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Karnataka State Launches New Fund For Early Stage Startups; More Business Friendly Policies To Ensue

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Karnataka Chief Minister  Siddaramaiah has announced setting up a new fund for assisting early age startups and has also promised to come up with business friendly policies in coming months. This government-backed announcement is second such in a week, with Rajasthan Government earlier announcing a similar policy during Rajasthan Startup fest.

The objective of the state is to ensure that Bengaluru maintains the lead position in the country and to develop other important cities as startup destinations on par with top 30 international startup hubs.

Siddaramaiah said, while speaking at the Jio Economic Times Startup Awards

The new startup policy according to Siddaramaiah also aims to set up technology business incubators (TBIs) in institutions of higher learning through fostering strong partnerships between research and development institutions and industry.

The policy will be implemented through a dedicated cell in the department of IT and biotechnology. CM also announced setting up a second warehouse for startups across an area of 36,000 square feet with a seating capacity of more than 350 that will be offered to emerging businesses at subsidised rates.

These announcements were welcomed by the entrepreneurs and investors present at the event who all echoed the need of business reforms to ease the process of starting and doing business in India.

There should be one-window clearances for startups, just like the mechanism that the government has for foreign investors,

Softbank’s Nikesh Arora said.

He went on further and gave valuable 4 point mantra for domestic entrepreneurs working in the still nascent startup ecosystem of India: dedication and product focus, using funding properly as a resource, spending time on building customer base and getting the unit economics right without blindly giving away money to customers.

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