In a groundbreaking move that promises to reshape India's entrepreneurial landscape, Karnataka has unveiled an ambitious new startup policy with staggering targets: establishing 25,000 new startups and generating 7 lakh jobs within the next five years.
Vision 2029: Building a Startup Powerhouse
The Karnataka government's comprehensive policy framework aims to transform the state into a global innovation hub. By 2029, the state targets nurturing at least 20 new unicorns while ensuring that 35% of all startups emerge from beyond Bengaluru, promoting decentralized entrepreneurial growth across tier-2 and tier-3 cities.
Financial Backing for Emerging Ventures
The policy introduces robust financial mechanisms to support startups at various stages:
- Early-stage startups can access funding of up to ₹3 crore through a dedicated fund of funds
- Government departments will allocate 5% of their capital expenditure to procurement from startups
- Special incentives for women entrepreneurs and startups from SC/ST communities
- Enhanced support for deeptech, spacetech, and agritech sectors
Beyond Bengaluru: Spreading the Startup Revolution
One of the policy's cornerstone objectives involves establishing 100 new innovation hubs across the state. These centers will provide crucial infrastructure, mentorship, and networking opportunities to entrepreneurs outside the traditional tech corridors.
"Our vision extends beyond metropolitan boundaries," stated a senior government official. "We're building an ecosystem where innovation thrives in every district of Karnataka."
Global Ambitions & Market Access
The policy framework includes strategic initiatives to help Karnataka startups scale internationally:
- Establishing international market access programs in 10+ countries
- Creating global innovation alliances with leading startup ecosystems
- Facilitating participation in international tech exhibitions and conferences
- Developing export-oriented startup clusters
Building on a Strong Foundation
Karnataka's new policy builds upon the remarkable success of its previous initiatives. The state currently hosts over 15,000 recognized startups, contributing significantly to India's position as the world's third-largest startup ecosystem.
The comprehensive approach addresses every stage of the startup lifecycle – from ideation and prototyping to scaling and global expansion. With this policy, Karnataka reaffirms its commitment to maintaining its leadership position in India's rapidly evolving startup landscape.
