On Tuesday, the Karnataka government announced the Rajiv Gandhi Entrepreneurship Program to strengthen the state’s startup ecosystem and support budding innovators.
“Karnataka is home to 18,000 startups, 45 unicorns, and 38% of India’s 435 soon-to-be unicorns. The remarkable growth stems from a thriving ecosystem, entrepreneurial spirit, and strong industry-government collaboration, placing Karnataka at the 4th position globally in innovation ecosystems,” IT minister Priyank Kharge posted on LinkedIn.
The program aims to assist 30 selected innovators by providing a monthly stipend of Rs 25,000 for a year. This financial support will help participants navigate the ideation phase, culminating in the development of a prototype, minimum viable product (MVP), or proof of concept with business potential.
The Karnataka government has also introduced two new initiatives, ELEVATE 2024 and the Karnataka Accelerator Network (KAN), aimed at boosting the development of early-stage and growth-stage startups across the state.
AI Startups in Bengaluru
Talking about AI startups, the emergence of companies like Sarvam AI, which focuses on developing advanced AI models, reflects Bengaluru’s commitment to technological innovation.
Krutrim AI, led by Ola’s founder Bhavish Aggarwal, has raised $50 million in funding at a $1 billion valuation and is now India’s first AI startup to reach unicorn status.
Innovation in AI isn’t limited to corporate giants. Startups like KOGO are disrupting the market with their AI operating systems, offering modular AI assistants tailored for diverse industries.
Meanwhile, Karya AI is pioneering in the rural employment sector, leveraging AI to create job opportunities through tasks in local languages, with notable partnerships with tech giants like Microsoft and Google.
These home-grown initiatives underscore Bengaluru’s status as a hub for AI innovation, promising transformative impacts across multiple sectors.
Speaking to AIM at the IGIC event 2024, Sanjeev Kumar Gupta, the CEO of Karnataka Digital Economy Mission, mentioned, “There are over 1,000 AI startups in Bengaluru. With initiatives like Beyond Bengaluru, we are also promoting AI startups, in Mysuru, Hubli, and Mangaluru.”
Recent statistics highlight Bengaluru’s burgeoning startup landscape, boasting over 10,000 startups valued at approximately $50 billion. These figures underscore the city’s entrepreneurial vigour and its ability to foster an environment conducive to startup growth.
Applications for the Rajiv Gandhi Entrepreneurship program are open until January 4, 2025, at 5 pm.
“We’re investing in Karnataka’s future entrepreneurs and disruptors. If you are one of them, I invite you to take advantage of this opportunity,” Kharge said.
The post Karnataka Launches Entrepreneurship Program to Boost Startups appeared first on Analytics India Magazine.
