NEWS – Karnataka Government Offers Rs 60 Crore to 263 Startups Under ELEVATE Program

HIGHLIGHTS

• Bengaluru Startup Scene
  • $70.1 billion raised since 2010.
  • 45 unicorns identified.

ELEVATE Program Support

• Funding
  • Rs 60 crore allocated to 263 startups.
  • Total support from Department of Electronics, IT, Bt: Rs 224.06 crores to 983 startups.
• Objectives
  • Launched in 2022.
  • Idea2PoC Grant-In-Aid Scheme.
  • Grants up to Rs 50 lakhs provided.
  • Focus on women entrepreneurs and deep tech solutions.
• Beyond Bengaluru Initiative
  • 35% of awarded startups are from outside Bengaluru.
  • Karnataka Digital Economy Mission (KDEM) and Beyond Bengaluru initiative aim to develop IT hubs across the state.

Program Details

• Purpose
  • Support top innovative startups in Karnataka.
  • Assist in scaling up products or solutions.
• Key Features
  • No equity taken for grant.
  • One-time grant up to Rs 50 lakhs.
  • Focus on prototype development, market development, and scaling up.
  • Access to mentors, networking, incubation facilities, and training on accounting, legal, and emerging technologies.
• Evaluation Process
  • Rigorous and thorough selection process.
  • Government facilitates interaction between industry experts and entrepreneurs.
  • Evaluation by a panel of 3 jury members from industry associations.
• Application
  • Innovative startup ideas can be pitched.
  • Top pitches receive government-aided support for scaling up.