To strengthen the start-up ecosystem in the state, the Department of Information Technology, Biotechnology, Government of Karnataka, announced grants of ₹3.18 crore to 12 start-ups in the state.
The grants were provided as part of the state government's programme Idea2PoC (Proof of Concept), which was announced as part of the Startup Policy in 2015 and is being implemented by Karnataka Bio-technology and Information Technology Services.
“These 12 start-ups are specialised in varied fields, such as agriculture, biotechnology, security, communications, and robotics. They have been selected carefully on the grounds of the application of the technology, practicality, feasibility and most importantly – innovation,” according to a communiqué on Thursday.
As part of Idea2PoC programme, the state had earlier announced grants worth about ₹12.5 crore to 34 start-ups in the biotechnology and tourism sector to bolster innovation in the state.
Considering the need of financial aids for young companies, the funds are provided in the form grant-in-aid for an amount up to ₹50 lakh. The funding is released in tranches contemplating the need for funds through the business lifecycle of the start-up.
“The state is filled with young, talented and brilliant people, and it is our responsibility to ensure that these talents are recognised. We have always supported start-ups in the state and will continue to do so. These 12 start-ups were chosen because they have the potential to make a difference,” said Priyank Kharge, Karnataka IT&BT and Tourism Minister.
