The Karnataka Government is all set to launch a new Karnataka Startup Policy 2022. The policy would nurture 25,000 startups in the next five years by providing incentives that include a venture fund of Rs 100 crore.
The 100-crore fund will support innovative and deep-tech startups in AI, machine learning, electric vehicles, robotics, and drones. Besides, the startups will also receive a lump sum grant of up to Rs 50 lakh. The venture fund’s 25 per cent will be earmarked for startups by women.
Rs 15 crore will be spent on establishing a Center of Excellence for Assisted Technology. The centre would develop innovative solutions for disabled persons and senior citizens. The new policy also aims to set up 50 New-Age Innovation Networks (NAIN) in higher education technology institutions outside Bengaluru urban district. Annually, each NAIN will receive Rs 12 lakh for operating expenses and Rs 5 lakh per student project for three years.
The new policy is designed to make Karnataka the ‘Champion State for Startups.’ The policy would be valid till 2027.
