Karnataka cabinet approves a new startup policy intending to add 10,000 more startups in the next five years. The broad goal was to stimulate the growth of about 25,000 startups over five years with a special focus on multiplying the number of high-growth ones. Karnataka is currently home to about 15,000 startups, IT/BT Minister CN Ashwath Narayan said.
The policy aimed at cementing Karnataka’s position as the ‘champion state’ in the startup space and nurturing them throughout their business lifecycle while making the state a global innovation hub, he added. The policy has provided for a Rs 100 crore venture capital fund to support emerging deep tech startups in AI, ML, EVs, MedTech, robotics, drones, and other disruptive technologies. Operational for five years, the policy seeks to give a big push to startups engaged in environment-friendly technologies, aligned with SDG goals and those aimed at helping differently-abled persons, as per reported by The Economic Times.
The government has divided the policy objectives into nine broad pillars some of them are Creating and strengthening new age innovation networks Fostering partnerships between academia and industry Funding, supporting mentorship and building incubation and acceleration infrastructure Creating an inclusive and equitable startup ecosystem Promoting social and rural entrepreneurship Impact, Social channelizing innovation for efficiency and facilitation, and providing state support in the form of incentives and concessions.