 "Karnataka funds start-ups to promote tourism")
Karnataka has provided funds to eight local start-ups that presented ideas to promote tourism in the state.
“Karnataka government’s start-up policy aims to nurture 20,000 technology-based start-ups 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,” Chief Minister Siddaramaiah said. These start-ups will build platforms ranging from promoting hostel tourism, building apps to identify verified information of restaurants, digital imaging and audio guides. The funding was given under the Idea to Proof of Concept Grant Scheme of the the state government’s start-up policy. This is the first time a state government conducted a challenge to fund start-ups.
There were 127 online registrations, 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 start-up cell, IT department, BT department and tourism department.
“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 start-ups 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-based 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 lakh. Funding shall be released in tranches based on the life cycle of the business plan.
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