Boosting innovation and entrepreneurship across the state’s vibrant ecosystem, Karnataka launched Elevate 2024 and KAN, offering grants up to ₹5 million for startups.
On Tuesday, the Karnataka government introduced two new initiatives, Elevate 2024 and the Karnataka Accelerator Network (KAN), offering grants of up to ₹5 million for each startup.
Aiming to enhance the startup ecosystem in the state, these initiatives will also provide comprehensive support such as incubation, expert mentorship, incentives, and connections to venture capital networks.
The government announced that the scheme will serve as an entry point for various benefits under the Karnataka Startup Policy 2022-27, including reimbursement incentives for patents, marketing, GST, and quality certification expenses. It encourages startups focused on emerging technologies—such as DeepTech, AI, ML, robotics, blockchain, 5G, IoT, SpaceTech, and cybersecurity—to participate.
Furthermore, startups will also have access to subsidised incubation through sector-specific R&D centres of excellence (COEs) and technology business incubators (TBIs) located throughout the state.
Since its launch, Elevate has provided funding to a total of 983 startups. On the other hand, KAN is designed for growth-stage startups, promoting collaboration between mentors and mentees through shared networks, resources, and educational opportunities for startups from Bengaluru and beyond. The state department of IT-BT announced that 302 startups are expected to benefit from the programme over six cohorts in the next three years.
IT Minister Priyank Kharge highlighted the state’s longstanding reputation for nurturing a dynamic startup ecosystem during a press conference. He pointed out that Bengaluru is home to 45 of India’s 112 unicorns, with a combined valuation of US$161 billion, aiming to establish itself as a top global hub for innovation and entrepreneurship. Initiatives like KAN will ensure that every region contributes to the state’s economic development.
At the launch event, the IT department also introduced the official Bengaluru Tech Summit 2024 app, designed to improve accessibility for delegates, exhibitors, and speakers and promise a smooth experience throughout the event.
