Karnataka: 817 startups enroll for Elevate 2023 scheme; 100 firms to get Rs 20 cr govt aid

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Karnataka IT-BT minister Priyank Kharge on January 5 said that 817 startups have enrolled for the state government's startup support programme Elevate 2023.

The state government has allocated Rs 20 crore for 100 startups under this programme.

"817 startups have enrolled for Elevate 2023, highlighting Karnataka's status as the most favourable environment for innovation and entrepreneurship. Karnataka government is committed to supporting startups' growth by providing comprehensive assistance in every possible manner," said Kharge.

Karnataka IT Secretary Ekroop Caur told Moneycontrol, "We have received an overwhelming response from startups for the Elevate programme. The top pitches will be selected for government-aided support to scale up their product or solution to the next level."

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Government support includes a grant-in-aid of up to Rs 50 lakh each, incubation support, mentoring by experts, a booster kit, incentives, and VC connects.

Elevate Karnataka, which started in 2015, has provided nearly Rs 197 crore to around 874 startups. Elevate programme will identify startups working in the fields of IT, Electronic System Design Manufacturing, Animation Visual Gaming & Comics, Biotechnology, Pharmaceuticals, Agriculture, and Life Sciences, etc. Under Elevate Unnati, the state government is also encouraging startups from SC and ST communities.

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"The initiative aims to provide a comprehensive entrepreneurship platform for startups, offering access to mentors, networking opportunities, funds, idea validation and incubation facilities, among others. These contributions across sectors act as a catalyst for the development of startups. The program offers a significant opportunity for selected startups to receive support, mentorship, and resources to accelerate their growth" said an official in the IT department.