Karnataka Govt's program to 'Elevate' Tier 2 start-ups

Karnataka Govt's program to 'Elevate' Tier 2 start-ups

Posted by Vivek Nama on May 28th 2017

 The Karnataka government has launched an ‘Elevate Program’ to encourage innovative start-ups from different sectors in the tier 2 cities and towns across Karnataka.

The government is partnering with the Deshpande Foundation and The Indus Entrepreneurs in this regard. Once identified, these start-ups will get funds from the state or through venture capitalists (VCs) or angel investors.
The program will set up camps at   Mangaluru, Mysuru, Hubballi and Bengaluru. Also, Read http://startup2day.in/story-fullview/start-up-hubbali-to-have-the-largest-incubator-in-the-country
More than 55 startups have been funded to a tune of Rs 17 Crore in the past six months. Around Rs 200 Crore has also been set aside for a ‘fund of funds’.
The government is looking to be a facilitator and hopes to bring in investors and mentors, to help the chosen start-ups grow their ideas and eventually become businesses.
For smaller entities looking to tackle grassroot problems, the government says it has so far backed 163 such projects, 18 of which have been incorporated and having produced three patents so far. The size of an investment in such firms is around Rs 3 lakh each, and if it is successful the Govt will pump in more funds. 
“We’re trying to identify the top 100 innovative companies and see how we can help them. Whether in the form of funding, mentoring, legal help or anything else they would want,” said Priyank Kharge, Minister for Information Technology and Tourism Source: Business Standard


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