The Karnataka government recently announced to come up with a startup booster kit. It will help companies register their startups with Karnataka Biotechnology and Information Technology Services (KBITS). It also promises to address various problems that startups encounter. The announcement was made while addressing the Global Mobile App Summit and Awards (GMASA) 2016, earlier this month.
As per ET, the startup policy will reimburse service tax paid by emerging companies. Karnataka’s Information and Technology minister, Priyank Kharge is yet to announce more details in a couple of days.
The startup booster kit will provide high speed internet, incubator facility, subsidized license products and financial experts. Anyone with a good idea can register with the Karnataka startup cell, and the government will fund them once approved.
As per reports, the Karnataka information technology and biotechnology department is also tying up with dealers who will provide their products and services to registered startups at a concession.
To ensure no dearth of funds, the government plans to invest up to INR 50 lakhs for startups. A separate fund of INR 10 Cr is also reserved for women startup entrepreneurs. Specific funds are also available for SC/STs, the aerospace, pure sciences and agriculture sectors. A budget of INR 40 Lakhs will be granted to selected nine universities, to encourage students to work on startup ideas. In addition, the startup policy will also connect entrepreneurs with venture capitalists and allocate government funds.
The future prospects include raising funds for the audio-visual effects, animation, gaming and comics sector, within the next three months.
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