In a knowledge-based society, innovation is the driving force of the economy on all levels and in all types of organisations. Due to high risks present when introducing new products and services, innovations are usually commercialized via isolated formal formations such as startup companies.
Karnataka government is all set to take lead in this regards. As many as 100 startups will get a total of Rs. 400 crore funding under Karnataka government’s Elevate programme to fast track the launch of most innovative startups.
The government has created a website for ‘Elevate’ programme through which people can post their ideas to get identified by the government to start their projects. Government will provide technical and business support based on the needs for a particular startup.
Government is aiming to concentrate in tier II cities so that even ideas from other cities are recognized. Registrations for Elevate commenced on July 4 and will be open till July 18 for participants across the states.
Experts in verticals will identify and select the best startup for finding. The list of the selected startups will be announced in August end at a summit in Bengaluru.
Entrepreneurial talents with high potential are very scarce and represent the most precious human resource of every nation, which is why they should be fully supported. The economic policy in general and the policy for promoting entrepreneurship have to understand that not all business activities are the same, much less that the motives for being an entrepreneur are the same for everyone.
Facilitating settings for ambitious innovative entrepreneurship is fundamentally different to facilitating settings for self-employed necessity entrepreneurship which Karnataka is trying to master and lead the country with positive stories.