Karnataka to Support 101 Startups Through ELEVATE 2024 Initiative

The Karnataka government has reaffirmed its commitment to fostering innovation by selecting 101 startups from among 960 applicants under the ELEVATE 2024 Initiative. This initiative, part of the broader ELEVATE Karnataka program, was introduced last October to provide crucial support to emerging businesses and strengthen the startup ecosystem in the state.

ELEVATE 2024: Driving Startup Growth in Karnataka

Through its Department of IT & BT, the Karnataka government has allocated ₹25 crore in grant-in-aid to support these startups in Karnataka, further cementing its reputation as India’s innovation capital. The funding aims to accelerate the growth of startups by providing financial aid, mentorship, and networking opportunities. The ELEVATE 2024 Initiative focuses on diverse sectors, including technology, healthcare, agritech, and sustainability, to promote inclusive and scalable innovations.

“As we continue to strengthen Karnataka’s position as India’s premier startup hub, our goal remains clear: technology must empower people, solve real-world challenges and drive equitable growth,” said Priyank Kharge, Minister for Electronics, IT/BT, Karnataka.
 
The ELEVATE Karnataka program is a key component of the state's government collaboration with startups, ensuring that promising ventures receive the necessary resources to thrive. The initiative was announced as part of the government's Local Economy Accelerator Programme (LEAP), which has been allocated INR 1,000 crore to generate employment and foster economic development in Tier II and Tier III cities.

Impact on Karnataka’s Startup Ecosystem

By backing these startups in Karnataka, the ELEVATE 2024 Initiative aims to drive regional development, support early-stage ventures, and create a robust innovation-driven economy. The Karnataka government’s proactive approach highlights its dedication to positioning the state as a leader in the startup ecosystem and strengthening the ELEVATE Karnataka program as a model for other regions.

With continued government collaboration with startups, Karnataka is set to reinforce its role as a hub for technological advancements and entrepreneurial success, ensuring that its startup ecosystem continues to flourish in the years ahead.

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