Government of Karnataka announces second batch for ELEVATE 2023
A one-time grant of up to Rs 50 lakh is given to encourage innovators who may need early-stage funding to develop a prototype, market development, and scale-up.
The Government of Karnataka has announced the call 2 for the Idea2PoC/ELEVATE scheme.
Launched by the Department of Electronics, IT, BT, and S&T, Government of Karnataka, the scheme helps identify and nurture innovative startups and aims to provide them with necessary boost at various stages through funding or mentoring.
A state will give a one-time grant of up to Rs 50 lakh to encourage innovators who may need early-stage funding to develop a prototype, market development, and scale-up. Around 100 startups are proposed to be selected with a committed budget of Rs 20 crore for ELEVATE 2023 Call 2.
The aim of the initiative is to provide a comprehensive entrepreneurship platform for startups along with giving access to mentors, networking opportunities, funds, idea validation, and incubation facilities, among others. These contributions across sectors are a catalyst for the development of startups.
The selection process is designed to be robust and efficient, incorporating digitised elements such as online scoring. The process unfolds in four stages. Firstly, startups submit their applications, with a significant number coming from Bangalore Urban District. These startups are required to undergo an additional evaluation (Stage 2) for filtration. For startups from regions beyond Bengaluru, Stage 3, the Multicity Pitching stage, directly follows Stage 1.
Further, the shortlisted applicants are mentored on strategies to make an impactful pitch presentation. The final stage is the Grand Finale, where winners are identified through a meticulous evaluation process.
The shortlisted startups from Stage 3 physically pitch before the grand jury consisting of senior industry members with many years of experience–representing academia, accelerators, incubators, and industry associations.
Since the inception of this program, 18 calls have been conducted, resulting in funding for 874 startups, with a committed fund totaling Rs 197.25 crore.
A platform for startups in Tier II and III cities has been established to pitch in their regions, resulting in 24% of winners coming from these cities. Special programmes have been carved out for the Kalyana Karnataka region to help them compete with a larger ecosystem. There is also a special focus on women entrepreneurs as well, resulting in ~30% of winners being women founders.
Applications for ELEVATE Unnati 2023 will also be open. This programme focuses on identifying innovative startups having Director(s)/ Partner(s) belonging to the SC/ ST community in Karnataka. The programme has separate funds earmarked under SCSP/TSP Funds.