The Government of Karnataka has launched – the Global Startup Challenge – “VentuRISE” to recognize, reward, and support growth stage startups in manufacturing and sustainability-related sectors.
“VentuRISE” – is a part of the flagship event Global Investors Meet – “Invest Karnataka 2022″ from 2nd – 4th November 2022 at the Bangalore Palace. The Global Challenge will provide budding entrepreneurs across the globe with a platform to showcase their innovative products/solutions and connect with potential investors.
The Department of Industries and Commerce has partnered with TiE, the largest network of entrepreneurs dedicated to fostering entrepreneurship, and TiE Bangalore, the local chapter of TiE Global, for the smooth conduct of the Startup Challenge. E-commerce giant Amazon is sponsoring the initiative.
This challenge will focus on startups in the manufacturing and sustainability-related sectors through a screening and selection process that will be conducted for the next two months by experts in the field. Entrepreneurs from across the world will be given an opportunity to showcase their products/solutions and build a strong network to help their ventures.
A cash prize of USD 100,000 is earmarked for the winners. The winners get access to customers, exclusive pitch sessions at Invest Karnataka & curated One on One investor meetings, and mentoring sessions. Marquee PEs, VCs, and Angel Investors are expected to participate.
The Startup Challenge will be a 3-round challenge that will be conducted over a span of 2 months. The process will include online application submission, online pitching to the jury, and the final presentation at the Global Investors Meet and media visibility across platforms.
Unveiling the logo of “VentuRISE” at the launch, Dr. Murugesh R. Nirani, Honorable Minister for Large and Medium Industries said, “Our aim is to promote Karnataka State as the preferred destination for startups in manufacturing & sustainability sectors and to attract investors and industry partners to support their growth journey. We are consistently working from a policy intervention perspective and towards building state-of-the-art infrastructure to support our entrepreneurs”.
Dr. E.V. Ramana Reddy, Additional Chief Secretary to Commerce and Industries said, “Karnataka is the go-to destination for Innovation in Industries. Through the Challenge, we aim to identify the top innovators and growth stage startups in manufacturing & allied sectors.”
Gunjan Krishna, Commissioner for Industries and Commerce said, “Through VentuRISE, we aim to bring the global start-up community to Karnataka. As part of the Global Investors Meet scheduled for Nov 2022, the top winners of the challenge will be provided an opportunity to interact, network, and present their work on one of a kind platform. I wish all the participants the best of luck and look forward to seeing innovations.”
Commenting on the Amazon partnership with the Department of Industries and Commerce, Government of Karnataka and TiE Global for VentuRISE, Chetan Krishnaswamy, VP, Public Policy, Amazon India said “Today, we are delighted to partner, to recognize, reward, and support startups in manufacturing and sustainability-related sectors. Amazon is aligned with Prime Minister Modi’s vision of startups as the “backbone” of new India and the engine that will power the nation’s economic growth in the run-up to the 100th year of Independence”.
“To promote innovation and support this “techade” in India, Amazon has multiple programs like Amazon Launchpad and Amazon Global Selling Program that empower start-ups across India to benefit from global market access and enable them to create global brands,” he added.
B. J. Arun, Chairman, TiE Global said, “Today’s startups are going to be the unicorns in the future. Even large companies look for insights from startups. There is a lot of potential in manufacturing and sustainability”.
Shradha Sharma, CEO & Founder, Yourstory, and Subramanya SV, Co-Founder & CEO, Fisdom who are also mentors of VentuRISE were felicitated at the event.
Details of “VentuRise” – Start-up Challenge
About 2000+ applications from growth-stage startups are expected from across the world.
Schedule
• Applications open from 1st September to 25th Sept 2022
• Jury Screening & Final 50 Selection: by 15th Oct 2022
• Shortlisting Final 10: by 25th Oct 2022
• Final Pitches to a Grand Jury: by 27th Oct 2022
• Winners announced at Invest Karnataka Event between 2-4 Nov 2022
