The Karnataka Department of Electronics, IT, BT and S&T selects 24% women-led startups and 35% from beyond Bengaluru
Bengaluru, NFAPost: The Karnataka Department of Electronics, IT, BT, and S&T organised a special felicitation ceremony for the winners of Elevate 2023-24, a flagship Grant-in-Aid programme.
The event saw the participation of startup winners across 4 schemes (FY 2023-2024) within the Elevate programme namely: Elevate Kalyana Karnataka supporting entrepreneurship in the Kalyana Karnataka region; Amrita Startups supporting entrepreneurship and innovation by OBC entrepreneurs; Elevate Unnati to identify and nurture startups promoted by SC & ST entrepreneurs and Elevate encouraging entrepreneurs across the state requiring early-stage funding to develop a prototype, strategize market entry and scale-up.
Reinforcing the state’s commitment to nurturing startups and highlighting the achievements of the Elevate programme, Karnataka IT&BT Minister Priyank Kharge said the state is witnessing a spike in innovation in tier-2 and tier-3 cities.
“Every year Elevate is gaining momentum and it is evident in the fact that startups are nurtured in multiple sectors, from deep tech to agrotech and from fintech to defencetech. Hope we will keep this momentum with academia-industry collaboration,” said Karnataka IT&BT Minister Priyank Kharge to TheNFAPost.
The event also saw the attendance of special guests, Member of Legislative Assembly and KEONICS Chairman Sharath Bachegowda, Karnataka Vision Group for Startups Chairman and Founding Partner – Accel Partners Prashanth Prakash; Mensa Brands CEO Anantha Narayanan and 3one4 Capital Founding Partner Siddharth Pai.
One of the highlights of the event was the launch of the Bengaluru Innovation Report 2024 by the Department of Electronics, IT, BT, and S&T, Government of Karnataka. This report, created in collaboration with prominent stakeholders and knowledge partners, underscores Bengaluru’s extraordinary rise as India’s ‘startup capital’.
As per the report, Bengaluru stands at the forefront of India’s start-up revolution, home to 45 of the country’s 112 unicorns. As a dynamic innovation hub, the city fosters groundbreaking advancements in fields like AI, biotech, and fintech.
Supported by premier IT companies, research institutes, and capital allocators, Bengaluru’s start-up ecosystem thrives on collaboration and competition, driving economic growth and technological development. The Bengaluru Innovation Report 2024 is a testament to the city’s remarkable journey and its bright future in driving global innovation.
Out of the 263 startups invited for the Elevate 2023-2024 felicitation ceremony, 26 startups were represented by the winners from Amrita Startups 2022 who were supported with a committed grant of Rs 4.82 crore; 19 startups from Elevate KalyanaKarnataka 2022, backed by a committed grant of Rs 4 crore; 17 startups from Elevate Unnati 2022 and 2023, who have received a committed grant of Rs 5.55 crore; and 201 startups from Elevate 2023 and Call 2, funded with a committed grant of Rs 45.77 crore.
Furthermore, among the 263 winners, 47 startups are led by women entrepreneurs, and 119 startups hailing from tier II and III cities in the state, highlighting Karnataka’s commitment to inclusivity and diversity. The startup winners are advancing groundbreaking and innovative technologies across various emerging sectors which include Clean-Tech and Smart City solutions, cutting-edge IT/ITES, Healthcare and Med-tech, Biotechnology, and disruptive Agricultural technologies, among others.
The event was also attended by distinguished Jury members who have supported the department with the evaluation process across stages for various editions and calls of Elevate over the years.
Additionally, the heads of K-tech Partners, Innovation Hubs, and Centers of Excellence were present, having provided crucial support to startups at various stages of their lifecycle, including mentoring, incubation, and market access. Members of the press and media also attended the event.
The Elevate scheme was launched by the Department of Electronics, IT, BT and S&T, Government of Karnataka to identify and nurture innovative startups and help materialize their ideas into innovative products.
A one-time grant of up to Rs 50 Lakhs is given as a grant to encourage innovators who may need early-stage funding to develop a prototype, market development, and scale-up. The aim of the initiative is to provide a comprehensive entrepreneurship platform for startups along with providing access to mentors, networking opportunities, funds, idea validation, and incubation facilities, among others.
Till date, the Department has supported 983 startups with a committed fund of Rs 224.06 crore as seed funding. The initiative has seen the participation of women entrepreneurs with a representation of 25%, while 30% of entrepreneurs come from the tier II and III cities in Karnataka. The initiative has been supported by the Department of Social Welfare, the Department of Backward Class Welfare, and the Kalyana Karnataka Region Development Board.
The event aspired to motivate startups across the state to work on their ideas and prototypes and use their grant money judiciously in coming up with disruptive innovations. It also offered an opportunity for startups to connect with peer recipients, gain insights, explore possible synergies and access support, mentorship, and resources from ecosystem partners and government officials.
