Source | INC42
Bengaluru is often referred to as the Silicon Valley of India and rightfully so.
Now, that’s quite a feat! It also has the highest percentage of engineers in the world. Yes, you heard that right, in the world! Keeping these facts in mind, there’s no surprise why Bengaluru is such a hotbed for entrepreneurs and startups. Given the surge in the number of startups popping up all across the country, it is bang in the centre of all the action, no pun intended.
The Karnataka Government has launched a startup policy from 2015-2020 which aims to create a world-class startup ecosystem through strategic investment and policy interventions, leveraging the robust innovation climate in Bangalore.
This policy, through a variety of ways, aims to provide legs to the many startups coming up in the city specifically and in Karnataka in general. Let’s take a closer look at how the startup policy will manifest itself in this environment.
New Age Incubation Network
This benefit targets engineering colleges, professional and post-graduate institutions in tier-two cities.
What exactly is the benefit:
- Grants to support Op-ex in college incubators.
- Get upto INR 3 Lakhs per project as Annual Financial Support.
- Upto 10 projects per college.
- Training for faculty and students.
- Internship stipends.
- Exposure to international startup destinations, networking events etc
How the benefit is administered: Through an annual call for selection of new colleges.
Technology Business Incubators
This benefit targets institutes of higher learning with well-developed research and development facilities to foster strong links between R&D and commercialisation of technologies.
What exactly is the benefit: The state support would be for the initial capital cost for equipment, facilities and recurring costs of management of the Technical Business Incubator TBI for three years, which is extendable by another two years.
How the benefit is administered:
- The proposal must be submitted by an eligible academic institution that has adequate expertise and infrastructure to support the TBI.
- The TBI must be a registered Trust/Society/Section 8 Company to avail the incentive.
- The Host Institution is to provide land and built up space for the creation of a TBI.
Idea To Proof Of Concept Funding
The scheme enables technology innovators and entrepreneurs to pursue a promising technology idea and validate proof of concept (POC).