Karnataka grants funds of Rs. 3.18 Cr to encourage entrepreneurs with budding ‘innovation’
 Source : News Bharati English  Date : 29-Jun-2017

Bengaluru, June 29: In order to boost and provide financial back-up for the start-ups in Karnataka, Department of IT and Biotechnology granted Rs 3.18 Crore in the areas of agriculture, biotechnology, security, communications and robotics. The Idea to Proof of Concept (Idea2POC) is a part of the country’s first multi-sector startup policy, unveiled by the state government to encourage entrepreneurs with funding to commercialize their innovation.

Each startup will get Rs 10-50 lakh as seed capital and additional funding will be in tranches as per the need through their business life cycle. The government will disburse the funds under its Grant Scheme, which is part of the broader Karnataka Startup Policy 2015-20, it said in a release.

“The dozen start-ups have been selected for funding to innovate products and solutions as they have been part of the Idea2PoC scheme of the IT department’s Start-up Cell,” said an official statement.

“As the state has a lot of young and talented entrepreneurs, it is our responsibility to promote their startups and fund them as they have the potential to make a difference,” said Karnataka IT & BT Minister Priyank Kharge.

“Though Bengaluru is the country’s IT hub, we are seeing its startup culture spreading to other areas, including agriculture, biotechnology, security, communications, robotics and gaming rapidly. Our aim is to mentor and help them to become self-sufficient,” said IT & BT Principal Secretary Gaurav Gupta on the occasion.

“These technologies can solve our long-standing problems, create hundreds of jobs and help in the ‘Make in India’ programme of the central and state governments,” said Karnataka Biotechnology and Information Technology Services (KBITS) Managing Director Salma K. Fahim.