The Karnataka Government has taken long strides to facilitate entrepreneurship in the state from 2015 since the launch of Karnataka Startup Policy was launched with a vision to stimulate the growth of 20,000 tech startups by 2020.
ELEVATE is the creation of the Karnataka Startup Cell, Karnataka Biotechnology and Information Technology Services (KBITS) and Government of Karnataka. The aim is to provide mentors, networking opportunities, idea validation, and incubation facilities all across the state. The program also covers accounting, legal and emerging technologies. At present, the ELEVATE program is supported by a $61.7 Mn (INR 400 Cr) fund. The goal of the program was to identify and support 1,000 startups from smaller cities and towns.
Elevate launched in July 2017 has taken the initiative to support 100 innovative start-ups and guiding them to the next level of success. The registration period announced was from July 4 to July 18, 2017. The Karnataka Government has received 1,700 applications for this initiative.
The focus for selection is diverse sectors, including IT, electronic systems, design manufacturing, animation visual gaming and comics, biotechnology, pharmaceuticals, agriculture, life sciences and more.
As per the government’s directions, these startups will go through the vigorous selection process with who’s who from the industry in the jury.
The jury, as per reports, has been nominated by regulatory bodies such as TiE, Deshpande Foundation, IESA, Nasscom, ABLE, and ABAI.
The final evaluation will be done by a panel of three judges with the deciding factors such as innovation, technology, revenue model, scalability, and exit strategy.
Taking the Startup India initiative from Government of India a step further, Karnataka Government is doing its bit to provide the opportunity to everyone in Karnataka irrespective of the location and in varied fields too. This certainly is an opportunity to be reaped by one and all irrespective of the field of a startup as everyone is welcome from IT to agriculture.