Launched in September 2023, GIA-MAP facilitated expansion for over 40 startups into global markets. It is spearheaded by the Department of Electronics, IT-BT, providing cross-border collaboration opportunities critical for innovation and growth.
Fast-tracking the Global Expansion for Startups
Of the total, 10 startups entered the UAE, Singapore, and Australian markets, while seven ventured into Belgium. These range from startups in deep tech, aerospace and defense, ed-tech, life sciences, med-tech, and cybersecurity. However, some notable participants in this program include DocketRun Tech Private Limited, VividSparks IT Solutions Pvt Ltd, Toutche Electric, Rootskart, RDL Technologies Pvt. Ltd., and Cosmos Bio Private Limited.
Financial Reimbursement in GIA-MAP to Pursue International Markets
Under the GIA-MAP, selected startups receive up to 80% reimbursement for airfare, accommodation, and visas. The funding comes in two tranches. The program disburses the first tranche after the delegation visits. It releases the subsequent tranche upon achieving milestone events such as stakeholder meetings and tangible progress toward market access.
Bridging the Gaps in Global Expansion
Some of the other challenges that GIA-MAP is addressing in international markets for startups are:
- Market knowledge.
- Regulatory challenges.
- Access to networks.
Karnataka, through its efforts, provides support to startups working in sectors like fintech, AI, med-tech, and biotech, enabling them to expand their presence into countries like Germany, the UK, Switzerland, Australia, and France.
The International Center for Cooperation and Innovation – Bengaluru
The capital city of Karnataka, Bengaluru, attracts many leading international companies such as:
- Capgemini and Technicolor of France.
- Nokia of Finland.
- Shell and Philips of the Netherlands.
These companies are conducting state-of-the-art research work while providing mentoring for Indian startups, thus creating a collaboration ecosystem for growth and innovation.
Building a Globally Competitive Startup Ecosystem
When GIA-MAP is classified under the GIA initiative, it falls within the vision envisioned for India’s startup ecosystem with a global competitive edge. This initiative aids in forming partnerships between local entrepreneurs and international stakeholders for the exchange of knowledge, technology enhancement, and speed of entry into markets.
GIA-MAP propels the competitiveness of the Karnataka startup ecosystem, enabling its startups to thrive in the global markets so that innovation and collaboration can spread their wings worldwide. Get daily updates on FounderLabs!
