With an aim to facilitate technology startups in the state, Karnataka government wants to bring in a professional fund manager to invest in multiple venture funds in the area of technology startups. A startup cell and booster kit to help in funding the startups in Karnataka was launched on Monday. This comes nine months after the government had announced its Start-up policy. The booster kit contains software tools, cloud credits, access to mentors, legal and consulting accountants and access to government funding and government supported incubators for all the startups registered with it. “This is the first time in India that a government has come up with a dedicated Start-up Cell guided by the Start-up Policy, which envisages the growth of 20,000 new start-ups, including 6,000 product start-ups, by 2020 in Karnataka,” said State’s IT and BT Minister Priyank Kharge, adding that Rs 400 crore is to be given as equity or funding, and it will also help in promoting the startups.
National Association of Software and Services Companies (Nasscom) and the Karnataka state government together has set up 725 seats in the warehouse to facilitate incubators, and among them new startups will have 325 seats. “The Karnataka Biotechnology and IT Services will sponsor participation of start-up entrepreneurs to attend national and international events to increase their network, administer tax incentive and assist them in patent filing,” Kharge told reporters.
The minister said that there will be opportunities for the startups to present their issues regarding the operations, by organising events every month, and the first one is supposed to be held on 16 August at the warehouse for 10,000 start-ups.
According to Kharge, state capital, Bangalore is among the 15 best start up city ecosystems in the world.
All the related information regarding policies, to help prospective entrepreneurs can be found on the soon-to-be launched web portal ‘www.startup.karnataka.gov.in’