On Tuesday, State IT and BT minister  Priyan Kharge announced that “Karnataka Government will invest Rs 400 crore to elevate 100 startups by providing them with funds and mentors to help them to turn their ideas into a successful businesses.

During the presence of Nasscom Product Council Chairman Ravi Gururaj and other VC’s, Priyan Kharge said that “This funds will be allotted under the ‘Elevate Programme’, claiming to be the first of its kind in the country.”

Kharge added “Those startups will be also provided with access to idea validation, incubation facilities and in-depth sessions.

The government will hold open houses to identify startups in Mangaluru, Kalaburgi, Mysuru and Hubli, after they had pitched their ideas to Elevate Team, he said.

The participants from across the Karnataka state can apply for pitching by 18th of July.

While responding the the question Kharge said the “programme will not only help in funding, but also provide technical and business support based on their need.”

Kharge added “the government has also brought venture capitalists (VCs) on board to help it curate and fund startups, if they wished. Gururaj said the VCs will fund if the startups have reached the stage for them to invest.”

“At initial stages, the government will fund the startups and bring them to a point where it is investible for VCs. The VCs most often do not fund startups initially, which is why the government has stepped in here,” he said.

Kharge also said the programme, launched in partnership with Deshpande Foundation, The Indus Entrepreneurs and others, could also be a blessing in disguise for the laid off IT employees who want to foray into the world of entrepreneurship.

Till date, the government had identified 46 startups and sanctioned a total of Rs 15.68 crore in various fields such as biotechnology and tour.

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