two flagship programmes—'ELEVATE 2024' and KAN (Karnataka Acceleration Network)—aimed at empowering startups to tackle funding challenges and scale their operations.

According to officials, ELEVATE 2024 is a grant-in-aid seed funding scheme designed to empower early-stage startups in the state. It provides grants of up to Rs 50 lakh per startup, along with extensive support, including incubation, expert mentorship, incentives, and access to venture capital networks.

KAN is an acceleration network that provides mentorship, market access, and funding opportunities for growth startups across the state, with a focus on regions beyond Bengaluru, they said.

Kharge emphasised the state's commitment to innovation and entrepreneurship at the launch. Karnataka has long been a leader in fostering a vibrant startup ecosystem, and ELEVATE and KAN are specifically crafted to provide a structured pathway for growth, the Minister said.

"Bengaluru is home to 45 unicorns out of the 112 in the country, with a total valuation of $161 billion. Our goal is to break into the top three rankings in the world. We are confident that ELEVATE and KAN together will empower startups to tackle funding challenges, scale their operations, and solidify Karnataka's reputation as a leading hub for innovation and entrepreneurship," he said.

With ELEVATE, a total of 983 startups have been funded since the inception of ELEVATE in 2016 with a committed grant of Rs 224.06 crore.

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The scheme is a gateway for availing various benefits under the Karnataka Startup Policy 2022-27, such as incentive reimbursements for patent costs, marketing costs, GST, and Quality Certification Costs, subsidised incubation with Government of Karnataka-supported sector-specific centres of excellence and TBIs (Technology Business Incubator) across the state, officials said.

According to Kharge, Karnataka is the first state in the nation to implement such a comprehensive scheme that delivers essential funding to promising startups.

"The Karnataka Acceleration Network is a transformative initiative designed to nurture a vibrant startup ecosystem 'Beyond Bengaluru'. By fostering collaboration between mentor and mentee accelerators, we aim to empower 302 startups over the next three years, providing them with the mentorship, market access, and funding they need to thrive. This programme underscores that every region can contribute to our state's economic growth," he added.

The Minister also unveiled the event app for the Bengaluru Tech Summit (BTS) 2024 to be held from November 19 to 21.

The app, designed to offer registered delegates, exhibitors, and speakers an immersive and streamlined experience throughout the summit, is available for download on both Android and iOS platforms, officials said.