With an aim to strengthen startups ecosystem in the state, Karnataka Chief Minister Siddaramaiah announced a new policy that aims to nurture 20,000 new startups from different segments. To implement this policy successfully across the state, government took suggestions from agriculture, manufacture, electronics, and IT sectors during a recent meeting. The Chief Minister said, “The startup policy targets at nurturing 20,000 technology-based start-ups and 6,000 product-based start-ups. The policy intervention of the government along with the support of industry mentors, investors will help in achieving the target. I am confident that ‘Idea2POC’ initiative along with the new age incubation network of the state government will encourage innovation and entrepreneurship.”

The state government had launched India’s first multi-sector Startup Policy in November 2015. Under this policy, the startup council was set up as the apex body for monitoring and evaluation of implementation of the policy.

Council members emphasized the need to improve ease of doing business for startups, ensure availability of skilled manpower, opportunity for implementation of pilots through government departments as well as facilitating procurement of innovative solutions and products by government. A facilitation mechanism set up through Karnataka Startup Cell as the one-stop shop for startups for information related to framework and policy incentives and other related advice was appreciated.

Members of the council also appreciated the efforts of the state government to promote startups through various initiatives of the Karnataka Startup Policy.

Members also supported the strategy of building institutional capacities to nurture entrepreneurship in tier-2 city educational institutions through the New Age Incubation Network.

In July, the state government had launched Startup Booster Kit in order to provide a helping hand to early-stage startups in Karnataka.

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