Bengaluru: The Karnataka government has shortlisted 101 startups for financial assistance under the ELEVATE 2024 Initiative, a program aimed at supporting early-stage businesses.
The selection was made from 960 applicants, with the state allocating Rs 25 crore to aid their growth.
Focus on Startup Development
Launched in October 2023, ELEVATE 2024 is part of the broader ELEVATE Karnataka program, designed to provide financial grants, mentorship and networking opportunities to startups.
The initiative is being implemented through the state’s Department of IT & BT, with a focus on sectors such as technology, healthcare, agritech and sustainability.
According to Priyank Kharge, Karnataka’s Minister for Electronics, IT/BT, the initiative aligns with the state’s efforts to use technology to address real-world challenges and promote inclusive economic growth.
Government’s Push for Startup Ecosystem
ELEVATE 2024 is linked to the Karnataka government’s Local Economy Accelerator Programme (LEAP), which has a total allocation of Rs 1,000 crore.
LEAP is intended to boost employment and economic development in Tier II and Tier III cities, ensuring that smaller urban centres also benefit from the state’s startup ecosystem.
By extending financial support, the government aims to reduce early-stage startup failures and create a more sustainable innovation-driven economy. Unlike private funding sources, grant-based support allows startups to experiment and scale without immediate revenue pressures.
Karnataka’s Broader Strategy
Karnataka has consistently positioned itself as a leading startup hub in India. The government has been working on multiple initiatives to support entrepreneurship beyond Bengaluru, addressing funding gaps and access to resources for smaller startups.
The state’s proactive engagement with startups under programs like ELEVATE Karnataka indicates a long-term strategy to drive innovation-led economic growth.
With continued policy interventions and financial support, Karnataka is looking to maintain its competitive edge in India’s evolving startup landscape.
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