Karnataka unveils booster kit for startups
- In a bid to boost the startup ecosystem, the state government unveiled the Startup Karnataka Booster Kit to provide easy access to necessary software tools and services.
- Startups can get software tools and services such as cloud credits, debugging and testing tools, legal and accounting consultants and mentor service by registering with the Startup Cell set up under the Karnataka Biotechnology and Information Technology Services (KBITS).
- The registered startups will also be assisted in getting various benefits, offered as per the Karnataka Startup Policy 2015-20
- The Startup Cell is a one-stop shop for startups across all sectors. The government has tied up with several big companies like IBM, Amazon, Microsoft BizSpark, Keonics, BSNL, Vodafone and Citrus to extend the services to startups
- The government have set a target to stimulate the growth of about 20,000 technology-based startups by 2020
- A startup can register with the cell by logging on to www.startup.karnataka.gov.in
- The government has planned to fund about Rs 400 crore in the next four years to assist sector-specific startups.
- Besides, the department has set up a Fund-of-Funds with an allocation of Rs 200 crore for investing in venture funds that finance technology-based startups
- Fund-of-Funds will be utilised for the angel-stage funding. An investment committee comprising officials and representatives from the industry will be set up to clear applications seeking financial assistance.
- The government has decided to make use of the startup environment to find solutions to various challenges being faced by it in the social sector.
- The government will fund five technology-based startups (also called grand challenges) a year and give opportunity to implement them on pilot basis. A sum of Rs 15 crore has been set aside for this purpose
- This apart, the department has decided to hold an open house meeting with representatives of registered startups every month to get feedback on various government initiatives. Agenda for the meeting will be set up by the startups. A total of 45 startups will be allowed to take part in the meeting to be chaired by the IT & BT Minister. The first meeting is scheduled for August 16 at GoK-Nasscom 10,000 startups warehouse in Diamond District, off Old Airport road, Bengaluru.
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