Idea2PoC/ELEVATE Program – ELEVATE 2024 (India)

ELEVATE was intended to identify top innovative startups in Karnataka, who would be given Government support to scale up their product or solution so that they can elevate to the next level.

Benefits

• Rewards:
  • Incubation support
  • Mentoring by industry experts
  • Booster Kit
  • Incentives
  • VC connects

Funding Information

• Grant in Aid upto INR 50 Lakhs.

Eligibility Criteria

• The entity must be a Pvt. Ltd/OPC Pvt. Ltd/LLP/Partnership firm registered or incorporated in Karnataka.
• Turnover of the entity for any of the financial years since incorporation/ registration has not exceeded INR 100 Crores.
• The age of the startup must not have exceeded 10 years from the date of incorporation/registration as on the last date of online application submission.
• The startup should be working towards innovation, development, or improvement of products, processes, or services, or have a scalable business model with high potential
• If the startup is promoted by entrepreneur belonging to OBC/Minority community, then at least one of the Director(s)/ Partner(s) should hold a minimum of 51% Share in the company/ firm.
• If the startup is promoted by entrepreneur belonging to SC/ ST community, then at least one of the Director(s)/ Partner(s) should hold a minimum of 70% Share in the company/ firm.
• Such OBC/Minority/SC/ ST Director(s)/ Partner(s) should possess a valid digital caste certificate issued by the Revenue Department, Govt. of Karnataka with a valid RD NUMBER.
• Director(s)/ Partner(s) should continue to be a part of the business for the entire duration of the project.
• Terms and conditions of ownership should NOT be altered to his/her disadvantage during the course of the project.
• Establish a No-Lien bank account for the transfer of grant amount in the event of selection.

Selection Criteria

• The selection process for startups involves four stages of evaluation after submitting the online application form via the Startup Karnataka Portal:
  • Stage 1: Data sufficiency/eligibility check
  • Stage 2: Offline screening of pitch decks by jury members and shortlisting
  • Stage 3: Multi-city pitching by shortlisted startups before jury members
  • Stage 4: Grand Finale – Final round of in-person pitching before grand jury members
• Nomination of Jury Members are taken from key industry associations such as NASSCOM, TiE (The Indus Entrepreneurs), IESA (India Electronics and Semiconductor Association), ABLE (Association of Biotech Led Enterprises), ABAI (Association of Bangalore Animation Industry) and others.

For more information, visit Startup Karnataka.