The Karnataka Cabinet approved the state's start-up policy for 2022-27, with the goal of stimulating the growth of 25,000 start-ups by 2027.
The state currently has around 15,000 start-ups, and the new policy aims to add at least 10,000 more in the next five years, according to the office of Minister for IT/BT CN Ashwath Narayan.
"The new policy framed by the Department of Electronics and IT/BT aims to position Karnataka as the 'Champion State' for start-ups and further increase the number of high-growth start-ups by 2027," Narayan was quoted in the statement as saying.
According to him, the policy would contribute to the creation of an enabling environment for nurturing start-ups throughout their business life cycle, as well as make the state a global innovation hub for start-ups.
According to him, the policy focuses on promoting start-ups in emerging technology clusters 'Beyond Bengaluru' by creating a conducive environment and providing start-ups with an ideal ecosystem for growth.
Karnataka Cabinet Approves State Startup Policy for 2022-27
The Karnataka Cabinet approved the state's start-up policy for 2022-27 on Thursday, with the goal of stimulating the growth of 25,000 start-ups by 2027.
The state currently has around 15,000 start-ups, and the new policy aims to add at least 10,000 more in the next five years, according to the office of Minister for IT/BT CN Ashwath Narayan.
"The new policy framed by the Department of Electronics and IT/BT aims to position Karnataka as the 'Champion State' for start-ups and further increase the number of high-growth start-ups by 2027," Narayan was quoted in the statement as saying.
The policy, according to the minister, will help create an enabling environment for nurturing startups throughout their business life cycle and will help Karnataka become a global innovation hub for startups. According to him, the policy focuses on promoting startups in emerging technology clusters outside of Bengaluru by creating a conducive environment and providing startups with an ideal ecosystem for growth.
According to him, the policy focuses on promoting start-ups in emerging technology clusters 'Beyond Bengaluru' by creating a conducive environment and providing start-ups with an ideal ecosystem for growth.
The Rajasthan government recently announced a brand new policy for the state's startups and entrepreneurs. The Rajasthan Startup Policy 2022 aims to promote the state as an innovation hub and to boost startup growth across industry verticals such as agriculture, education, healthcare, and fintech; to increase job opportunities for and upskill youth, and to encourage diversity and sustainability within the startup ecosystem.
The new policy expands on the previous startup policy, which was implemented in 2015, by providing more incentives to startups and broadening its scope.
The base funding amount for all startups registered in the government's iStart Rajasthan programme has been increased from Rs 1.2 lakh to Rs 2.4 lakh, with an additional Rs 60,000 given to startups with female founders who own more than 50% of the company.
A variety of other funding incentives are available for startups based on their QRate, an iStart-recognized rating system for startups based on potential and investment worthiness.
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