Karnataka can become global hub for emerging tech through skilling: Priyank Kharge

Karnataka government's startup grant programme, Elevate, has supported around 950 startups and disbursed Rs 250 crore since its inception in 2022. The only thing that the state government wants in return is their contribution to technological advancements.

On the panel discussion on the topic 'FutureScape: Redefining What’s Next' at Bengaluru Tech Summit 2024, Karnataka IT & BT Minister Priyank Kharge remarked on the startup funding programme, “The only way they can repay us is by staying afloat.”

The Elevate programme of the Karnataka government launched by the state's IT & BT Department in 2022 aims to support startups in very early stages through financial grants.

The minister said the initiatives by the government and the department are a continuation of previous policies in an effort to make Karnataka the leading technology hub, not just for India but for the entire globe.

“We can do this by developing the best skill sets through skilling initiatives,” Kharge said.

The IT department earlier the Nipuna Karnataka policy to impart industry-relevant skills and signed MoU with leading global technology companies like IBM and Accenture.

Agreeing with the minister, Accel India Founding Partner Prashant Prakash said the city of Bengaluru continues to remain the leading destination for the startup ecosystem in the country.

According to Prakash, 90% of the venture capital firms in the country have either moved their location to Bengaluru or have a major set-up in the city. He also said the country also witnessed the ninth largest initial public offering coming from the Bengaluru-headquartered startup, Swiggy.

Prakash remarked, “We will have many more startup IPOs from Bengaluru even next year.”

On the steps taken by the state government to promote the technology industry, the minister said the government is promoting other areas like marine biotech and bio-foundries. “Around 28% of the startups in Karnataka are leveraging deeptech and we need to do much more,” he added.

Biocon Founder and Chairman Kiran Mazumdar Shaw said the advancements in technology, especially in computation power, are opening new vistas for biotech firms to look for opportunities in areas such as bioengineering and precision medicine.

Infosys Co-founder S Gopalakrishnan said Karnataka remains not just the top destination for technology but also comes out first in terms of philanthropic contributions made by various individuals and companies.