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Karnataka offers Rs 400 cr fund to mentor 100 start-ups
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SME Times News Bureau | 05 Jul, 2017
Karnataka would provide Rs 400 crore fund to mentor 100 start-ups with
idea validation, incubation facilities and expertise in accounting and
legal norms, said state IT and BT Minister Priyank Kharge on Tuesday.
"We
will identify 100 innovative start-ups from across the state through
the 'Elevate 100 Programme' and provide them seed fund, venture capital,
networking and mentors to convert their ideas into businesses," he told
reporters here.
Kharge said that his department will soon hold
open houses to select the start-ups for seed funding at Hubbali,
Kalaburgi, Mangaluru and Mysuru besides Bengaluru after they pitch their
innovative ideas to experts from the IT industry's apex body Nasscom.
"We
have identified 46 start-ups and sanctioned Rs 15.68 crore to fund them
in diverse fields, including IT, biotechnology and tourism," he said.
Of the 46 start-ups, 26 in biotechnology were given Rs 10.7 crore, 12 in IT Rs 3.18 crore and 8 in tourism Rs 1.8 crore.
Start-ups
can register with the department till July 18 for the unique Programme,
said to be the first in the country by a state government.
"Venture
Capitalists will fund the start-ups after they develop products or
services for the global and domestic markets," said Nasscom Product
Council Chairman Ravi Gururaj.
Besides Nasscom, the Indus
Entrepreneurs and Desphande Foundation are partnering with the Start-up
Cell of the Karnataka Biotechnology and Information Technology Services
(KBITS) to implement the Programme.
The Programme will zero-in on
innovative start-ups in IT, Electronic System Design Manufacturing,
Animation Visual Gaming & Comics, Biotechnology, Pharmaceuticals,
Agriculture and Life Sciences.
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