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Karnataka Launches ELEVATE & KAN to Tackle Startup Funding Challenges

Illustration featuring text 'Elevate & KAN' on a dark gradient background, with icons representing business and financial management: a checklist, gears, a financial document with a dollar sign, a calculator, and a figure holding a tablet, symbolizing strategic planning and process optimization.

Anurag Trivedi

October 31, 2024

2 min read

Karnataka's Information Technology Minister Priyank Kharge recently launched two flagship programs—ELEVATE 2024 and KAN (Karnataka Acceleration Network)—to address startup funding challenges and foster growth across the state.

Key Program Details

ELEVATE 2024: This seed-funding scheme offers grants of up to Rs 50 lakh per startup for early-stage companies. In addition to financial support, startups receive incubation, expert mentorship, access to venture capital networks, and benefits under the Karnataka Startup Policy 2022-27. These benefits include incentives for patent costs, GST, quality certifications, and subsidized incubation at government-supported centers of excellence.
KAN (Karnataka Acceleration Network): KAN aims to expand support for growth-stage startups beyond Bengaluru, providing mentorship, market access, and resources. By connecting startups across regions, the program fosters collaboration between mentor and mentee accelerators. It plans to assist 302 startups over six cohorts within three years, furthering growth in regions outside of Bengaluru.

Statements from the Minister

At the launch event, Minister Kharge emphasized Karnataka's dedication to advancing innovation, noting, “Bengaluru is home to 45 unicorns out of India’s 112 with a valuation of $161 billion. Our goal is to secure a spot in the top three global startup hubs. We’re confident that ELEVATE and KAN will empower startups to scale, navigate funding challenges, and reinforce Karnataka as a top destination for innovation."

Targeted Sectors

The Karnataka government is particularly encouraging startups in emerging technologies such as AI, ML, Robotics, Blockchain, 5G, IoT, SpaceTech, and Cybersecurity to apply for ELEVATE 2024. Selected startups will receive incubation and mentorship at sector-specific centers of excellence.

The application period for ELEVATE 2024 is open from October 29 to November 29 via the official portal missionstartupkarnataka.org, providing early-stage startups with a substantial pathway to funding and development.

Source: The Week