The Karnataka government has started two new initiatives, Elevate 2024 and the Karnataka Accelerator Network (KAN), aimed at enhancing support for startups across the state.
Elevate 2024 will offer grants of up to Rs 50 lakh per startup, along with comprehensive support that includes incubation, expert mentorship, and access to venture capital networks. Startups can also benefit from subsidised incubation through sector-specific centers of excellence (COEs) and technology business incubators (TBIs) throughout Karnataka.
The initiative particularly encourages startups in emerging technologies such as deep tech, artificial intelligence, machine learning, robotics, blockchain, 5G, space tech, and cybersecurity. Since its starting, Elevate has funded a total of 983 startups.
The Karnataka Accelerator Network (KAN) is designed for growth-stage startups, facilitating collaboration between mentors and mentees through joint cohorts that leverage shared resources and networks. Over three years, Kan aims to support 302 startups across six cohorts, as disclosed by the Department of Information Technology and Biotechnology (IT-BT).
During the event, Minister Priyank Kharge reaffirmed the state's commitment to fostering innovation and entrepreneurship, stating, “Karnataka has long been a leader in nurturing a vibrant startup ecosystem; both Elevate and Kan are specifically crafted to provide a structured pathway for growth.”
