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Karnataka IT Minister, Priyank Kharge has announced the launch of fund for tech startups across the country. The policy will invite the tech startups from across the country to be registered in the Karnataka.
The fundings can be availed by the tech startups in anywhere in the country by registering themselves under the Karnataka Shops and Commercial Establishment Act, 1961.
IT minister of the state reported that they aim at taking their policy of startup to the national level. The state government will provide support to startups from across the country if they pay their taxes in Karnataka.
In 2017, 250 companies received funding and around 5000 startups have been so far registered with the Karnataka government. However, the specific details of the launch of new funding scheme have not been disclosed by the IT Minister Mr. Khagre.
The Karnataka Startup Policy was first launched in the year 2015 with the aim and vision of stimulating the growth of 20,000 tech startups by 2020. Several startups focussed funds having a joint corpus of Rs. 300 Crore has also been launched by the Karnataka state government.
A startup cell in Karnataka Biotechnology and Information Technology services was launched along with several other schemes in July 2016 and geared towards the bolstering of state’s startup ecosystem.
Various funding programmes have been launched by the Karnataka State Government since 2015 to support startups in various sectors such as funding for women entrepreneurs.
As stated by the IT Minister, Kharge by extending the funding support to startups across the country, the Karnataka government is likely aiming to create a startup ecosystem that can easily rival Silicon Valley.