The Karnataka government has chosen 101 startups for funding under ELEVATE 2024, a flagship initiative designed to support early-stage businesses. Out of 960 applicants, the selected startups will receive a share of the ₹25 crore grant to accelerate their growth.
Driving Innovation Through ELEVATE 2024
Launched in October 2023, ELEVATE 2024 is part of ELEVATE Karnataka, a broader program aimed at fostering entrepreneurship. The initiative provides financial grants, mentorship, and networking opportunities to startups in key sectors such as technology, healthcare, agritech, and sustainability.
Priyank Kharge, Karnataka’s Minister for Electronics, IT/BT, emphasized that the program aligns with the state’s vision of leveraging technology to address real-world challenges while promoting inclusive economic growth.
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Strengthening Karnataka’s Startup Ecosystem
ELEVATE 2024 is closely linked to the state’s Local Economy Accelerator Programme (LEAP), which has an overall allocation of ₹1,000 crore. LEAP aims to drive economic development in Tier II and Tier III cities, ensuring that Karnataka’s startup boom extends beyond Bengaluru.
By providing grant-based funding, the government seeks to reduce early-stage startup failures and create a sustainable innovation-driven economy, allowing startups to grow without the immediate pressure of private investment.
Karnataka’s Long-Term Startup Strategy
Karnataka has solidified its reputation as a leading startup hub in India, with policies that support entrepreneurship and bridge funding gaps for emerging businesses. Through ELEVATE 2024, the government is reinforcing its commitment to fostering innovation-led economic growth and maintaining its competitive edge in India’s startup landscape.