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On Thu, 25 Jul, 12:04 AM UTC
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263 startups funded with a total of Rs 60 crore by Karnataka govt
In the middle, Priyank Kharge, minister for the department of electronics, IT, Bt, and rural development and Panchayati Raj, Karnataka government, along with tech industry stakeholders Bengaluru stands at the forefront of India's start-up revolution and is home to 45 of the country's 112 unicorns, according to a report unveiled by the Department of Electronics, IT, BT, and S&T, Government of Karnataka. The Bengaluru Innovation Report 2024 said that as a dynamic innovation hub, the city fosters groundbreaking advancements in fields like artificial intelligence, biotech, and fintech.
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Karnataka govt. offered ₹60 crore funding to 263 start-ups
As many as 263 start-ups were offered funding of over ₹60 crore by the Department of Information Technology and Biotechnology of Karnataka in 2022 and 2023, according to a report released here on Wednesday (July 24). The study titled "Bengaluru Innovation Report 2024", released by the Department of Electronics, IT, BT, and S&T, said that 24% of these ventures were women-led and 35% were beyond Bengaluru. According to the report, among the 263 winners, women entrepreneurs lead 47 start-ups, and 119 start-ups are from tier II and III cities in the State, highlighting the State's commitment to inclusivity and diversity. These start-up winners are in innovative technologies across various emerging sectors, including clean-tech and smart city solutions, cutting-edge IT/ITES, healthcare and med-tech, biotechnology, and disruptive agricultural technologies. Speaking at a felicitation ceremony for the winners of ELEVATE, a flagship grant-in-aid programme of the Department, Priyank Kharge, Minister for Electronics, IT, BT, and Rural Development and Panchayati Raj, said Bengaluru stands at the forefront of India's start-up revolution, home to 45 of the country's 112 unicorns. As a dynamic innovation hub, the city fosters groundbreaking advancements in fields like AI, biotech, and fintech, he said. Supported by premier IT companies, research institutes, and capital allocators, Bengaluru's start-up ecosystem thrives on collaboration and competition, driving economic growth and technological development, he added. A one-time grant of up to ₹50 lakh is given to encourage innovators who may need early-stage funding to develop a prototype, market development, and scale-up. The initiative aims to provide a comprehensive entrepreneurship platform for startups along with providing access to mentors, networking opportunities, funds, idea validation, and incubation facilities, among others. Read Comments
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The Karnataka government has provided funding of ₹60 crore to 263 startups, demonstrating its commitment to fostering innovation and entrepreneurship in the state. This initiative aims to support various sectors and promote economic growth.
The Karnataka government has taken a significant step in bolstering its startup ecosystem by providing funding to 263 startups, with a total investment of ₹60 crore. This move underscores the state's commitment to fostering innovation and entrepreneurship across various sectors 1.
The funded startups span a wide range of industries, showcasing Karnataka's focus on comprehensive economic development. Key sectors benefiting from this initiative include:
This diverse approach aims to stimulate growth across multiple domains of the state's economy 2.
The average funding per startup amounts to approximately ₹22.8 lakh, providing a substantial boost to early-stage ventures. This financial support is expected to help these startups scale their operations, develop innovative products and services, and contribute to job creation in the state 1.
Karnataka's IT, BT, and S&T Minister, Priyank Kharge, emphasized the government's commitment to nurturing the startup ecosystem. He stated that the funding is part of a larger vision to establish Karnataka as a leader in emerging technologies and innovation 2.
In addition to funding, the Karnataka government is providing comprehensive support to startups through various initiatives:
These measures aim to create a holistic ecosystem that supports startups at every stage of their growth journey 1.
The government's proactive approach is expected to attract more entrepreneurs to Karnataka, potentially leading to:
As these funded startups progress, they are anticipated to contribute significantly to Karnataka's economic development and solidify its position as a startup hub in India 2.
Reference
[1]
Karnataka's latest budget allocates significant funds for AI initiatives, startup ecosystem expansion, and technological innovation, positioning the state as a leader in India's tech landscape.
2 Sources
2 Sources
Karnataka's IT Minister Priyank Kharge announces plans for a deeptech innovation cluster in Bengaluru, aiming to address gaps in AI, machine learning, robotics, and other emerging technologies while fostering startup growth.
3 Sources
3 Sources
The Karnataka government unveils an ambitious AI initiative at the Bengaluru Tech Summit 2024, partnering with global tech giants to boost skill development and innovation in the state.
2 Sources
2 Sources
The Economic Survey 2024 reveals significant growth in India's startup ecosystem, with over 1.25 lakh DPIIT-recognized startups and a surge in tech-focused ventures, particularly in AI, IoT, robotics, and nanotechnology.
3 Sources
3 Sources
A new study reveals that 77% of Indian startups are investing in AI and advanced technologies. The startup ecosystem in India is thriving, with small cities emerging as tech skill hubs and the country ranking third globally in the startup landscape.
3 Sources
3 Sources
