Karnataka Government to spend Rs 100 cr on selected startups

Karnataka government will spend about Rs 100 crore to ‘elevate’ 100 startups by providing them funds and mentors to help them turn their ideas into successful businesses, IT Minister Priyank Kharge said today.

karnataka government startup fundingThe funds had been allotted under ‘Elevate Programme,” Kharge told over the phone from New Delhi.

All the selected startups will not be given money as some of them would seek help in mentoring, accounting and legal matters, he said.

“We will not give money to all the selected startups. Some would only want assistance in legal, mentorship and accounting matters. A few others will want to work with the government or some others would request us to help to forge a tie-up with companies, for instance, TVS,” he said.

Kharge said he has seen many startups winding up, not because of lack of money, but because of mentorship and other factors.

Talking about funds, Kharge said the government has allocated Rs 100 crore under the state policy and would also welcome venture and angel investors to fund selected startups.

“Apart from Rs 100 crore allocated by the government, we would also welcome angel and venture investors to fund the selected startups, but they will have their own terms and conditions, and we would just give them assistance,” he said.

Kharge said the government is partnering with Deshpande Foundation and The Indus Entrepreneurs in this regard.

He said camps would be set up at Mangaluru, Mysuru, Hubballi, Kalaburgi and other smaller towns and cities.

“Our people will go these places and register the startups and evaluate them and the final selection will be done in Bengaluru,” he said.

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