Karnataka has announced an Idea2POC (Proof of Concept) fund of $1.5 million (Rs 10 crore) for women entrepreneurs.
Priyank Kharge, the state minister for IT (information technology), BT (biotechnology) and tourism, who launched the scheme said that his department will provide Rs 50 lakhs to any woman innovator who is looking for funds for proof of concept validation, certification, and for costs in manufacturing pilot devices.
“Under this (Idea2POC) scheme, the Karnataka Department of IT, BT and S&T will fund upto ₹50 lakh for any woman innovator looking for funds for Proof of Concept validation, certification, and cover costs in manufacturing of pilot devices,” said Priyank M Kharge, Minister of IT, BT and Tourism.
Kharge, speaking at a women conference, said “I am happy to note that the confederation of women entrepreneurs is promoting the cause of women empowerment by inculcating a culture of entrepreneurship among women and facilitating in shaping their ideas into workable models of business. Women empowerment means building their confidence level to face the world and to achieve their targets.”
The current announcement is part of a larger multi-sectoral startup initiatives that the Karnataka government announced last year. In July last year, the Karnataka government launched initiatives to mobilise up to Rs 2,000 crore ($333 million) by 2020 to invest across startups operating in sectors from technology to social impact.
The broad idea is to help and nurture 20,000 startups by 2020, out of which the government has envisaged that 6,000 of them will emerge as product-based firms.