Karnataka showcases commitment to innovation with major initiatives and collaborations at Bengaluru Tech Summit 2024
The Department of Electronics, IT, BT, and S&T, Government of Karnataka, proudly hosted a milestone session at the Bangalore Tech Summit (BTS) 2024, where a series of impactful initiatives and collaborations were announced, further cementing Karnataka’s leadership in innovation and technology.
The session began with Dr. Ekroop Caur, Secretary, Department of IT & BT, setting the context by highlighting Karnataka’s unwavering commitment to fostering innovation, entrepreneurship, and collaboration across the technology ecosystem. She emphasised the Department’s efforts to position Karnataka as a global hub for startups and deep tech.
Key Announcements and Initiatives
Launch of INNOVERSE
The event marked the official launch of INNOVERSE, an innovation campus focused on housing, developing, and nurturing deep tech innovations, enhancing Karnataka’s position as a powerhouse for emerging technologies. This initiative aims to create a cutting-edge innovation ecosystem to support technologies such as AI, ML, cybersecurity, IoT, and more while fostering cross-sector collaboration.
A special video showcased this visionary project, poised to boost India’s standing in the global innovation arena. It aspires to emulate successful collaborations in sectors like aerospace, defence, social and rural commerce, and climate tech, becoming a beacon of transformative change where startups, corporations, and academia converge to shape India’s future.
Investor Connect Program
Dr. Ekroop Caur introduced the Investor Connect Program, a first-of-its-kind initiative by the state to support startups seeking funding while facing challenges in operations, market access, and investor connections. Organised as part of the Bangalore Tech Summit, the program brought startups and investors together for funding opportunities.
She highlighted the overwhelming response, with more than 200 startups pitching to over 100 venture capitalists, angel investors, family offices, and private equity funds.
Collaboration with LetsVenture
Building on the success of prior initiatives, the Department announced a strategic collaboration with LetsVenture to enhance startup visibility and investor engagement. This collaboration offers:
– Mentor-mentee support: Connecting startups with experienced experts for tailored technical and business guidance.
– Market access: Support with go-to-market (GTM) strategies for selected startups.
– Fundraising opportunities: Streamlining the fundraising process for portfolio startups.
– Quarterly startup events: Organised across Karnataka to showcase innovations and facilitate networking.
As an outcome of this collaboration, 50 startups aim to raise ₹50 lakh to ₹1 crore. A dashboard will also be created for active monitoring and reporting.
Mentor-Mentee Connect Program
Unveiled at this year’s summit, the Mentor-Mentee Connect Program bridges the gap between experienced industry leaders and budding entrepreneurs. The initiative garnered interest from over 18 mentors from diverse industries who allocated time to guide startups. Startups reserved slots electronically and met with their preferred mentors during the summit, aiming to gain strategic direction and mentorship from seasoned experts.
MoUs for three new Technology Business Incubators (TBIs)
The Department announced the establishment of three new Technology Business Incubators (TBIs) to support startups across sectors focusing on deep tech and emerging technologies. These incubators will provide infrastructure, mentoring, branding, networking, and other critical services to foster innovation.
Memorandums of Understanding (MoUs) were exchanged with key partners to operationalise these incubators.
Startup Awards 2025
The Startup Awards 2025 was officially announced, promising to recognise excellence and innovation across India’s startup ecosystem at the next Bangalore Tech Summit. Dr. Ekroop Caur highlighted this initiative as a platform to celebrate innovative products, solutions, and scalable enterprises with significant social impact. Startups will undergo a rigorous evaluation process, culminating in an award ceremony featuring eminent speakers, jury members, entrepreneurs, and investors. The announcements were followed by a felicitation of these initiatives by the Honorable Ministers, acknowledging the Department of IT & BT’s efforts in driving Karnataka’s innovation agenda.
The session concluded with a compelling address by the Honourable Minister for IT & BT, Shri Priyank Kharge, emphasising the government’s vision to create a dynamic and inclusive technology ecosystem. Shri Dinesh Gundu Rao, Honourable Minister for Health & Family Welfare, highlighted the convergence of technology and healthcare to tackle critical challenges and improve public welfare.
This year’s announcements at the Bangalore Tech Summit reaffirm Karnataka’s commitment to fostering innovation, entrepreneurship, and industry collaboration, setting the stage for a brighter technological future.
