The recent launch of ELEVATE 2024 and the Karnataka Acceleration Network (KAN) by the Karnataka government represents a forward-thinking step toward redefining its role in the Indian startup ecosystem. It is led by IT/BT Minister Priyank Kharge and the flagship programs are equipped with ambitious vision for supporting early-stage and growth-stage startups in sectors like deeptech, AI, IoT and spacetech.
ELEVATE 2024 promises up to INR 50 lakh per startup. It is coupled with incubation, mentorship and venture capital access. The program focuses on high-potential sectors and aligns well with the larger aim of the government to make Karnataka a tech powerhouse. It is targeting areas like robotics, blockchain and cybersecurity. The ELEVATE 2024 offers a lifeline to startups which are venturing into complex and capital-intensive technologies. The primary aim is to fund and create a thriving ecosystem.
KAN is positioned as an accelerator program that is tailored for growth-stage startups. It seeks to provide structured mentorship to more than 300 startups through multiple cohorts over three years. The focus on sustained growth is important as many startups struggle to scale beyond their initial launch phases.
Karnataka introduced a venture fund for AVGC (Animation, Visual Effects, Gaming, and Comics) startups earlier this year and it hints at a targeted strategy that spans across diverse tech fields.
Bengaluru is currently positioned as a top startup destination in the country startups here has raised $1.57 billion in the first half of 2024.
Karnataka is not promoting entrepreneurship and also laying the groundwork for a future where cutting-edge tech can reshape the Indian economy.
