Karnataka startups to get Rs 400cr boost under 'Elevate' programme

Karnataka IT & BT Minister Priyank Kharge on Tuesday opened the state government’s 'Elevate' programme under which the government will spend Rs 400 crore to ‘elevate’ 100 startups by providing them funds and mentors to help them turn their ideas into successful businesses.

'Elevate Programme’, stated to be the first of its kind in the country aims to identify 100 of the most innovative startups in Karnataka to make them successful in their tough entrepreneurial journey by providing them with access to mentors, networking opportunities and also funds, Kharge said.

The IT department will help startups with idea validation, incubation facilities and sessions for startups on accounting, legal & emerging technologies. According to the IT & BT department, registrations for Elevate programme started on July 4 and will be open till July 18 for participants from across Karnataka.

The government will hold open houses to identify startups in Mangalore, Kalaburgi, Mysore and Hubli, after they had pitched their ideas to Elevate Team, he said. Kharge noted that they have also brought venture capitalists (VCs) on board to help it curate and fund startups, if they wished.

“At initial stages, the government will fund the startups and bring them to a point where it is investible for VCs. The VCs most often do not fund startups initially, which is why the government has stepped in here,” said Nasscom Product Council Chairman Ravi Gururaj, also present at the launch of the new programme.

Till date, the Karnataka government has identified 46 startups and sanctioned a total of Rs 15.68 crore in various fields such as biotechnology and tourism.