Government of Karnataka launched a new fund designed specifically for early-stage ventures as part of a wider policy being drafted to ensure Bengalore maintains its lead as India’s startup capital.
Chief Minister Siddaramaiah while addressing an audience that was inclusive of the leading faces from the tech world namely Evan Spiegel, cofounder and chief executive of messaging app Snapchat; Nikesh Arora, president of Japan’s SoftBank; Pete Lau, founder and CEO of OnePlus; and Australian supermodel Miranda Kerr, at the inaugural ceremony of Jio Economic Times Startup Awards announced that the state government was planning introduce more business friendly measures in near future for startups.
Siddaramaiah said in his speech,
There are several angel investors and venture capitalists from the private sector who are already engaged in early-stage funding. The state government proposes to set up a fund of funds for the benefit of startups. The objective of the state is to ensure that Bengalore maintains the lead position in the country and to develop other important cities as startup destinations on par with top 30 international startup hubs
More than 400 people assembled in Bengalore in orde to attend this grand celebration of the winners of India’s biggest and most prestigious startup awards. Out of around 3700 applicants that had applied for these awards the winners were selected in eight categories.
The startup policy, will be implemented through a dedicated cell in the department of information technology and biotechnology and it also aims to foster strong partnerships between research and development institutions and industry through setting up technology business incubators (TBIs) in institutions of higher learning. The state government has also set up a second startup warehouse of 36,000 square feet with a seating capacity of more than 350 that will be offered o emerging businesses at subsidised rates.