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The Government of Karnataka has officially launched two flagship start-up programs aimed at bolstering the state's entrepreneurial ecosystem: ELEVATE 2024 and the Karnataka Accelerator Network (KAN). The announcement was made today by Priyank Kharge, the Minister for Electronics, IT, BT, and Rural Development & Panchayat Raj.
ELEVATE 2024 is a grant-in-aid seed fund scheme tailored for early-stage start-ups in Karnataka, offering grants of up to ₹50 lakh per start-up. The program also provides essential support such as incubation, mentorship, and access to venture capital networks, along with benefits outlined in the Karnataka Startup Policy 2022-27. These benefits include reimbursements for patent, marketing, GST, and quality certification costs, as well as subsidized incubation at government-supported sector-specific Centers of Excellence (CoEs) and Technology Business Incubators (TBIs) across the state.
The initiative is particularly focused on emerging technologies such as DeepTech, AI, ML, Robotics, Blockchain, 5G, IoT, SpaceTech, and Cybersecurity. A total of 302 start-ups are expected to benefit from ELEVATE 2024 over six cohorts in three years. Notable mentor accelerators identified from Bengaluru include DERBI, GINSERV, and Jain Launchpad, while mentee incubators from regional clusters comprise SJCE-STEP in Mysuru, SHINE Foundation in Mangaluru, and UAS in Dharwad. KDEM will serve as the implementation partner for KAN, which aims to provide mentorship, market access, and funding opportunities for growth-stage start-ups beyond Bengaluru.
Kharge emphasized Karnataka's leadership in fostering a vibrant start-up ecosystem, noting that the state is home to 45 of India's 112 unicorns, collectively valued at $161 billion. “Our goal is to break into the top three rankings globally. We are confident that ELEVATE and KAN will empower start-ups to overcome funding challenges and scale their operations, solidifying Karnataka’s reputation as a leading hub for innovation and entrepreneurship,” he said.
Since its inception in 2016, ELEVATE has funded a total of 983 start-ups with a committed grant of ₹224.06 crore, making Karnataka the first state in India to implement such a comprehensive funding scheme for promising start-ups. The application window for ELEVATE 2024 is open from October 29 to November 29, 2024.
HBL
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