The Karnataka government has announced the upcoming new Karnataka Startup Policy 2022 to facilitate 25,000 startups over the next five years. A number of incentives, including a Rs 10 crore venture fund, will be offered under the policy, which was approved by the Cabinet on Thursday. This policy was produced by IT-BT and the Ministry of Science and Technology.
The new policy, effective until 2027, aims to make Karnataka a “champion state for startups,” according to a government memo.
Karnataka’s new startup policy sees Rs 10 crore venture capital fund backing innovative and deep tech start-ups in AI, machine learning, electric vehicles, robotics and drones.
The new policy targets 50 New Age Innovation Networks (NAINs) in higher education and technology institutions outside the Bangalore metropolitan area. Each NAIN receives support of Rs 5 lakh per student project for 3 years and Rs 12 lakh per year for operating expenses.
Apart from direct financing of INR 10 lakh through Mahira Vikas Nigam, Niti Karnataka, 25% of the INR 100 crore venture capital will be set aside for women-owned startups. The Assistive Technology Center of Excellence will be established with Rs 15 crore support for innovative solutions for disabled and elderly people.
