Startups to get Rs 5 crore incentive under Elevate -100
- As many as 100 entrepreneurs selected for Elevate -100 incentives up to Rs 5 crore
- Women entrepreneurs to get up to Rs 10 crore incentives, also other assistance
- Elevate -100 is a first of its kind program in the country, launched by Priyank Kharge
- Open houses to be held in four cities to identify startups to pitch their ideas
- Venture capitalists (VCs) also brought on board to mentor start ups
FollowThe State Government is all set to launch an innovative, first of its kind project titled Elevate -100 to identify, mentor startups by providing incentive starting from Rs 50 lakh up to Rs 5 crore. For women entrepreneurs the incentive offered is up to Rs 10 crores, reported Kannada Prabha.
The State Government has set aside Rs 400 crores for the start ups under the Elevate Program. Â As many as 100 entrepreneurs will be selected under this. Â Tourism and ITBT Minister Priyank Kharge launched the program to register the 100 entrepreneurs. Speaking later at the press meet Kharge said, Elevate -100 program has been devised by the government to encourage start up companies. Â Under this program 100 best entrepreneurs will be selected, mentored, incentives given, marketing opportunities provided, incubation and legal services also offered. Â The start ups should make best use of the facilities and turn profitable. In case the company opts for public shares, it has to repay the funds taken from the government, said Kharge.
Registration of start ups has started and will continue till July 18. The selection will be finalised on Aug 29 and 30, after which the selected list will be announced. The State Government has formulated start up policy and aims at 20,000 startups by 2020. Â Already 46,000 start ups have been identified and Rs 15.68 crores released, he said.
The Minister criticised that the Central Government has not progressed as much as expected with regard to startups. Â The Central Government had earmarked Rs 10,000 crores for the purpose but has spent only Rs 5000 crores, he said, reported Kannada Prabha.
The State is implementing varied projects and opportunities are being provided at Bengaluru, Mangaluru, Kalaburgi, Mysuru and Hubballi. Open house will also be conducted at these cities. Â The government will also bring Venture Capitalists on board in case of necessity, who usually do not fund start ups, he said. The government will hold hand till the project can survive and then Venture Capitalists will help them grow big.
Department Secretary Gaurav Gupta and director Salma were present.
