The Karnataka government’s Elevate 2024 scheme, introduced in 2015, has been a transformative force for the state’s startup ecosystem. Over 900 startups have benefited from this initiative, with the government investing Rs 224.06 crore in funding to fuel innovation and growth.
Designed to nurture early-stage startups, Elevate focuses on key sectors like technology, healthcare, education, agriculture, and sustainability. It not only offers financial support but also connects startups with venture capitalists (VCs) and industry experts, providing opportunities for networking and collaboration.
One of the scheme’s standout features is its broad support system. It covers reimbursements for marketing expenses, patent filing fees, and subsidies for achieving industry-standard certifications, ensuring startups have the resources they need to thrive.
Elevate 2024 stands out for its inclusive approach, with 32% of winning startups coming from tier II and tier III cities, and 24% being women-led. This reflects the government’s commitment to supporting entrepreneurs from all backgrounds and locations.
Karnataka’s efforts have earned it recognition, consistently topping the NITI Aayog India Innovation Index and receiving accolades from the Department for Promotion of Industry and Internal Trade (DPIIT) for its outstanding performance in fostering startups.
With the application deadline of November 29, 2024, fast approaching, Elevate 2024 offers a vital opportunity for entrepreneurs to scale their businesses and contribute to Karnataka’s vision of becoming a global startup hub.
