Karnataka has introduced two major initiatives, Elevate 2024 and the Karnataka Accelerator Network (KAN), aimed at boosting the startup ecosystem within the state. These initiatives provide financial support, expert guidance, and growth opportunities, helping startups succeed and flourish in a competitive market.
Financial Support through Elevate 2024
Elevate 2024 is designed to help early-stage startups by offering grants of up to Rs 50 lakh. This funding aims to give startups the financial boost they need to scale up and expand their operations. Beyond financial aid, Elevate 2024 also offers a range of support services including incubation, mentorship, and access to venture capital networks.
Startups participating in this program can take advantage of subsidized incubation through specialized centers of excellence (COEs) and technology business incubators (TBIs) located across Karnataka. This makes it easier for startups to access facilities and resources, tailored to their specific industries, and achieve their growth targets.
Focus on Emerging Technologies
Elevate 2024 emphasizes startups working with cutting-edge technologies. This includes fields like artificial intelligence, machine learning, deep tech, robotics, blockchain, 5G, space tech, and cybersecurity. Karnataka aims to position itself as a leader in these high-potential areas by supporting startups that work on the latest technological innovations. Since the launch of Elevate, a total of 983 startups have already received funding, showing the program’s ongoing commitment to innovation.
Growth-Stage Support through KAN
The Karnataka Accelerator Network (KAN) is a specialized program focused on growth-stage startups. This network connects experienced mentors with startups, allowing them to collaborate and benefit from shared resources. KAN organizes cohorts, which are groups of startups that go through the program together, benefiting from pooled resources and mentorship.
KAN aims to support 302 startups over the next three years by running six different cohorts. This structured approach ensures that startups receive continued guidance as they scale, increasing their chances of long-term success.
Karnataka’s Commitment to Innovation
Speaking at the launch event, Minister Priyank Kharge emphasized Karnataka’s dedication to building a strong startup ecosystem. He stated, “Karnataka has long been a leader in nurturing a vibrant startup ecosystem; both Elevate and KAN are specifically crafted to provide a structured pathway for growth.”
These initiatives underscore Karnataka’s focus on becoming a top hub for startups and innovation in India, providing a comprehensive pathway for startups to progress from early stages to global impact.
