The Karnataka government has launched a programme to support 100 innovative startups as part of efforts to boost entrepreneurship in the state.
In order to identify 100 most innovative startups under the Elevate programme, the government is looking to reach at least 1,000 startups across sectors over the next two months.
“As part of the programme, Rs 2,500 crore has been allocated for distribution to these deserving startups from across sectors, including agriculture, biotech and gaming, and based in different cities,” Priyank Kharge, Karnataka minister for information and technology, said in a statement.
Of the Rs 2,500 crore, Rs 17 crore has been distributed to 51 startups, Kharge said, according to a report by The Hindu BusinessLine.
The selected startups will get guidance, consultancy, patent filing facilitation, legal assistance and funding under the Elevate programme.
The startups will also be given funds from one of the government's programmes, including Idea2PoC Fund, Karasevam Fund, Kitven Fund, AVGC Fund, women's entrepreneurs’ fund and tourism fund.
“I might be looking for the 100 most innovative companies but in the process, I might end up finding the next 200. I don’t know the numbers but we might even be able to validate some of these ideas that can then come back to us maybe a year later,” Business Standard quoted Kharge as saying.
The government says it has backed 163 smaller entities looking to tackle grassroot problems. Eighteen of these have been incorporated. The size of investment in such firms is roughly around Rs 3 lakh each, and the state can plough in more funds if it continues to see results, the minister said.
For the programme, the government is also collaborating with IT industry body Nasscom; TiE, a network of entrepreneurs; the Internet and Mobile Association of India and the Deshpande Foundation.