The Karnataka government launched the Elevate 2024 scheme in 2015, which had become a game-changer for startups of the state. The scheme aims to support early-stage ventures in return for grants up to Rs 50 lakh, besides providing other resources in terms of mentorship and industry connections. In the last few years, it has funded more than 900 startups, which has contributed to the growth of Karnataka as a startup hub.
What is Elevate 2024?
Elevate 2024 is a flagship initiative that focuses on nurturing innovation and entrepreneurship in Karnataka. It means not only financial grants but also a range of other support mechanisms, such as access to markets, legal guidance, and mentorship programs.
The scheme is structured to ensure that the startup resources are there for them to flourish. Focused on job creation and strengthening local talent, Elevate 2024 fosters start-ups in key sectors. The said sectors include:
- Technology
- Healthcare
- Education
- Agriculture
- Sustainability and green energy
Who Benefits from Elevate 2024?
The scheme is open to early-stage startups with innovative ideas with high growth potential. In fact, the eligibility is limited to the idea, prototype, or initial operational stages of a startup, which ensures that a wide spectrum of entrepreneurs will be accessible for this scheme, who would otherwise be from tier-2 and tier-3 cities.
Notable beneficiaries range from tech-based startups in Bengaluru to agricultural innovations in smaller towns. The scheme ensures that innovation isn’t limited to metropolitan areas but extends across Karnataka.
When Was It Launched?
First introduced in 2015, the scheme is a part of Karnataka’s mission to become India’s top startup ecosystem. Since then, it has transformed itself with changing trends, adopting all emerging areas like Artificial Intelligence, the Internet of Things, and green technologies.
The latest phase of Elevate 2024, by the state, underlines its commitment to cutting-edge innovation and global competitiveness.
Where Does Elevate 2024 Focus Its Efforts?
While Karnataka may be popular for Bengaluru as an emerging startup hub, the Elevate Scheme encourages innovation in small cities and townships actively.
- Tier-2 and tier-3 cities such as Mysuru, Hubli, and Mangaluru have seen tremendous traction.
- Rural entrepreneurs with innovation in agriculture and sustainability are also funded and mentored.
- Geographical inclusivity helps distribute economic growth and employment opportunities across the state.
Why is Elevate 2024 significant?
The early stages of start-ups are usually full of many challenges. Key resources for start-ups include funding, mentorship, and access to markets. Elevate 2024 seeks to bridge all these gaps, enabling scale-ups for their clients and the realization of their potential.
Significant economic impact is also driven by this scheme through:
- Job creation across sectors
- Strengthening Karnataka’s position as a national leader in the startup area
- Encouraging innovation in industries critical to India’s growth
- The scheme also serves as a primary means for start-ups to surmount global issues, such as sustainability, access to healthcare, and digital participation.
Elevate 2024. How Works?
Startups applying under Elevate 2024 can apply through the online portal. Applications include:
- Submission: Submissions focus on the start-up’s innovation, scalability, and market potential.
- Assessment by Experts: Proposals are reviewed by a panel of industry leaders and government officials.
- Selection: Shortlisted startups are invited for a detailed pitch.
- Grant Award: Selected startups receive funds, mentorship, and access to government and corporate partnerships.
Besides funding, the program enables corporations, government departments, and academic institutes to connect with shortlisted startups. Besides grants, the startup also learns how to make the best use of those grant.
Impact of Elevate 2024
This initiative, Elevate 2024, has been transformative. An amount of Rs 224.06 crore has been committed by the Karnataka government to this initiative. Innovations in products and services created through this funding have won significant national and international acclaim.
Some examples of the scheme’s success include :
- Improving healthcare delivery in rural areas through Tech innovations,
- Supply chain optimization with less wastage of agricultural products through startups,
- Green energy solutions toward sustainability goals
- Such impactful ventures fostered by Elevate 2024 position Karnataka as a model for startup ecosystems in India.
Focus Areas in 2024
The newly undertaken phase of the scheme focuses on industries that are aligned with global trends and challenges, such as:
- Artificial Intelligence and Machine Learning
- Internet of Things (IoT)
- Sustainability and renewable energy
- Healthcare technologies
This approach ensures that Karnataka startups are not merely solving problems on the local but on the global stage as well.
How to Access the Elevate 2024 Report?
This Elevate 2024 report is vast and detailed and covers achievements, success stories, and the impact on the startup ecosystem in Karnataka. Entrepreneurs, policymakers, and stakeholders can download the report from the official Elevate 2024 website.
Future of Elevate 2024
With further expansion on its agenda, the Karnataka government plans to take Elevate 2024 to new heights. The entire scheme will be made more inclusive, with advanced technologies and numerous global partnerships, while elevating rural startups to higher planes.
Final Note
Elevate 2024 is more than just a funding program-it’s a trigger for transformation. It empowers startups to bring innovations and increase growth in Karnataka’s economy. Being on the right course and holding an ambitious vision, the scheme is certainly a model that other states can follow.
As Karnataka takes the next step in becoming India’s biggest startup hub, Elevate 2024 stands tall as the nucleus of this transformation. Entrepreneurs and innovators have much in store as the state opens its arms to embrace the future. Transform your startup dreams into reality! Apply for Elevate 2024 with Founderlabs’ expert guidance. Let’s innovate together!
