City Kemp News
Karnataka Government is coming out with the first of it’s kind “Startup Policy” which will ensure that the state has the best eco-system for budding entrepreneurs.
Chief Minister of Karnataka Siddaramaiah said that, Bengaluru is ranked as the second best technology cluster after San Francisco and the new Startup policy will make it the top ranked cluster in the world soon.
Draft features of the Startup policy:
l First Startup Warehouse was established in late 2013 in about 10,000 sq ft. of built-up space. It is encouraging to see that about 40 Startups have graduated and begun commercial operations.
l State Government has set up a second Startup Warehouse in about 36,000 sq ft. of built-up space. This will be a 350-plus seat facility which will be offered to the Startups at a subsidized rate
l Startup policy for ventures in the IT-BT sector will provide single window clearance for projects which are up to Rs 100 crore by a panel headed by the IT-BT minister
l Will extend exemptions from certain labour laws to Startups
The State Government proposes to set up a fund of funds for the benefit of Startups. Rs. 50 crore will be pooled in by the Government as it’s share.
l Startup Policy being formulated by the State Government aims to encourage Entrepreneurship in Education through New Age Incubation Network (NAIN), foster strong partnerships between Research and Development Institutions and Industry through setting up Technology Business Incubators (TBIs) in institutions of higher learning, Providing early stage funding, creating incubation infrastructure, startup funding, providing capacity building and assistance in marketing and promotion among other interventions.
l Provide incubation centres for startups at the engineering college level by infusing Rs 40 lakh every year for a period of three years to set up these centres
l A startup cell will be set up in the Department of Information Technology and Bio-Technology to facilitate the implementation of the startup policy
