The Karnataka government on October 29 launched the Karnataka Acceleration Network (KAN), an accelerator programme aimed at supporting growth-stage startups across the state, with a particular focus on regions beyond Bengaluru.
KAN will offer mentorship, market access, and funding opportunities to create a thriving startup ecosystem.
Speaking to reporters at Vikasa Soudha, Karnataka IT-BT minister Priyank Kharge said, “A total of 302 startups are expected to benefit from the programme over six cohorts within three years. KAN is a transformative initiative designed to nurture a vibrant startup ecosystem beyond Bengaluru”.
Also, read: Going Global: Karnataka's innovation alliance helps 40 startups to enter international markets
“By creating collaboration between mentor and mentee accelerators, we aim to empower 302 startups, providing them with mentorship, market access, and funding for three years. This programme underscores our commitment to driving innovation and entrepreneurship across Karnataka, ensuring that every region can contribute to our state's economic growth,” said Kharge.
Kharge also launched ELEVATE 2024, a grant-in-aid seed fund scheme to support early-stage startups in Karnataka. ELEVATE, first launched in 2016, has provided funding to 983 startups with a committed grant of Rs 224.06 crore. “Karnataka is the first state in the nation to implement such a comprehensive scheme that delivers essential funding to promising startups,” the minister said.
Also, read: Karnataka: 817 startups enroll for Elevate 2023 scheme; 100 firms to get Rs 20 cr govt aid
He added, “KAN is specifically crafted to provide a structured pathway for growth. Bengaluru is home to 45 unicorns out of India’s 112, with a total valuation of $161 billion. Our goal is to break into the top three global rankings. We are confident that ELEVATE and KAN together will empower startups to tackle funding challenges, scale their operations, and solidify Karnataka’s reputation as a leading hub for innovation and entrepreneurship.”
ELEVATE 2024
Also, read: Karnataka to empanel 100 startups for 'preferential market access' in govt tenders
ELEVATE provides grants of up to Rs 50 lakh per startup, along with support including incubation, expert mentorship, and access to venture capital networks. The scheme also offers benefits under the Karnataka Startup Policy 2022-27, such as reimbursements for patent costs, marketing costs, GST, and quality certification costs. Additionally, startups can access subsidised incubation through government-supported sector-specific Centers of Excellence and Technology Business Incubators (TBIs) across the state. Startups can apply for ELEVATE 2024 till November 29 through the official portal (missionstartupkarnataka.org).
Bengaluru Tech Summit 2024 App launch
The IT-BT minister also launched the Bengaluru Tech Summit 2024 event app, available for download on Android and iOS. It is designed to provide registered delegates, exhibitors, and speakers with a streamlined experience throughout the summit. Bengaluru Tech Summit 2024 (BTS 2024) is scheduled from November 19-21, 2024.
Also, read:Karnataka’s ‘quit job to become entrepreneur’ scheme: 192 apply for Rs 25K monthly aid for 1 year
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
