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Karnataka Cabinet Approves Startup Policy 2022-27, Focuses On Taking Tech Beyond Bengaluru
Writer: Hardik Bhardwaj
He is a student of SIMC, who is organized and able to meet deadlines in a fast-paced environment.
Karnataka, 24 Dec 2022 10:06 AM GMT
Editor : Shiva Chaudhary |
A post-graduate in Journalism and Mass Communication with relevant skills, specialising in content editing & writing. I believe in the precise dissemination of information based on facts to the public.
Creatives : Shiva Chaudhary
A post-graduate in Journalism and Mass Communication with relevant skills, specialising in content editing & writing. I believe in the precise dissemination of information based on facts to the public.
The fund will promote new, cutting-edge deep-tech startups in all fields, including robotics, drones, electric cars, machine learning, and artificial intelligence. It will also offer a one-time grant-in-aid of up to ₹ 50 lakhs for startups.
Following the announcement in the Karnataka budget proposed by Chief Minister BS Yediyurappa in March, the state cabinet, on December 22, has now approved the Karnataka Startup Policy, 2022, at a cabinet meeting in Belagavi. The policy aims to create a ₹ 100 crore venture capital fund to accelerate 25,000 startups in the next five years.
Approximately 15,000 startups are currently stationed in the state. According to CN Ashwath Narayan, Minister for Information Technology, Biotechnology, and Science and Technology, the new policy intends to add at least 10,000 startups over the next five years. With this, Karnataka aims to establish itself as the 'champion state' for startups.
Karnataka Startup Policy 2022-27 will add 10K+ startups over the next 5 years across the state, creating more jobs & job creators!
— Dr. Ashwathnarayan C. N. (@drashwathcn) December 23, 2022
It provides for ₹100Cr VC fund to support innovative & deeptech startups. This will cement Karnataka's position as 'Champion State' in the segment. pic.twitter.com/JjHPGFb7im
Aims To Promote Deep-Tech Startups
According to The Indian Express, the fund will promote new, cutting-edge deep-tech startups in all fields, including robotics, drones, electric cars, machine learning, and artificial intelligence. It will also offer a one-time grant-in-aid of up to ₹ 50 lakhs for startups.
The policy seeks to establish 50 new-age innovation networks (NAIN) in technological research universities outside Bengaluru urban district. For three years, each NAIN will get support worth ₹ 5 lakhs per student project and up to ₹ 12 lakhs per year in operational expenses.
In addition to a direct loan of ₹ 10 lakhs through the Karnataka State Women Development Corporation, the programme will reserve 25 per cent of the ₹ 100 crores in venture capital for businesses created and managed by women. With funding of ₹ 15 crores, a centre for excellence for assistive technology would be established to provide cutting-edge solutions for the elderly and others with disabilities.
Encouraging Social Entrepreneurship
To address current social challenges within the Environmental, Social, and Governance (ESG) Framework and achieve Sustainable Development Goals (SDGs), the policy aims to facilitate innovative technology solutions in the social governance sectors and encourage social entrepreneurship and assistive technology innovations.
The strategy has seven goals, some of which are to support the ecosystem with a focus on growing clusters 'Beyond Bengaluru' and to boost the infrastructure setup in government institutions.
Also Read: Over 50% Of Govt-Recognised Startups Centred In Five States, Maharashtra Tops List
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