Friday, May 12, 2017

Karnataka government awarded Rs 10 crore to 26 biotechnology startups

As a part of the startup initiative Karnataka government has awarded Rs 10 crore to 26 biotechnology startups.

The government disbursed the grants to the startups under its Idea to Proof of Concept (Idea2POC) Grant Scheme, which is part of the broader Karnataka Startup Policy 2015-20. The startups had participated in a pitching session conducted by Idea2POC.

Also read: Rs 10 crore for women entrepreneurs Karnataka government announced

The fund corpus under Idea2PoC is dedicated to startups in the fields of technology, agriculture and tourism. The funds will be given in the form of grant-in-aid, but limited to a one-time grant of Rs 50 lakh, and will be released in tranches based on the lifecycle of the business plan.

Priyank Kharge, minister of state for IT, BT & Tourism, government of Karnataka said, The scheme is designed to identify, mentor and fund enterprising biotech startups in Karnataka who can create a deep social impact on the lives of people of Karnataka. We use a team-approach in mentoring and that gives the entrepreneurs different perspectives.



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