Launched on July 4 with an aim to provide all round support and boost Karnataka’s start-up ecosystem, this first of its kind initiative will now grant a fund of Rs 35 crore to the innovators.
The programme attracted 1700 applications from pan-Karntaka who then pitched their ideas through presentations at ‘pitch-to-Elevate’ jury meets over a period of 11 days. After a full swing evaluation, 270 start-ups made it to the final leg of selection on August 29. The jury finally announced the slot-makers on August 30.
Of the 100 start-ups finalised, 27 are from electronic semiconductor design, 19 from life sciences, 11 each from biotech and agri tech, 4 each from animation-gaming and clean tech, and 26 from IT/ITES. There are also 19 women-lead start-ups and 11 from rural areas.
The short-listed start-ups will have access to the government’s start-up fund besides access to government VC funds, pilots, private VC funds, world class accelerators and mentors, the IT department said in a press release.
Through the ambitious programme, Karnataka government also bagged 8 deals with private firms to provide support to the elevated 100. The deals in the bag are as follows:
- Google will provide $3000 worth cloud credits for start-ups registered with Startup Cell and $20,000 worth of credits for start-ups which are winners of Elevate100.
- Amazon India will work with Karnataka Biotechnology and Information Technology Services (KBITS) to educate, train, and enable select start-ups to sell their products to Amazon customers across the country under its launchpad programme.
- PwC will provide mentoring and consulting services for sustainable growth of start-ups.
- Yes Bank will give banking services, API Integration and customized solutions.
- Kotak Bank will provide help to set up business and registration processes and assistance in providing accounting, income tax returns, GST returns and tax audits among other support.
- The Indian Law Practices will provide legal consultancy services.
- Digital Ocean will give a $100 one-time credit for all start-ups registered with Startup Cell and a $1000 one-time credit for start-ups that are being funded under Karnataka Startup Cell.
- Zoho will provide the start-ups with 35+ integrated applications on one account with complete administrative control and complementary mobile applications.