Karnataka Govt To Launch New Startup Policy

Karnataka government will soon unveil its new startup policy that aims to nourish startup ecosystem in the state. Addressing a gathering of start-ups at the Global Mobile App Summit and Awards organized recently, Priyank Kharge, Karnataka Minister for IT, said the State government is working on a new start-up policy.

“We are coming up with a start-up booster kit where start-ups can register with the Karnataka Biotechnology and Information Technology Services,” the Business Line report quoted the minister as saying.

The State has identified nine universities and has earmarked a budget of up to ₹40 lakh to encourage students to work on start-up ideas. Other sops such as subsidized plans for high-speed internet, incubator facility, subsidized licence products, mentor facility, financial experts, accounting and legal assistance are among the key services the State will offer for creating a conductive ecosystem for anyone who has an idea, government officials added.

“We will also soon announce an investment of up to ₹50 lakh for start-ups across sectors, and a ₹10-crore fund has been set up for women entrepreneurs,” Kharge said.

The State is also coming up with an initiative called Startup Open House, which will be a platform where the IT Minister and his team will interact with start-ups and work together on coming up with newer solutions. This will be a monthly activity that will happen on a fixed date, government officials said.

“The government has to put in some serious efforts to maintain the position of Bengaluru as the start-up and IT capital of India as other cities are beginning to look more attractive,” said Abey Zachariah, co-founder and CEO of Goodbox, a start-up based in Bengaluru.

Leave a Response