In order to boost the start-up ecosystem in Karnataka, an ‘Elavate 100’ program was launched by state IT and BT Minister, Priyank Kharge on July 4. The program aims to help 100 start-ups with government funds Rs 400 crore.
CM of Karnataka, Siddaramaiah says, “ELEVATE will provide all round support and boost Karnataka’s start-up ecosystem.” The top hundred technology based start-ups chosen through a rigorous hunt across Karnataka State will be provided with funds, and the program will help the start-ups to boost themselves in the market. “Is ia a great initiative,” Siddaramaiah added.
— CM of Karnataka (@CMofKarnataka) July 4, 2017
Elevate will help the state support IT and BT which are growing rapidly in the current scenario. “It will not be just funding, because not all start-ups need it. We are also offering technical and business support, based on their needs,” IT and BT Minister, Priyank Kharge said.
The government has started to receive applications for the program from July 4, and applications will be closed on July 18 which will be followed by a demo event in August, 2017.
Apart from the funds given by the government, start-ups will also get to connect with the investors during the program. So far, the government has identified 46 start-ups and sanctioned a total of Rs 15.68 crore in various fields such as biotechnology, IT, and tourism.
— Startup Karnataka (@Startup_Kar) July 4, 2017
The Karnataka Government runs several other programs to help start-ups, under the Start-up Cell, such as the Grand Challenge that seeks to identify start-up solutions for governance issues.
The ‘Elevate 100’ program will give start-ups opportunity to meet and learn from world class mentors, also they will get the chance to showcase their products to the top Angel Investors & VCs, Business Leaders, and Technology experts and be inspired by ‘Elevate Talks’ by industry experts to capture emerging trends.