Karnataka: 817 startups enroll for Elevate 2023 scheme; 100 firms to get Rs 20 cr govt aid
The Karnataka government’s startup support programme, Elevate 2023, has attracted 817 startups, highlighting the state’s reputation as a favorable environment for innovation and entrepreneurship. Under this scheme, the government has allocated Rs 20 crore to support 100 startups.
We have received an overwhelming response from startups for the Elevate 2023 program. The top pitches will be selected for government-aided support to scale up their product or solution to the next level, said Karnataka IT Secretary Ekroop Caur.
The government’s support for these startups includes a grant-in-aid of up to Rs 50 lakh each, incubation support, mentoring by experts, a booster kit, incentives, and venture capitalist (VC) connects. This comprehensive assistance aims to provide a solid platform for startups to grow and succeed.
Since its inception in 2015, Elevate Karnataka has provided nearly Rs 197 crore to around 874 startups. The program identifies startups working in various fields such as IT, Electronic System Design Manufacturing, Animation Visual Gaming & Comics, Biotechnology, Pharmaceuticals, Agriculture, and Life Sciences. Furthermore, the state government is encouraging startups from Scheduled Castes (SC) and Scheduled Tribes (ST) communities through the Elevate Unnati initiative.
The initiative aims to provide a comprehensive entrepreneurship platform for startups, offering access to mentors, networking opportunities, funds, idea validation, and incubation facilities, among others. These contributions across sectors act as a catalyst for the development of startups. The program offers a significant opportunity for selected startups to receive support, mentorship, and resources to accelerate their growth, said an official from the IT department.
With its commitment to nurturing innovation and fostering a vibrant startup ecosystem, the Karnataka government continues to attract entrepreneurs and provide them with the necessary tools for success. This initiative not only bolsters the growth of individual startups but also contributes to the development of the overall startup ecosystem in the state.
The enrollment of 817 startups for the Elevate 2023 scheme demonstrates the immense potential and talent in Karnataka’s startup ecosystem. As the government extends its support through financial aid, mentorship, and other resources, these startups can look forward to a bright future filled with opportunities and growth.
In conclusion, the government’s commitment to supporting startups in Karnataka through the Elevate 2023 scheme is expected to drive innovation and entrepreneurship in the state. With 817 startups enrolling for the program and 100 firms set to receive Rs 20 crore in government aid, the startup ecosystem in Karnataka is poised for remarkable growth and success.
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