Startups
The Karnataka government has introduced two significant initiatives—ELEVATE 2024 and the Karnataka Accelerator Network (KAN)—to bolster the state's startup ecosystem.
ELEVATE 2024
ELEVATE 2024 is a seed funding program designed to assist early-stage startups. It offers grants of up to ₹50 lakh per startup, along with support services such as incubation, expert mentorship, and access to venture capital networks. The program encourages startups in emerging technologies, including artificial intelligence, machine learning, robotics, blockchain, 5G, Internet of Things (IoT), SpaceTech, and cybersecurity. Applications for ELEVATE 2024 are open from October 29 to November 29, 2024, via the official portal missionstartupkarnataka.org.
Karnataka Accelerator Network (KAN)
KAN focuses on growth-stage startups, aiming to expand support beyond Bengaluru. The network facilitates collaboration between mentor and mentee accelerators, providing mentorship, market access, and resources. Over the next three years, KAN plans to assist 302 startups across six cohorts, fostering statewide economic growth.
Minister's Statement
At the launch event, Karnataka's Information Technology Minister Priyank Kharge emphasized the state's commitment to innovation and entrepreneurship. He noted that Bengaluru is home to 45 unicorns out of India's 112, with a total valuation of $161 billion, and expressed the goal of positioning Karnataka among the top three global startup ecosystems.
Additional Initiatives
In addition to ELEVATE 2024 and KAN, the Karnataka government has introduced the Rajiv Gandhi Entrepreneurship Program. This program aims to support budding innovators by providing a monthly stipend of ₹25,000 for a year to 30 selected participants, assisting them through the ideation phase and the development of prototypes or minimum viable products.
These initiatives reflect Karnataka's ongoing efforts to strengthen its startup ecosystem and support entrepreneurs across the state.
References:
Karnataka Launches Entrepreneurship Program to Boost Startups
“Karnataka is home to 18,000 startups, 45 unicorns, and 38% of India’s 435 soon-to-be unicorns.”
Shalini Mondal
2 flagship startup programs launched in Karnataka - Times of India
India Business News: Karnataka’s IT Minister Priyank Kharge launched ELEVATE 2024 and Karnataka Acceleration Network, aiming to support startups with funding and growth. E
PTI
Karnataka launches Elevate and KAN to support startups
Elevate 2024 will provide grants of up to Rs 50 lakhs per startup, along with extensive support and access to venture capital networks. KAN is tailored for growth-stage startups, facilitating mentor and mentee accelerators to run joint cohorts through shared networks, resources, and pedagogy for startups from Bengaluru and beyond.
ETtech
Karnataka Government to Offer Rs 25,000 Monthly Stipend for Aspiring Entrepreneurs | Startup Story
In a pioneering move, the Karnataka government is set to launch a unique entrepreneurship program aimed at supporting individuals who have quit their jobs to
StartupStory
Karnataka Launches Two New Programs to Boost Startup Growth
Karnataka launches ELEVATE 2024 and Karnataka Accelerator Network (KAN) to boost early- and growth-stage startups, aiming to establish the state as India’s startup hub.
Nitin Konde
Karnataka Launches ELEVATE & KAN to Tackle Startup Funding Challenges | Entrepreneurship studio | Latest Startup and Technology news
Karnataka’s IT Minister, Priyank Kharge, recently launched ELEVATE 2024 and KAN to empower startups with seed funding and acceleration support. ELEVATE 2024 offers up to Rs 50 lakh in grants for early-stage startups, while KAN provides mentorship and market access, especially for companies outside Bengaluru. Designed to foster innovation, these programs support growth in sectors like AI, IoT, and SpaceTech, positioning Karnataka as a major startup hub. Applications for ELEVATE 2024 are open until November 29 via missionstartupkarnataka.org.
Anurag Trivedi
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