On Friday, Priyank Kharge, the Minister of Information Technology for Karnataka, revealed that 817 startups have registered for Elevate 2023, the state’s initiative supporting startups with innovative and disruptive ideas.
The response underscored Karnataka’s status as the most favourable environment for innovation and entrepreneurship, the minister said in a post on social media platform X. “The Government of Karnataka is committed to supporting startups’ growth by providing comprehensive assistance in every possible manner,” he added.
The registration for the 2023 edition surpasses the count of startups enrolled in Elevate six years ago, more than doubling the participation.
The IT/BT department outlines that the Elevate/Idea2PoC scheme aims to pinpoint leading innovative startups. These identified startups will receive government support to enhance and expand their products or solutions, propelling them to the next level of success.
Participation in the program is exclusively open to startups registered in Karnataka, boasting revenues of Rs 100 crore or more since their inception. However, the eligibility criteria stipulate that these startups should not exceed a decade in age.
The government’s objective is to support startups dedicated to innovating, developing, or enhancing products, processes, or services, particularly those with a scalable business model showing high potential for employment generation or wealth creation.
Kharge conducted a meeting in Bengaluru to initiate the establishment of the Centre of Excellence for Wireless and Wired Technologies in Karnataka.
This initiative, he said, will serve as a hub for research, innovation and skills, positioning Karnataka as a leader in the rapidly evolving field of connectivity.