USD 100,000 for top 3 winners, K’taka govt launches Startup challenge

Karnataka government made an announcement of a startup challenge called ‘VentuRise Global Startup Challenge’ aiming to aid entrepreneurs in sustainability-related sectors. The startup challenge was held globally for startups in the manufacturing and sustainability sectors. These startups got a chance to showcase their cutting-edge technology and solutions which helped them build a network with investors. The investors meet was held in Karnataka from 2^nd to 4^th Nov and the prize distribution happened on 4^th of Nov.

The prize money of the startup challenge offered was USD 100,000 for the top 3 contenders. These candidates were given access to a market base (clients), opportunities to pitch to investors, and interactive sessions with mentors. VentuRise apart from hosting was also among the participants. The startup challenge received more than 2000 applications from across the country.

“We are doing this startup challenge called ‘VentuRise’. In this, we are giving USD 100,000 as the prize money to the top three successful candidates,” said Gunjan Krishna, Commissioner of Industrial Development (Karnataka).

The startup challenge, VentuRISE, is part of the flagship event Global Investors Meet – “Invest Karnataka 2022” which was held from November 2^nd to November 4^th, 2022, at the Bangalore Palace. The startup challenge was held in three rounds over a period of 2 months including the submission time.

Murugesh R Nirani, Large and Medium Industries Minister, said, “Our aim is to promote Karnataka state as the preferred destination for startups in manufacturing and sustainability sectors and to attract investors.” Further adding that they are consistently working from a policy intervention perspective and towards building state-of-the-art infrastructure to support our entrepreneurs”.

Vice President of Amazon India’s Public Policy said, “Amazon is aligned with Prime Minister Narendra Modi’s vision of (startups) as the “backbone” of new India and the engine that will power the nation’s economic growth in the run-up to the 100th year of Independence”.