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"Karnataka government's startup policy aims to nurture 20,000 technology-based startups and 6,000 product-based firms. The policy intervention of the government along with the support of industry and investors is helping us achieve this target. I'm confident that 'Idea2POC' initiative along with the new-age incubation network of the state government will encourage innovation and entrepreneurship," said Chief Minister Siddaramaiah.'
These startups will build platforms ranging from promoting hostel tourism, building app to identify verified information of restaurants, digital imaging and audio guides. The funding was given under the Idea to Proof grant scheme of the Karnataka Startup Policy. This is the first time that a state government conducted a challenge to fund startups.
There were 127 online registrations out of which the eight were shortlisted and will receive funds ranging from Rs 5 lakh to Rs 50 lakh. The challenge was organised by Karnataka startup cell, Department of IT , BT and Department of tourism.
"Idea2POC offers entrepreneurs a support system to explore, develop and launch their best ideas. The scheme is designed to identify, mentor and fund enterprising tourism startups in Karnataka who can create a deeper, immersive experiences around states' manifold riches," said Priyank Kharge, the Minister of State IT, BT & Tourism, Government of Karnataka.
"The objective is to encourage innovators who may need early-stage funding to stimulate commercialisation of their inventions and to help in validating proof of concept. We use a team-approach to mentoring that gives the entrepreneurs more perspectives from different angles," Kharge added.
Idea2POC is an 'Ignition Fund' given in the form of Grant-in-aid but limited to a one time grant of up to Rs. 50 lakhs. Funding shall be released in tranches based on the life cycle of the business plan.