Karnataka has taken a significant leap lately to support startup ecosystem in the state with the launch of the Karnataka Acceleration Network (KAN). It is about nurturing companies and it is also a transformative attempt to decentralize innovation. It is believed to bring entrepreneurial growth beyond to various regions across the state. It aims to empower a total of 302 growth-stage startups in the period of next three years through mentorship, market access and funding.
Karnataka IT-BT minister Priyank Kharge said that the structure of KAN is to provide the startups with a much-needed framework for growth beyond Bengaluru. It is to strengthen talent and enterprise in places. He added that KAN is a transformative initiative that is basically designed to nurture a vibrant startup ecosystem and it reflects the urgency to break the long-standing dependency on Bengaluru as the sole growth hub.
KAN is the relaunch of ELEVATE 2024, which is a revamped grant-in-aid program and was first introduced in 2016. ELEVATE has funded more than 983 startups with a cumulative grant of ₹224.06 crore. The grants offered are up to ₹50 lakh per startup.
The well-known status of Bengaluru as India’s Silicon Valley boasts 45 unicorns worth $161 billion. Karnataka’s ambition to break into the top three global innovation hubs necessitates a broader vision.
The upcoming Bengaluru Tech Summit (BTS 2024) and its newly launched app offer startups and industry experts a platform to connect, share ideas and explore partnerships.
KAN and ELEVATE 2024 are a rare blend of support for both established and emerging startups. Karnataka is setting a standard that other states would do well to emulate. The road to India’s future in global innovation may start in Bengaluru but must reach every corner of Karnataka.
