Saturday, November 18, 2017

Karnataka to Award Winners of India’s First Comprehensive Entrepreneurship Platform, Elevate100

ELEVATE100, India’s first comprehensive entrepreneurship platform, moved into fast lane on Saturday, November 18, 2017, with the Government of Karnataka earmarking Rs 20.03 crore to fund startups who were selected after 4 rigorous rounds in a 2-month long grueling contest.

The final list of Elevate100 Startups covers the entire gamut of the startup ecosystem in Karnataka. In all, 38 IT/ITES startups were sanctioned a grant of Rs 5.50 crores, 27 MedTech startups were sanctioned Rs 4.30 crores, 17 ESDM startups were allotted Rs 3.6 crores, 12 BT startups got Rs 2.80 crores, Rs 1.33 crore was earmarked for 6 AVGC startups, 4 Agriculture startups were sanctioned Rs 1 crore, Rs 40 lakh for 3 CleanTech startups and 4 startups working in the field of Aerospace & Aviation were sanctioned Rs 1.10Crore.

“Ideas transform cultures and ecosystems, and it's incredible to be a part of that,” said Priyank Kharge, Karnataka minister for IT, BT & Tourism.

“The efforts of Karnataka government don’t stop at elevating these chosen 100. We see ELEVATE 100 as a continuing process where the best ideas from the state gets the support and guidance it deserves,” the minister said.

“The incredible journey of Elevate100 through the length and breadth of the state also changed my perspective on the quality of talent we have here. Even the smallest lanes of an interior town in Karnataka has something offer which can truly change the world. Elevate100 shines night on our incredible social capital,” Kharge said.

“I’m fond of this quote by Leo Tolstoy — “Everyone thinks of changing the world, but no one thinks of changing themselves.” People are connected, informed, empowered and demand a more responsive governance. Elevate100 sets the stage for a new era of governance that’s more human, purposeful and adaptive,” the minister said.

ELEVATE 100 programme, an initiative of the Department of Information Technology and Biotechnology, Government of Karnataka, traversed the length and breadth of the state in a rigorous hunt to pick the top 100 startups and help them turn their ideas into successful businesses. The Pitching Sessions were held in Mysuru, Kalaburagi, Mangaluru, Hubballi and Bengaluru, where around 1,700 startups pitched to elevate their ideas to successful ventures. The initiative also attracted 350 women entrepreneurs and 400 applicants from the rural areas. The selected startups will have access to Karnataka Government’s Rs 400 crore start-up fund besides access to Government VC funds, pilots, private VC funds, world class accelerators and mentors.

Thanks to the 8 MoUs inked by Karnataka government on the sidelines of the ‘Elevate 100 Conference’ in Bangalore on August 30, the selected 111 startups will receive additional support and assistance from a host of private players.

While Google will provide $3000 worth of cloud credits for startups registered with Startup Cell, PricewaterhouseCoopers will provide mentorship and consulting services for sustainable growth of registered startups. Yes Bank will offer banking services, API Integration and customized solutions and Kotak Bank will help startups set up business by providing assistance in registration processes, accounting, income tax returns, GST returns and tax audits among other support. TiE, Assocham and 3M to mentor startups in different areas and Growth Enabler to help in profiling the startups for provide greater visibility on digital space.

Amazon Activate which will provide $3000 worth of cloud credits for startups registered with Startup Cell and Indian Law Practices will provide legal consultancy services for the identified startups. Digital Ocean will also provide a $100 one-time credit for all startups registered with Startup Cell and a $1000 one-time credit for startups which are being funded under Karnataka Startup Cell. Zoho will provide the startups an unprecedented 35+ integrated applications on one account with complete administrative control and complementary mobile apps.

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