It’s the universal challenge most startups face. Getting funding from someone who believes that they can grow and who is ready to hold their hand and see them through to success.
While startups are all the rage and many have scalable business models with the potential to soar, not everyone gets the chance to live out their potential. Some fail for the lack of funding despite having a brilliant team and most struggle to break even, leave alone make a profit. So, when an opportunity to be a part of India’s first comprehensive entrepreneurship platform comes along, it makes sense to mark the date and just show up.
The Department of Information Technology and Biotechnology in Karnataka with Knowledge Partners, The Indus Entrepreneurs (TiE) and Deshpande Foundation are looking for the best innovative technology-based startups in the state. ELEVATE 100, an initiative of the Government of Karnataka, aims to identify the top 100 startups and provide them with the funds or support they need.
Priyank Kharge, Minister for IT, BT and Tourism, Government of Karnataka, takes immense pride in the fact that Bengaluru fosters the youngest entrepreneurs in the world. He said, “Bengaluru is the world’s fastest growing startup ecosystem. We are perhaps the only State Government who are nurturing this ecosystem with strong policies like the i4 Policy, BT Millennium Policy, ESDM Policy and the KAVGC Policy, giving the ecosystem a strong foundation to help entrepreneurs and established industries to flourish.”
What is in it for you?
If you are amongst the chosen 100, the Government of Karnataka will be offering the startups a chance to tap into a jaw-dropping sum of Rs. 400 crore for funding. This is the largest pool of funds that has been offered by any State Government in India for startups. It’s also the first in the country to launch a dedicated startup policy for budding entrepreneurs and a Startup Cell that provides extensive services like legal and accounting advice, mentoring, incubator options, subsidised tariffs, and seed funding, among others.
The selected startups for ELEVATE 100 also get to interact with and receive mentorship from world-class experts, business leaders, investors, and industry pundits. Over 250+ startups will pitch to investors and get an opportunity to showcase their innovative solutions to the world.
The Demo Pods in particular, will give you a stage to unveil your prototypes/products to the right audience. This will help you to tap into the right markets, forge tie-ups, and get honest feedback from investors and stakeholders.
Startups attending the ELEVATE 100 finale in Bengaluru on 29 and 30 August 2017, will also be a part of important keynotes and power-packed panel discussions, and have the chance to learn about today’s ‘Innovation Mantra’ from leading corporate leaders.
To apply for ELEVATE 100:
– You should be working on an innovative technology-based idea/solution
– You should be registered as an entity ( Pvt Ltd/ OPC, LLP/ Partnership, Proprietorship) in Karnataka
– The total revenue generated in terms of turnover from the date of incorporation should be less than Rs 50 crore
– 50 percent of your qualified workforce should be engaged in Karnataka
– Technology-based companies should be less than four years old from the date of incorporation; for Biotechnology companies, it’s less than seven years
The final event will be held at Hotel Lalit Ashok in Bengaluru on 29 and 20 August 2017.