The Government of Karnataka will fund start-ups, selected at Elevate 2018, where over 250 startups presented their final pitches to a panel of experts for funding.
The program is run under the Startup Karnataka initiative of the Ministry of IT-BT and S&T. In its second year, the program received over 600 applications from across the State, from a variety of tech startups.
Two hundred and fifty startups were shortlisted for the finals, of which 50 will be picked for government grants and funding.
Last year 1,700 startups applied, and the government funded 100 companies. The Karnataka Government has provided Rs 42 crore to 177 startups so far, and has already disbursed Rs 30 crore.
The average score to qualify for a mini-grant of Rs 5 lakh was 60. Only those startups that score more than 90 percent, on an average, will receive a grant of Rs 50 lakh. The pitching session was for six minutes and the Q&A lasted six minutes. Questions similar to general funding required, the R&D and folks value, advertising prices, working capital for the subsequent 12 months had been among the questions posed by jury members to startups.
The hub featured a unique gathering of energy focused startups, Venture Capitalists, Energy Experts and Academia, among others.
The Karnataka Government puts in a maximum of Rs 50 lakh per startup for those it believes will make the maximum impact on technology and society.