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Karnataka now has launched a Startup Booster Kit – Here’s what is in it

Karnataka now has launched a Startup Booster Kit – Here’s
what is in it
Karnataka’s IT, BT and Tourism Minister Priyank Kharge has announced a Startup Booster Kit. This is expected to boost Bengaluru’s startup ecosystem, and get it to regain its top spot in the country. The booster kit has facilities like access to mentors, cloud credits and incubators.

The government is looking to help 20,000 startups by 2020. The government has roped in biggies like IBM, Amazon Web Services, Vodafone and Microsoft among others to offer discounted internet services, payment gateways and other tech services startups typically need.

The government has announced a solid Rs 400-crore package that’ll be disbursed through grants and equity through various State government initiatives. The minister said money shouldn’t be an issue, as he expects to raise upto Rs 2,000 Crores. The government also plans a monthly open house for the start-ups, the first event being planned at the at GoK-Nasscom 10,000 startups warehouse on 17 August.

In case the announcements seem a bit too much to catch up with, we have a simpler, more comprehensive list ready.

Major Incentives:

· Under the Innovate Karnataka initiative, the government has announced financial aid of up to $60 Mn (Rs. 400 Crores) in the form of grant/equity through its various funds to startups over the next four years.

· The government has set up a Startup Cell in KBITS (Karnataka Biotechnology and Information Technology Services) to implement tthe Startup Policy initiatives.

· KBITS will help startups with marketing, promotion, networking, administer tax incentives and offer help in patent filing.

· A Startup Portal, has also been launched to enable and educate startups on policies.

· Over the last year, 725 seats have been created through Government of Karnataka support to incubators. Around 300 seats are currently available at subsidized rate for startups in GOK-NASSCOM 10,000 startups warehouse.

· A monthly open house event is planned under the Chairmanship of the Minister for IT and BT to provide an opportunity to registered startups to meet with the Department officers.

· The GOK-Startup Cell has put together a Startup Karnataka Booster kit for the benefit of startups registered with it.

Want to know the details? Here's the complete document:
The Startup Karnataka Booster Kit from Aparna Mishra

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