Karnataka Elevate 100: Boosting Early-Stage Innovative Startups in Karnataka

The Karnataka Elevate 100 program is a flagship initiative by the Department of Electronics, IT, BT, and S&T, Government of Karnataka. Designed to identify and nurture the most innovative startups in the state, this scheme provides not just financial assistance but also strategic mentorship, ideas validation, and networking opportunities to help early-stage ventures scale to the next level.

What is this scheme?

Elevate 100 is a multi-stage selection process aimed at scouting the top 100 most promising startups in Karnataka. It is part of the state's proactive Startup Policy to create a robust ecosystem for entrepreneurship. Unlike traditional loans, Elevate 100 offers grant-in-aid support, ensuring that founders can focus on research, development, and market entry without the burden of immediate debt.

Who is eligible?

• The startup must be registered and headquartered in Karnataka.
• The entity must be an 'Innovative Startup' as defined by the Karnataka Startup Policy.
• The startup must have a valid DIPP/DPIIT registration number.
• The startup should be in the early stage (idea, MVP, or early traction).
• At least 50% of the shareholding should be held by Indian promoters (preferential sub-categories exist for SC/ST and Women founders).
• The startup must not have received similar grants from other Karnataka state government schemes for the same project.

How much money?

The scheme provides grant-in-aid of up to INR 50 Lakhs per startup, released in installments based on project milestones.

Documents needed

1. Company Registration Certificate (ROC/Partnership Deed)
2. DPIIT Startup Recognition Certificate
3. Detailed Project Report (DPR) and Pitch Deck
4. Previous financial year's audited statements (if applicable)
5. PAN and GST details of the entity
6. Proof of identity and address for all directors/founders
7. Caste certificate (for SC/ST category applicants)

How to apply (step by step)

1. Visit the official Karnataka Startup portal (Startup Karnataka).
2. Review the active 'Elevate' call for applications and register your startup profile.
3. Fill out the online application form with details of your innovation, team, and problem-solving approach.
4. Upload the required documents and submission of the pitch deck.
5. Participate in the multi-city pitch sessions or virtual screening rounds if shortlisted.
6. Finalists present their business models to a Grand Jury consisting of industry experts and government officials.
7. Winning startups sign an agreement and undergo due diligence before the grant is sanctioned.

Important dates

Conclusion

The Karnataka Elevate 100 program continues to be a gold standard for state-led startup support in India. By bridging the gap between a great idea and a viable product, it empowers local entrepreneurs to compete on a global stage. Startups looking to accelerate their growth should keep a close watch on the Startup Karnataka portal for the next call for applications.