Elevate 2024 will provide grants of up to Rs 50 lakhs per startup, along with extensive support, including incubation, expert mentorship, incentives, and access to venture capital networks.
“The scheme will be a gateway for accessing various benefits under the Karnataka Startup Policy 2022-27, such as incentive reimbursements for patent, marketing, GST, and quality certification costs,” officials said.
Startups can also avail subsidized incubation through sector-specific Centers of Excellence (COEs) and Technology Business Incubators (TBIs) across the state.
The government aims to encourage startups in emerging technologies, such as DeepTech, AI, ML, robotics, blockchain, 5G, IoT, SpaceTech, and cybersecurity, to apply. Since its inception, Elevate has funded a total of 983 startups.
KAN is tailored for growth-stage startups, facilitating mentor and mentee accelerators to run joint cohorts through shared networks, resources, and pedagogy for startups from Bengaluru and beyond. A total of 302 startups are likely to benefit from the program over six cohorts in three years, announced the Department of IT-BT.
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The Minister for the department, Priyank Kharge, emphasized the state’s commitment to innovation and entrepreneurship during a press conference. “Karnataka has long been a leader in fostering a vibrant startup ecosystem; both *Elevate* and KAN are specifically crafted to provide a structured pathway for growth.”He added that Bengaluru is home to 45 unicorns out of the 112 in the country, with a total valuation of USD 161 billion, and aims to build a reputation as a leading hub for innovation and entrepreneurship, targeting a spot in the top three global rankings.
“KAN underscores our commitment to driving innovation and entrepreneurship across Karnataka, ensuring that every region can contribute to our state’s economic growth,” Kharge said.
During the event, the IT department also launched the official Bengaluru Tech Summit 2024 app, enhancing accessibility for the summit’s delegates, exhibitors, and speakers promising a seamless experience throughout the event.