Thursday, December 1, 2016

Govt Initiates Startup Karnataka Top Tech-25 Awards at ITE.biz 2016

As per the Global Startup Ecosystem Ranking Report 2015, is home to approximately 3,100 to 4,900 active tech startups and has achieved the second highest growth rate for exit volume and VC investment among the top 20. As a result, moved up four positions to #15 in 2015, advancing from #19 in the 2012 ranking. As per this report, is the only Indian city to be ranked within the best twenty startup eco systems across the world.

Though the State had pioneered several initiatives to promote startups in the past couple of years, the Karnataka Startup Policy, announced last November 2015, was the country’s first Multi-Sector Startup Policy with a vision to create a world-class startup ecosystem in the State through strategic investments and policy interventions, leveraging the robust innovation climate in Bengaluru. The policy was brought out with the vision that innovation needs to be promoted across sectors from agriculture to aerospace and that it needs to be nurtured across the state including in tier 2 cities.   

Under the Policy, the Department of IT, BT and SnT, the nodal implementation department, is executing various initiatives. The Karnataka Startup Cell has been established in KBITS and is acting as a one stop shop that enables easy flow of information and assistance to needy startups. The Karnataka Startup Cell is targeting to support 20,000 startups during the policy period, of which 6,000 are expected to be product startups. The cell has already registered 2000+ startups and is aiming to assist startups with the various initiatives available under the policy like
·  Startup Booster Kit
·  Idea to PoC funding
·  Incubation facility at subsidized cost
·  Venture Funding through state supported funds e.g. Semiconductior Venture Fund, Animation Fund, Biotech Fund and Venture Funds supported by the upcoming State Fund of Funds
·  Networking with mentors, industry leaders and investors
·  Incentives and concessions under the policy

In the above background, the Government of Karnataka, has launched for the first time, Startup Karnataka Top Tech-25 Awards 2016 to recognise promising startups of Karnataka on Day Three, the 30th of November 2016, of the state’s premier IT event,  ITE.biz 2016.

These awards are being given in five categories namely IT/ITES, ESDM(Electronic System Design and Manufacturing), AVGC (Animation, Visual Effects, Games and Comics)Biotechnology, Pharma & Life Sciences and Social Inclusions.

In response to the public call for applications, 100+ nominations were received under all categories.  A jury panel comprising representatives from Government, Industry Experts etc selected the awardees. Deloitte India facilitated the process of selection

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