New policy in Karnataka aims to establish 10,000 new startups in five years
A new startup strategy that aims to add 10,000 additional firms over the following five years was approved by the Karnataka Cabinet.
With an emphasis on increasing the number of high-growth businesses, the overarching objective was to encourage the growth of around 25,000 startups over the course of five years. According to IT/BT Minister CN Ashwath Narayan, there are now roughly 15,000 startups based in Karnataka.
The goal of the strategy, he continued, was to make Karnataka a hub for global innovation while solidifying the state’s status as the “champion state” in the startup industry.
A Rs 100 crore venture capital fund has been established by the policy to help burgeoning deep tech firms in AI, ML, EVs, medtech, robotics, drones, and other disruptive technologies.
The five-year-old strategy, which aims to support companies working on environmentally friendly solutions that are also in line with the SDGs and those that benefit people with disabilities, is now operational.
The government has broken down its policy goals into nine broad categories, including fostering new-age innovation networks, funding, supporting mentorship, and building infrastructure for incubation and acceleration, creating inclusive and equitable startup ecosystems, encouraging social and rural entrepreneurship, channelling innovation for societal impact, enablement and facilitation, and providing states.
The Beyond Bengaluru Cluster Seed Fund, which is part of the policy, supports companies’ growth in rising technological clusters including Mysuru, Hubballi, and Mangalore.
