Karnataka aims to create 25,000 startups in next five years

Bengaluru, Dec 23 (KNN) The Karnataka cabinet on Thursday approved the startup policy 2022 with the aim to make state a champion of startups.

The approved policy aims stimulate 25,000 startups in the next five years.

The Karnataka startup policy also aims to create a Rs 100-crore venture capital fund to support emerging innovative and deep-tech startups in artificial intelligence, machine learning, electric vehicles, robotics, drones and other disruptive technologies across all sectors.

As per reports, the state government will provide a one-time grant-in-aid of up to Rs 50 lakh to the selected startups.

The policy also focuses on encouraging startups beyond the state capital, seeking to set up 50 new-age innovation networks (NAIN) in technology institutions outside Bengaluru Urban district.

Each NAIN will get Rs 5 lakh per student project for three years and up to Rs 12 lakh towards operational expenditure every year.

The government has also decided to provide 25 per cent of the total cost, or up to Rs 45 lakh, for a period of three years.

The policy also provides for a Rs 10-lakh direct loan for female entrepreneurs through the Karnataka State Women Development Corporation and 25 per cent reservation in the Rs 100-crore venture capital fund.  (KNN Bureau)