The new startup policy from the Karnataka Government will include provisions to allow startups to bid for government projects, and has picked up 100 most innovative start-ups after following through a four-layered selection process.
Selected startups will get a funding support of about Rs 35 crore from the government to pursue their tech-ideas and scale them up.
The startups are being selected under the government’s ELEVATE 100 programme. The initiative also attracted 350 women entrepreneurs and 400 applicants from the rural areas.
There were 270 startups vying for these top 100 slots. The jury, however, finalised the list of most innovative startups on Wednesday. The contest saw the participation of more than 1700 startups from across Karnataka, mostly based out of Bengaluru.
“We will look at the services and procurement from startups for operations within the govt. Some of the services government departments use is outdated because we have fallen back on technology. Till now only the bigwigs such as L&T and others have worked with the government. We want to encourage a level-playing field and create an open platform for startups to participate,” Karnataka IT minister Priyank Kharge told Moneycontrol.
Of the 100 startups finalised, 27 are from electronic semiconductor design, 19 from life sciences, 11 each from biotech, agri tech, four each from animation and gaming, and clean tech, and 26 from IT/ITES. There are also 19 startups founded by women entrepreneurs and 11 from rural areas.
The government has also signed 8 MoUs with private sector companies such as Google, Amazon, Zoho, Kotak Bank, Yes Bank among others. Google and Amazon Activate have been roped in to provide USD 3000 worth of cloud credits for startups registered under the Startup Cell and USD 20,000 worth of credits to the winners of Elevate 100.
Yes Bank and Kotak Bank are also part of the booster shot, helping businesses in banking services, API integration, accounting, IT returns, GST returns, and tax audits and so on.
Earlier, the state IT and BT minister Priyank Kharge had launched an ‘ELEVATE 100’ program which aims to help 100 startups with funds, mentorship, and a go-to-market strategy with a Rs 400 crore fund. The ELEVATE 100 jury has recommended that around 35 crore of the Rs 400 crore funds be awarded to the 100 finalists.