Hon’ble Chief Minister of Karnataka Shri Basavaraj Bommai, in his earlier budget, has announced various budget initiatives to boost the IT & startup ecosystem in the state under the aegis of the Department of Electronics, IT BT S&T, GoK. KDEM has been the implementation partner for the department for these select key budget initiatives.
Following strategic programs under the Department of Electronics, IT/BT & S&T, Government of Karnataka were launched today
- Mysuru Cluster Seed Fund (MCSF)
- Mysuru Global Technology Centre (MGTC)
- Karnataka Accelerator Network (KAN)
Mysuru Cluster Seed Fund: To promote start-ups and innovations ecosystem in Beyond Bengaluru clusters, ₹25cr Mysuru Cluster Seed Fund was launched today. The government will facilitate easier access to capital for selected startups in the clusters. This is a great opportunity for budding entrepreneurs which will create new growth centers, employment generation and drive the digital economy for the state. The fund will be managed by the Investment Committee (IC) comprising of industry and professionals. The Program will be implemented by KDEM. 70-80 startups will be funded through this AIF CAT 1 fund.
Mysuru Global Technology Centre: Setting up a 2 lakh sqft/3000 seater high-quality plug-and-play office infrastructure in Mysuru is a significant step towards boosting the growth of IT, ITES, GCC, ESDM, startups & all services companies in the region. The availability of world-class office infrastructure is a critical factor that determines the success of any industry, especially in the technology sector. This will help to get more Investments and employment opportunities into the cluster.
Following are the Letters of interest received from the industry currently to be part of MGTC:
- Breach point
- Cyber range
- GIGA Inno Hub
- Information Sharing and Analysis Center (ISAC)
- iSOCRATES LLC
- Logically
- Proxelera
- Velox
- International hub for metaverse
Karnataka Accelerator Network: KAN is a unique initiative of the Government of Karnataka and one of the first of its kind in the country to boost the accelerator ecosystem in the state. This is to address the challenges involved in the startup journey and augmentation across various sectors that are critical to the startups’ growth, The stakeholders who will be partnering in the initiative would be (not for profit) three accelerators across Bangalore and 3 potential accelerators from Beyond Bengaluru i.e Mysuru, Mangalore, and Hubballi-Dharwad-Belagavi clusters. The principal objective is to boost the Startup Ecosystem, especially for growth stage Startups, and create a mentor-mentee network between accelerators and incubators in Bangalore and Beyond Bengaluru regions to share best practices for nurturing startups.
The list of selected organizations for KAN are:
Bangalore Based
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Beyond Bengaluru
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Launching the initiatives, Dr. C.N. Ashwath Narayan, Hon’ble Minister, Dept of Higher Education, IT and BT said “These three critical initiatives – availability of world-class office infrastructure, access to easier capital and business accelerator support will determine the success of any industry and cluster. We are creating a web of support ecosystems. These three programs will drive over 1000 new jobs in the State. We want startups and global companies to take this advantage of the Happiest city in India – Namma Mysuru.”
Mr. BV Naidu, Chairman, KDEM commented “The principal objective of launching these three strategic initiatives is to catalyze the state’s potential in the field of technology. Bringing out the power of startups from emerging tech clusters, creating an equal playing platform with global access to business. This also puts Mysuru on the global digital map which is important for the nation as a whole.”
Expressing his views on the KAN initiative, Dr. E V Ramana Reddy, IAS, Additional Chief Secretary, Dept of Electronics, IT BT S&T, GoK commented “To address the challenges involved in startup journey and augmentation across various sectors, KAN will support & nurture 306 start-ups over a period of 3 years that are developing products, services, solutions around and are in the growth phase. It will also support the startups to facilitate commercialization of technology solutions for market outreach, and to provide technical and business advisory through a cache of Experts and Mentors.”
“KAN will also help them to create vital inter-linkages/ exchanges of information, to assist in raising venture capital help in gaining customer traction, and to facilitate commercialization of technology solutions for the market outreach along with providing technical and business advisory through a cache of experts and mentors.”
Mr. Sanjeev Gupta, CEO, KDEM commented, Mysuru Global Technology Center (MGTC) will put emerging tech clusters like Mysuru in the next orbit to create a global business ecosystem. Drive global companies to set their back offices with local deployable talent, for startups a vibrant business platform, and pioneer the reverse brain drain drive into India. This MGTC is the foundation that is been set up for digital generations coming up in the future.
