Karnataka's Elevate 17 for start-up Women entrepreneurs

Karnataka's Elevate 17 for start-up Women entrepreneurs

Posted by P. Charitha on July 28th 2017

As part of the state of Karnataka’s Elevate -2017 program to support start-ups in the state, a fund of Rs. 400 Crore has been set up for this scheme.  Also read http://startup2day.in/story-fullview/karnataka-govts-program-to-elevate-tier-2-start-ups  Karnataka IT Minister Mr. Priyank Kharge said, that as many as 300 women start-up entrepreneurs have registered themselves as soon as the scheme was launched. Out of the Rs. 400 Crore fund the government has allocated Rs. 10 Crore for selected women entrepreneurs who seek funding. Though all would not receive money as some of them would may want support in mentoring,marketing, accounting and legal matters.
 
The 300  women  who have registered are mostly from  Bengaluru, Mysuru, Mangaluru, Hubballi & Kalaburagi areas of Karnataka and would be competing with other registered entrepreneurs to avail the Rs 400 crore fund that would be distributed to 100 selected entrepreneurs. The entrepreneurs have to pitch for funds at open house sessions which are going to be held at various cities. After selection they will be provided access to idea validation, incubation facilities and in depth sessions for start-ups on accounting, legal and emerging technologies. The government also has brought Venture Capitalists (VCs) on board to help it curate and fund start-ups, if selected entrepreneurs wished. 
 
The Karnataka Government has also announced various other funding programs like the Idea2POC (Proof of Concept) fund of $1.5 million (Rs 10 crore) for women entrepreneurs in March this year. Under this (Idea2POC) scheme, the Karnataka Department of IT, BT and S&T will fund upto Rs.50 lakh for any woman innovator looking for funds for Proof of Concept validation, certification, and cover costs in manufacturing of pilot devices. The larger plan is to mobilise up to Rs 2,000 crore ($333 million) by 2020 to invest across start-ups operating in sectors from technology to social impact.The selection of the 100 entrepreneurs would be declared between August 29 and August 30 2017. For more details click on http://www.elevate.bengaluruite.biz/elevate100/index.php

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