Karnataka Set to Launch Sector-Specific Booster Kits for Startups in a Month

By siliconindia  |  Tuesday, 16 January 2024, 08:49 IST

Karnataka Set to Launch Sector-Specific Booster Kits for Startups in a Month
The Karnataka government is set to introduce specialized booster kits for startups in the state within the next month, according to Priyank Kharge, the IT/BT Minister. He shared that these new kits are designed to be more practical and tailored to specific sectors, aiming to address the unique needs and challenges faced by startups. Kharge highlighted the government's efforts to understand the requirements of different sectors, emphasizing the engagement with various sectors to identify specific ways to effectively support startups. For example, in biotech startups, scaling up is the primary challenge after the proof of concept stage, while for robotics startups, tie-ups with organizations like ARTPARK could be beneficial.
The existing Karnataka booster kit for startups, introduced in 2016, provides software tools, cloud credits, mentorship, access to incubators, government funding, and legal and financial consultancy services. Priyank Kharge, the IT/BT Minister, highlighted ongoing discussions with startups to comprehend their evolving needs, leading to the development of the new sector-based booster kits. In response to the current funding environment, Kharge mentioned the government's collaboration with venture capitalists (VCs) to enhance the value provided to startups. The government is also working on a framework to reduce startup failures and promote success, exemplified by initiatives like the ELEVATE program, which recently closed for applications and received substantial interest.
Kharge expressed the government's interest in collaborating with startups to address urban infrastructure and mobility challenges, planning an urban solutions summit for these discussions. He criticized the central government for imposing a high angel tax, believing it hampers innovation and startup growth in India. Kharge urged the central government to ease such policies to support initiatives like Startup India and foster innovation within the country.

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