Karnataka has picked 100 of the most innovative start-ups in the state to handhold them to the next stage by giving them access to mentors, incubators and venture capital investors.
Through its 'Elevate 100 Startups' programme, the state will invest Rs 35 crore into these companies, based on the recommendations of an expert panel. The investments will be made in the form of grants as well as equity through Karnataka’s BioTech and IT funds.
“We are the first state in the country to look for innovations in every nook and corner of the state. Of the 1,700 applications, what is encouraging is that close to 400 start-ups were from rural areas and more than 350 were from women entrepreneurs,” said Priyank Kharge, the state's minister for information technology and biotechnology.
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