BENGALURU: In a move that aims to boost Karnataka’s startup landscape, IT-BT Minister Priyank Kharge on Tuesday unveiled two flagship initiatives Elevate-2024 and Karnataka Acceleration Network (KAN) to support startups with funding, mentorship and growth opportunities.
Elevate aims to offer a grant-in-aid seed fund to early-stage startups, empowering them with funds up to Rs 50 lakh along with resources like incubation, mentorship and connections with venture capital networks. Elevate is part of the Karnataka Startup Policy 2022-27 and provides additional benefits, including reimbursement for patent and marketing costs, GST incentives and subsidised incubation access.
The application window is open from October 29 to November 29 for startups in sectors like Artificial Intelligence, DeepTech and SpaceTech.
Speaking about KAN, the minister highlighted that the programme is tailored for growth-stage startups, offering structured mentorship, market access and funding opportunities. “Over the next three years, KAN aims to support 302 startups through six cohorts, in collaboration with established Bengaluru-based mentor accelerators and regional mentee incubators across the state,” he said.
The Karnataka Digital Economy Mission (KDEM) will implement KAN as part of the state’s mission to foster innovation beyond Bengaluru, Kharge said. “With programmes like Elevate and KAN, we are tackling challenges in funding and scalability to place Karnataka among the top three global startup hubs,” he added.
The minister also launched the official Bengaluru Tech Summit (BTS) app to enhance the experience for attendees to the upcoming summit. The app, available on android and iOS, offers multiple tools and real-time updates. “With features like the Interlinx B2B matching tool and digital business card exchanges, attendees can easily experience the summit, scheduled from November 19-21,” Kharge said.