K’taka Govt Selects 101 Startups under Elevate 2024 Programme
The Karnataka government on Thursday selected 101 startups among the 960 applicants to receive support under the ELEVATE 2024 initiative. The state introduced the programme last October to boost startups. Through its Department of IT & BT, the state allocated ₹25 crore in grant-in-aid to nurture these ventures, reinforcing its position as India’s innovation capital. This year’s cohort stands out for its diversity and inclusivity. This year’s ELEVATE 2024 cohort exemplifies diversity and inclusivity, with 42% of the selected startups being women-led enterprises. Additionally, 36% of the startups hail from emerging tech hubs beyond Bengaluru. The cohort also features representation from 14 districts, and includes 17 rural innovation specialists, bridging the urban-rural technology divide. The selected startups will benefit from incubation, mentoring, and networking opportunities aimed at scaling their operations and competing globally. This initiative aligns with Karnataka’s vision of empowering technology to solve real-world challenges and drive equitable growth. “As we continue to strengthen Karnataka’s position as India’s premier startup hub, our goal remains clear: technology must empower people, solve real-world challenges and drive equitable growth,” said Priyank Kharge, minister for electronics, IT/BT, Karnataka. Accelerating Startups Recently, Karnataka approved three proposals adding to more than ₹400 crore to boost technology infrastructure and regional growth. The initiatives include a ₹75 crore unified Beyond Bengaluru Cluster Seed Fund, ₹50 crore allocated for the Semiconductor Future Accelerator Lab (SFAL 2.0), and ₹285 crore dedicated to expanding the International Institute of Information Technology Bangalore (IIIT-B). The Beyond Bengaluru Cluster Seed Fund is designed to foster startups in tier-2 and tier-3 cities such as Hubballi-Dharwad, Mysuru, Mangaluru, and Kalaburagi, with a focus on sectors such as agritech, deep tech, AI, and manufacturing. These startups will also benefit from seed funding, incubation support, and market access opportunities, with an ambitious target of nurturing over 10,000 startups from these clusters by 2030.
The startups will receive ₹25 crore in grant along with mentorship and networking opportunities.
The startups will receive ₹25 crore in grant along with mentorship and networking opportunities.
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["AI", "Aim", "RAG", "R", "Go", "API", "ViT", "innovation", "startup", "funding"]
As a rare blend of engineering, MBA, and journalism degree, Vandana Nair brings a unique combination of technical know-how, business acumen, and storytelling skills to the table. Her insatiable curiosity for all things startups, businesses, and AI technologies ensures that there's always a fresh and insightful perspective to her reporting. She now hosts her tech segment 'Point Break' on AIM Tv.