Two flagship startup programmes ELEVATE 2024 and KAN, unveiled in Karnataka

Two flagship startup programmes, 'ELEVATE 2024' and 'KAN' (Karnataka Accelerator Network), were unveiled by Minister for Information Technology and Biotechnology and Rural Development and Panchayat Raj Priyank Kharge on Tuesday.

'ELEVATE 2024' is a grant-in-aid seed fund scheme designed to empower early-stage startups in Karnataka, while KAN is an acceleration network that will provide mentorship, market access, and funding opportunities for growth-stage startups across the state, with a focus on regions beyond Bengaluru.

Kharge also unveiled the event app for the 'Bengaluru Tech Summit 2024'. The app is available for download on both Android and iOS platforms. It is designed to offer registered delegates, exhibitors, and speakers, an immersive and streamlined experience throughout the summit.

The programme 'ELEVATE 2024' provides grants of up to Rs 50 lakh per startup, along with extensive support, including incubation, expert mentorship, incentives, and access to venture capital networks. The scheme has been termed as a gateway for availing various benefits under the Karnataka Startup Policy 2022-27, such as incentive reimbursements for patent costs, marketing costs, GST, and quality certification costs, subsidised incubation with GoK supported sector specific centers of excellence and TBIs across the state.

Karnataka government's Departments of Electronics, IT and BT are actively encouraging startups working in emerging technologies such as Deep Tech, AI, ML, Robotics, Blockchain, 5G, IoT, SpaceTech, and CyberSecurity to apply for ELEVATE 2024. Sector-specific centers of excellence in these areas will provide incubation, expert guidance, and mentoring to selected startups. The application window for ELEVATE 2024 will be open from October 29 to November 29 via the official portal: www.missionstartupkarnataka.org.

Meanwhile, Karnataka Accelerator Network (KAN) is an accelerator programme for growth-stage startups. It entails mentor and mentee accelerators running joint cohorts, through shared network, resources and pedagogy of startups from Bengaluru and beyond Bengaluru. A total of 302 startups are likely to benefit from the programme over 6 cohorts in 3 years.

“Karnataka has long been a leader in fostering a vibrant startup ecosystem and both ELEVATE and KAN are specifically crafted to provide a structured pathway for growth. Bengaluru is home to 45 unicorns out of the 112 in the country, with a total valuation of $161 billion. Our goal is to break into the top three rankings in the world. We are confident that ELEVATE and KAN together will empower startups to tackle funding challenges, scale their operations, and solidify Karnataka’s reputation as a leading hub for innovation and entrepreneurship,” said Kharge

“The Karnataka Accelerator Network is a transformative initiative designed to nurture a vibrant startup ecosystem beyond Bengaluru. By fostering collaboration between mentor and mentee accelerators, we aim to empower 302 startups over the next three years, providing them with the mentorship, market access, and funding they need to thrive,” added Kharge.