New Delhi, Nov 30 (KNN) Karnataka will soon set up an innovation authority to empower startups for the ease of doing business, said H.D. Kumaraswamy, Chief Minister of the state.

He said, "The Karnataka Innovation Authority (KIA) will be set up through a law with powers to overcome legal hurdles the startups face in innovating technologies and ideas."

He said this while inaugurating the 21st edition of the "Bengaluru Tech Summit 2018" in the state capital.

"We are also setting up a legal framework to protect Intellectual Property (IP). A blockchain-based IP registry will be formed to protect smart ideas for commercializing them," said Kumaraswamy.

"The state government is also granting seed capital up to Rs 50 lakh to each startup with innovative ideas to provide socio-economic solutions to the people, facing several challenges," the Chief Minister told.

About 10 startups from the old region were selected for funding them this year.

"As innovation and entrepreneurship will be the driving forces, we have set up 58 K-Tech Innovation Centres across the state to encourage and nurture innovations in the farm sector," said Kumaraswamy.

"We have set up a framework for innovation engagements with global leaders to ensure a strategic approach to developing and leveraging our international partnerships," he said.

Admitting that startups and small and medium enterprises (SMEs) will have to be supported, the Chief Minister said the state government through its startup policy is encouraging them to innovate solutions in healthcare, education, agriculture and energy sectors.

"The new technologies such as artificial intelligence, data analytics, Internet of Things (IoT), block chain and automation help in providing solutions in diverse sectors and addressing societal needs," he added.

The state government is also forming global innovation alliances with countries developing the ecosystem for innovation and entrepreneurship.