BELAGAVI: The state government has announced a new Karnataka Startup Policy 2022 which will be rolled out soon to give boost to 25,000 startups over the next five years. Under the policy, cleared by the cabinet on Thursday, a slew of incentives including Rs 100 crore venture fund will be offered. The policy was formulated by the IT-BT and Science and Technology Department.
The Rs 100-crore venture capital fund will support emerging innovative and deep-tech startups in AI, machine learning, electric vehicles, robotics, and drones. Startups will also get a one-time grant-in-aid of up to Rs 50 lakh.
The policy aims for 50 new-age innovation networks (NAIN) in technology institutions of higher learning outside Bengaluru Urban district. Each NAIN will get a support of Rs 5 lakh per student project for three years, and up to Rs 12 lakh for operational expenditure, annually.
The policy will also reserve 25% of the Rs 100 crore venture capital for startups run by women, besides a direct loan of Rs 10 lakh through Karnataka State Women Development Corporation. A centre for excellence for assistive technology will be set up with Rs 15 crore assistance for innovative solutions for the differently-abled and senior citizens.