2 Flagship Startup Programs Launched In Karnataka

Bengaluru: Karnataka Information Technology Minister Priyank Kharge on Tuesday launched two flagship programs -- 'ELEVATE 2024' and KAN (Karnataka Acceleration Network) -- aimed at empowering startups to tackle funding challenges and scale their operations.

According to officials, ELEVATE 2024 is a grant-in-aid seed funding scheme designed to empower early-stage startups in the state. It provides grants of up to Rs 50 lakh per startup, along with extensive support, including incubation, expert mentorship, incentives, and access to venture capital networks. KAN is an acceleration network that provides mentorship, market access, and funding opportunities for growth startups across the State, with a focus on regions beyond Bengaluru, they said.

At the launch, Kharge emphasised the state's commitment to innovation and entrepreneurship. Karnataka has long been a leader in fostering a vibrant startup ecosystem, and both ELEVATE and KAN are specifically crafted to provide a structured pathway for growth, the Minister said. "Bengaluru is home to 45 unicorns out of the 112 in the country, with a total valuation of USD 161 billion. Our goal is to break into the top three rankings in the world. We are confident that ELEVATE and KAN together will empower startups to tackle funding challenges, scale their operations, and solidify Karnataka's reputation as a leading hub for innovation and entrepreneurship," he said.