Karnataka Startup Policy 2022

December 23, 2022

Karnataka’s government has introduced a new startup policy (2022-27) aiming to add around 10,000 startups to the state’s business ecosystem in the next five years, with a focus on high-growth startups. The policy, which was introduced on 22nd December 2022, aims to stimulate the growth of around 25,000 startups in the coming five years, particularly focusing on increasing the number of high-growth startups.

Positioning Karnataka as the “Champion State” for Startups

The new policy, which has been framed by the Department of Electronics and IT/BT, aims to position Karnataka as the “Champion State” for startups and further increase the number of high-growth startups by 2027.
The policy will create an enabling environment for growing startups and make the state an innovation hub. It will also provide a conducive environment and ideal business environment for growth for tech-enabled startups operating outside of Bengaluru.

Supporting Startups through Funding and Incubation

As part of the policy, the state government will launch an INR 100 Cr venture capital fund to back deeptech startups working in areas such as artificial intelligence, machine learning, electric vehicles, medtech, robotics, and drones.
The policy also provides funding to startups at various stages of their business life cycle, including seed funding, venture capital funding, angel investor funding, and sector-specific funding.
It also offers incubation support, mentorship, co-working spaces, and a dedicated Start-up Cell to help startups grow and succeed.

Expanding the Startup Ecosystem in Karnataka

Karnataka currently houses around 15,000 startups, and the new policy aims to add around 10,000 more in the next five years.
The policy also establishes 50 new-age innovation network (NAIN) centres – 35 in IT/electronics and 15 in bio-technology institutions of higher learning located outside Bengaluru Urban district – to support the growth of startups in these sectors.

Karnataka’s new startup policy aims to position the state as a leading destination for startups and drive the growth of the startup ecosystem in the region. It provides a range of support measures, including funding, incubation, mentorship, co-working spaces, and a dedicated Start-up Cell, to help startups grow and succeed. The policy also establishes 50 new-age innovation network (NAIN) centres to support the growth of startups in the IT/electronics and bio-technology sectors.

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