Bengaluru among top 5 unicorn destinations, says Priyank Kharge as Ktaka, New Jersey collaborate

India's Silicon Valley, Bengaluru, serves as a melting pot of talent and entrepreneurship from around the world, according to Karnataka IT Minister Priyank Kharge.

“India has a significant role to play in the global entrepreneurial landscape and we have emerged as the world's largest startup ecosystem with over 1.25 lakh startups and over 110 unicorns. Indian entrepreneurs are known to build scalable models and also ensure cost-effective models are built for global solutions,” Kharge said at the TiE Global Summit 2024 held in Bengaluru. 

“We [Karnataka] are a powerhouse of over 18,000 startups and Bengaluru, in particular, has become a melting pot of talent and entrepreneurship from across the globe,” he added. 

Speaking at a keynote session at the TiE Global Summit 2024 held in Bengaluru, Kharge noted that the city accounts for 47% of the startup funding in the country. 

“We are one of the top five unicorn destinations in the world, right behind New York, London, and Beijing. Over the last decade, the city has spread over 16,000 startups accounting for 47% of startup funding in the country. The Bengaluru ecosystem boasts of 1,536 venture capital firms, 2,256 corporate venture funds, and over 17,000 angel investors,” the minister stated. 

Highlighting the state government’s efforts in supporting the startup ecosystem, Kharge stated, “The government of Karnataka sees entrepreneurs not just as emerging business leaders, but as innovators and disruptors whose transformative ideas are driving new markets, creating more employment opportunities, and shaping a better and more sustainable tomorrow. And as a government, we are doing all we can to ensure that these entrepreneurs succeed.” 

Under the state government’s Elevate programme—a startup grant initiative launched in 2022—several startups have already received support, with a total disbursement of Rs 250 crore. “To date, we have funded over 983 startups through the Elevate programme, out of which, 32% are from Tier I and II towns and 24% of the startups are women-led,” the minister revealed. 

Most recently, the state government also introduced a new GCC (Global Capability Center) policy focused on reskilling and upskilling talent, aiming to attract 500 GCCs and generate a $50 billion output solely from Karnataka.

Synergy with New Jersey 

The Department of Electronics, IT, and BT in the Karnataka government has signed a Letter of Intent (LoI) with the New Jersey Department of State, United States to enhance global cooperation in technology, innovation, and economic development.

The LoI, signed by Dr Ekroop Caur, IAS, Secretary of the Department of Electronics, IT, BT, and Science and Technology, Government of Karnataka, and Tahesha L Way, Lieutenant Governor of New Jersey, establishes a framework for collaboration between Bengaluru and New Brunswick, New Jersey. 

The agreement will promote exchanges between Bengaluru and New Brunswick in identified focus areas, develop programmes to foster synergies between the two startup ecosystems and drive advancements in sectors such as deeptech, life sciences, and electronics. 

“This partnership with New Jersey is a significant milestone in Karnataka’s mission to strengthen its position as a global hub for innovation. We are excited about the opportunities this collaboration presents, particularly in technology, startups, and key sectors like AI and electronics,” said Dr Caur. 

This collaboration aligns with Karnataka’s Global Innovation Alliances (GIA) initiative, which aims to build international partnerships to fuel knowledge-sharing and drive innovation in tech across borders.