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Karnataka Govt. Looks To Help 100 Startups Through ELEVATE 100

Karnataka Govt. Looks To Help 100 Startups Through ELEVATE 100

The Elevate 100 Will Also Provides Access To $61.7 Mn Funds

The Government of Karnataka has launched the ELEVATE 100 programme to boost startups in the state. The programme aims to identify 100 of the most innovative startups in Karnataka to elevate them to next level of success.

ELEVATE will identify startups working in the field of IT, Electronic System Design Manufacturing, Animation Visual Gaming & Comics, Biotechnology, Pharmaceuticals, Agriculture, and Life Sciences, etc.

Commenting on ELEVATE 100, Chief Minister of Karnataka, Siddaramaiah, said “This great initiative is aimed to help entrepreneurs and startups grow successfully on their own. We aim to extend our holistic support to them by offering mentorship and funding. Bengaluru has the most suitable environment for startups with innovative ideas and is considered one of the ‘most dynamic cities in the world’. We will ultimately look for great ideas that use technology to solve bigger problems in our society.”

ELEVATE is the brainchild of the Start-up Cell, Karnataka Biotechnology and Information Technology Services (KBITS), and Government of Karnataka. It will enable startups across Karnataka by providing them access to mentors, networking opportunities, idea validation, incubation facilities. Apart from this, the ELEVATE programme will also provide access to about $61.7 Mn (INR 400 Cr funds). The programme will also allow startups to get access to sessions on accounting, legal and emerging technologies.

To make sure that startups from all over the state can participate the government will be holding open houses to identify startups in Mangaluru, Kalaburgi, Mysuru, and Hubli. Startups from these cities will get an opportunity to pitch their ideas to the ELEVATE team.

State IT, BT Minister, Priyank Kharge, said “The promise of making Karnataka the global hub for startups and a hotbed for innovation will continue. Till date, we have identified 46 startups and sanctioned about $2.18 Mn (INR 15.68 Cr) in the field of biotechnology (26 startups, INR 10.70 Cr), tourism (8 startups, INR 1.80 Cr) and IT (12 startups, INR 3.18 Cr). Through ELEVATE, we will identify potential startups. We will not only help in funding but not all startups need funding. So, we will also provide technical and business support based on their need.”

ELEVATE was launched in May 2017, by the Government of Karnataka in partnership with the Deshpande Foundation, The Indus Entrepreneurs and others. It aims to identify and support startups from smaller cities and towns.

Registrations for ELEVATE have already begun on July 4 and will be on until 18th July for all participants across Karnataka.

The Karnataka government has been working diligently to boost the startup ecosystem in the state. In March 2017, Priyank Kharge had announced a fund of $1.4 Mn for the women entrepreneurs. In May 2017 the Karnataka Government had allocated a fund of $1.5 Mn for agritech startups. Later, a fund of $1.65 Mn was announced for 26 selected startups in the biotechnology sector.