The Elevate 2024 scheme, launched by the Karnataka government in 2015, continues to be a game-changer for the state’s startup ecosystem. Since its inception, Elevate has assisted over 900 startups, with the Karnataka government committing a total of Rs 224.06 crore in funding.
The scheme is designed to foster growth, innovation, and job creation across the state, focusing on early-stage startups in key sectors like technology, healthcare, education, agriculture, and sustainability.
One of the key features of Elevate 2
The Elevate 2024 scheme, launched by the Karnataka government in 2015, continues to be a game-changer for the state’s startup ecosystem. Since its inception, Elevate has assisted over 900 startups, with the Karnataka government committing a total of Rs 224.06 crore in funding.
The scheme is designed to foster growth, innovation, and job creation across the state, focusing on early-stage startups in key sectors like technology, healthcare, education, agriculture, and sustainability.
One of the key features of Elevate 2024 is its strong focus on providing more than just financial support. The scheme connects startups with venture capitalists (VCs) and facilitates networking with industry experts, offering invaluable opportunities for growth and collaboration.
By helping startups build relationships with key investors and mentors, Elevate has created a robust ecosystem that propels businesses to new heights. It is a crucial step towards world’s biggest startup hub dream of Karnataka.
Reimbursements for marketing expenses, patent filing fees (both domestically and internationally), and subsidies for achieving industry-standard quality certifications are also facilitated. A standout aspect of the scheme’s success is its broad reach.
Around 32% of the winning startups come from tier II and tier III cities, indicating the scheme's ability to reach underserved regions. Moreover, 24% of the winners are women-led startups, showcasing the inclusivity and diversity fostered by the initiative.
This outreach is a testament to the Karnataka government’s commitment to creating a level playing field for entrepreneurs, regardless of their location or background. Karnataka's efforts have not gone unnoticed.
The state has consistently topped NITI Aayog’s India Innovation Index and has been recognized globally for its thriving tech ecosystem. In recognition of its commitment to supporting startups, Karnataka was awarded as a Top Performer in 2018 and 2019, and as the Best Performer in 2021 and 2022 by the Department for Promotion of Industry and Internal Trade (DPIIT) as part of its States Startup Ranking exercise.
For entrepreneurs looking to take advantage of this incredible opportunity, the application deadline for Elevate 2024 is fast approaching, with a final submission date of 29th November 2024.
Update: The final submission has been rescheduled to 5th December 2024.
It’s time for startups to step up and seize this chance to accelerate their growth with the support of the Karnataka government’s flagship initiative.
To apply, download the full report here: Elevate 2024.pdf
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