Bengaluru, Dec. 23 (KNN) To make the state a leader in startups, the Karnataka cabinet on Thursday adopted the startup policy 2022.
The adopted initiative is to support 25,000 businesses over the following five years.
The Karnataka startup policy also plans to establish a Rs 100 billion venture capital fund to aid burgeoning deep-tech firms in robots, drones, electric cars, artificial intelligence, machine learning, and other disruptive technologies in various fields.
According to sources, the state government would provide the chosen startups a one-time grant-in-aid of up to Rs 50 lakh.
The goal of the programme is to establish 50 new-age innovation networks (NAIN) in technological institutions outside Bengaluru Urban area in order to support entrepreneurs beyond the state capital.
For three years, each NAIN will receive Rs 5 lakh for student projects and up to Rs 12 lakh for annual operational costs.
Additionally, the government has made the decision to pay up to Rs 45 lakh, or 25% of the overall cost, for a three-year period.
