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Karnataka has provided funding to 489 startups, with a committed amount totalling to ₹116.73 crore.
Dr Ashwathnarayan, Karnataka Deputy Chief Minister, speaking at the Awards Ceremony of Elevate Unnati 2020, said the state had given seed funding without taking any equity.
“We have created a platform for Startups in Tier 2 and 3 cities to pitch in their regions, resulting in – 24 per cent of winners in such regions. Special programs have been crafted out for the Kalyana Karnataka region to help them compete with the larger ecosystem,” he added.
Elevate Unnati is a social inclusion programme to promote startups from SC/ST community funded by Karnataka Social Welfare Department under the SCSP/TSP scheme.
The programme is an Idea2PoC grant-in-aid seed funding program crafted to support Startups promoted by SC/ST entrepreneurs with innovative ideas/solutions with up to ₹50 lakh funding support. This is the 2nd edition of Elevate Unnati.
Speaking about women entrepreneurs, the deputy chief minister said “There is a special focus on women entrepreneurs as well, resulting in about 30 per cent winners being among women founders. Thirty- plus startups have raised funds externally through various sources like Angel Investments, Venture Capitalists (VCs), Series Funding.”
Some of the Startups innovative products/solutions have impacted in combatting Covid-19 pandemic and are deployed in government departments to facilitate and overcome the challenges arising due to the pandemic.
Dr Ashwathnarayan said historically Karnataka has always been at the forefront of technology – with the Indian Institute of Science (IISc) being established here as far back as 1909. Even today, IISc remains the highest-ranked R&D institute in India.
“Today, Karnataka is recognised as a leader in innovation, technology and R&D. The state has emerged as the Innovation and Technology hub of India and the Bengaluru is the fourth Largest Technology Cluster in the World,” he said
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