Wednesday, December 9, 2015

20,000 Startups to be Incubated in Karnataka; To Create 12 Lakh Additional Jobs: CM Siddaramaiah



The tech-savy state of Karnataka will incubate about 20,000 startups by 2020 to create six lakh direct and 12 lakh indirect jobs, Chief Minister Siddaramaiah said on Tuesday.
“We are setting up a start-up cell as a one-stop-shop to help young entrepreneurs float start-ups and guide them in launching their ventures as they will have little knowledge of corporate affairs,” said Siddaramaiah.
The 18th edition of Karnataka’s premier IT summit, BangaloreITE.biz 2015 kicked off on Tuesday with the government reinforcing its commitment to reposition Karnataka, especially Bengaluru, as the IT capital and the innovation hub of the country with its startup initiatives.
Inaugurating the event, Siddaramaiah said the state will incubate about 20,000 startups to create six lakh direct and six lakh indirect jobs. 

“As part of this initiative, we are setting up a startup cell as a one-stop-shop to help young entrepreneurs float startups and guide them in launching their ventures as they will have little knowledge of corporate affairs,” he said. 

Noticing the flourishing startup ecosystem backed by major IT companies, the state government came up with its startup policy 2015-2020. The policy promotes entrepreneurship by setting up incubation centres, visualises partnership in research and development, and finding early stage funding. 

“With hundreds of entrepreneurs setting up startups here, Bengaluru is emerging also as the country’s startup capital after it became the IT capital over a decade ago,” he said, adding the government has constituted a startup council under his chairmanship to review the implementation of the startup policy and give feedback. 

The Karnataka startup policy, which covers IT, BT and manufacturing sectors, is the outcome of the state government’s ‘Karnataka I-4’ initiative that was launched in 2014. Speaking at the event,  Principal Secretary, Department of IT, BT and S&T, Manjula V (IAS) said the startup policy envisages to bring its ecosystem beyond Bengaluru.

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