The Bharatiya Janata Party (BJP) in the southern Indian state of Karnataka has promised to create a INR 5,000 crore (around $675 million) Fund of Funds to support startups in the state if it comes to power in the upcoming state elections. The party has also promised to set up incubation centres in each of the state’s 31 districts to promote entrepreneurship and innovation. The announcement was made by the state’s Chief Minister, B.S. Yediyurappa, during the launch of the BJP’s election manifesto. Yediyurappa said that the Fund of Funds would be set up to provide financial support to startups in the state and help them grow and expand their businesses. He also said that the incubation centres would provide a platform for young entrepreneurs to develop and launch their ideas. The BJP’s election manifesto also includes other promises related to the development of the startup ecosystem in the state, including the creation of a separate ministry for entrepreneurship and startups, the establishment of a Centre of Excellence for Artificial Intelligence and Data Science, and the setting up of a dedicated startup cell in each of the state’s departments to facilitate collaboration and support for startups.
Karnataka is home to some of India’s most prominent startups, including Flipkart, Ola, and Swiggy, among others. The state has been a hub for innovation and entrepreneurship in the country, with a strong ecosystem of startups, incubators, and investors. The upcoming state elections, scheduled to be held in 2023, are expected to be closely contested, with both the BJP and the opposition parties making promises to support the state’s startup ecosystem. The creation of a INR 5,000 crore Fund of Funds for startups in Karnataka is seen as a significant step towards supporting the state’s startup ecosystem. The fund will provide financial assistance to startups and help them access capital from other sources such as venture capital firms and angel investors.
The incubation centres that are proposed to be set up in each district of the state will provide startups with the necessary infrastructure and resources to develop their ideas and launch their businesses. They will also offer training and mentoring programs, access to funding, and networking opportunities with other startups and industry experts. The announcement by the BJP has been welcomed by the startup community in Karnataka, which has been seeking more support from the government to help startups grow and thrive. The state is home to more than 12,000 startups, and the government has been working to create a supportive environment for entrepreneurship and innovation. In recent years, the government of Karnataka has launched several initiatives to promote startups in the state, including the establishment of a startup cell within the Department of Industries and Commerce, the launch of a Startup Karnataka website to provide information and resources to entrepreneurs, and the creation of a startup warehouse to provide co-working space for startups. The upcoming state elections are expected to focus on issues related to the economy and job creation, and the promises made by political parties to support the startup ecosystem are likely to play a key role in the election campaign.