Karnataka Cabinet approves Rs 75 crore seed fund for startups, Rs 79 crore for semiconductor lab
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The ‘Beyond Bengaluru Cluster Seed Fund’ subsumes similar seed funds setup earlier for Mysuru, Mangaluru and Hubli- Dharwad and Kalaburagi regions. The fund will target to promote 10,000 startups in regions beyond Bengaluru by 2030.
Official sources from the department of IT-BT said under the fund the Beyond Bengaluru clusters will be integrated under a single umbrella. “The idea is to reduce the approval time of availing financial support under different clusters such as Mysuru, Mangaluru and Kalaburagi,” the official said. They added that Rs 20 crore will be facilitated by the government and Rs 55 crore will be raised by financial institutions, high-net individuals,NRIs and others.
Addressing a press conference after the cabinet meeting held at Vidhana Soudha, Law Minister HK Patil said the fund will promote seven entrepreneurship domains by providing support to startups.
According to the Economic Survey 2022-2023 more than 80% of the state’s startups are concentrated in Bengaluru. “Due to which many startups outside the city face challenges such as lack of seed-stage funding, limited access to mentoring and inadequate infrastructure,” the official said.
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