A ₹25 crore Mysuru Cluster Seed Fund was launched on Saturday to promote start-ups and innovations’ ecosystem in Beyond Bengaluru clusters.
Also, a 2 lakh sq. ft or 3,000 seater high-quality plug-and-play office infrastructure in Mysuru has been developed at the Mysuru Global Technology Centre (MGTC) which is described as a significant step towards boosting the growth of IT, ITES, GCC, ESDM, start-ups and all services’ companies in the region.
Another initiative of the Government of Karnataka and a first of its kind in the country to boost the accelerator ecosystem in the State is Karnataka Accelerator Network (KAN). This is to address the challenges involved in the start-up journey and augmentation across various sectors that are critical to the start-ups’ growth, according to the Karnataka Digital Economy Mission (KDEM).
Launching the initiatives virtually from Bengaluru on Saturday, C.N. Ashwath Narayan, Minister for Higher Education, IT and BT, said, “The three critical initiatives - availability of world-class office infrastructure, access to easier capital and business accelerator support - will determine the success of any industry and cluster. We are creating a web of support ecosystems. The three initiatives will drive over 1,000 new jobs in the State. We want start-ups and global companies to take this advantage in Namma Mysuru.”
The government will facilitate easier access to capital for selected start-ups in the clusters, he added.
“The Seed Fund is an opportunity for budding entrepreneurs to create new growth centres, employment generation and drive the digital economy for the State. The fund will be managed by the Investment Committee (IC) consisting of industry and professionals. The program will be implemented by KDEM. As many as 70-80 start-ups will be funded,” a release from KDEM said here.
Mysuru Global Technology Centre
It said the availability of world-class office infrastructure is a critical factor that determines the success of any industry, especially in the technology sector. This will help to get more investments and employment opportunities into the cluster.
MGTC has been developed in the KSOU building in Mandakalli which was handed over to the KDEM.
With regard to KAN, the KDEM said the stakeholders who will be partnering in the initiative would be (not for profit) three accelerators across Bengaluru and three potential accelerators from Beyond Bengaluru - Mysuru, Mangaluru, and Hubballi-Dharwad-Belgaum clusters. The principal objective is to boost the Start-up Ecosystem, especially for growth stage start-ups, and create a mentor-mentee network between accelerators and incubators in Bengaluru and Beyond Bengaluru regions to share best practices for nurturing startups,” the release added.
On the KAN initiative, E.V. Ramana Reddy, Additional Chief Secretary, Dept of Electronics, IT BT S and T, said KAN will support and nurture 306 start-ups over a period of three years.”
B.V. Naidu, Chairman, KDEM, said the initiatives put Mysuru on the global digital map which is important for the nation as a whole as the main objective is to catalyse the State’s potential in the field of technology.
Sanjeev Gupta, CEO, KDEM, said MGTC will put emerging tech clusters like Mysuru in the next orbit to create a global business ecosystem and drive global companies to set their back offices with local deployable talent, for start-ups a vibrant business platform, and pioneer the reverse brain drain drive into India. “This MGTC is the foundation that has been laid for digital generations coming up in the future.”