Bengaluru, 29 Oct

Karnataka Information Technology Minister Priyank Kharge on Tuesday launched two flagship programmes -- 'ELEVATE 2024' and KAN (Karnataka Acceleration Network) -- aimed at empowering startups to tackle funding challenges and scale their operations.

According to officials, ELEVATE 2024 is a grant-in-aid seed funding scheme designed to empower early-stage startups in the state. It provides grants of up to Rs 50 lakh per startup, along with extensive support, including incubation, expert mentorship, incentives, and access to venture capital networks.

KAN is an acceleration network that provides mentorship, market access, and funding opportunities for growth startups across the State, with a focus on regions beyond Bengaluru, they said.

Karnataka has long been a leader in fostering a vibrant startup ecosystem, and both ELEVATE and KAN are specifically crafted to provide a structured pathway for growth, the Minister said.

"Bengaluru is home to 45 unicorns out of the 112 in the country, with a total valuation of $161B. Our goal is to break into the top three rankings in the world," he said.

Kharge said the State is committed to exploring cutting-edge technologies and fostering partnerships to ensure sustainable access to clean water and sanitation for all.

He was speaking at the Harnessing Innovation for a Water Secure Future summit, which aims to bring together stakeholders to address water scarcity and sanitation issues, especially in rural Karnataka. -PTI