Karnataka government has taken a commendable step by introducing two flagship programs – ELEVATE 2024 and Karnataka Acceleration Network (KAN) aimed at fostering the growth of early-stage startups by financing them.
ELEVATE 2024 stands as a grant-in-aid seed funding scheme crafted to empower early-stage startups within the state. On the other hand, KAN serves as an acceleration network offering mentorship, market access, and funding opportunities for growth-stage startups throughout Karnataka.
Recently addressing a media conference, Minister for IT, BT, Rural Development and Panchayat Raj Priyank Kharge told: “ELEVATE provides grants up to ₹50 lakh per start-up, along with extensive support, including incubation, expert mentorship, incentives, and access to venture capital networks.”
Mr. Kharge mentioned that the scheme acts as a gateway to access various benefits outlined in the Karnataka Start-up Policy 2022-27, including incentives for patent costs, marketing expenses, GST (State), and quality certification costs. Additionally, he introduced an event app for Bengaluru Tech Summit 2024, designed to enhance the experience for registered delegates, exhibitors, and speakers attending the summit.
ELEVATE 2024 & KAN
ELEVATE 2024, the primary seed fund program of the state, provides grants of up to ₹50 lakh per startup. Its goal is to boost innovation in emerging sectors such as artificial intelligence, machine learning, robotics, and space technology. Furthermore, startups can take advantage of the Karnataka Startup Policy 2022-27, which offers financial support for patenting, quality certifications, and access to incubation spaces in sector-specific Centers of Excellence across the state. The application window is open until November 29 on the government’s startup portal.
KAN (Karnataka Accelerator Network), focuses on supporting growth-stage startups located outside the state capital by connecting regional accelerators with those in Bengaluru. This initiative aims to facilitate knowledge-sharing and provide resource access across six cohorts over a three-year period.
Partnering with accelerators like DERBI and Jain Launchpad in Bengaluru, alongside incubators in cities like Mysuru and Dharwad, KAN aims to support 302 startups through organized mentorship, networking chances, and funding avenues. The initiative is coordinated in partnership with the Karnataka Digital Economy Mission (KDEM) and the Department of Electronics, IT, BT, and Science & Technology.
“Our aim is to secure Karnataka’s position among the top three global startup ecosystems,” Khargestated. “Both ELEVATE and KAN offer structured support to help startups scale, access funding, and strengthen Karnataka’s leadership in innovation.”
Minister Kharge emphasized Karnataka’s ambition, highlighting the state’s position as a global hub for startups. He mentioned that Bengaluru alone is home to 45 out of India’s 112 unicorns.
