Good news for AVGC industry again! In a landmark movement to foster the development of the start-up ecosystem in the state, Karnataka Govt organised an ‘Elevate 100’ programme and funded Rs. 35 crores for the top 100 start-ups. Out of the the top 100 startups, 6 are from the AVGC industry covering areas like animation, gaming, AR/VR, education.The event was conducted over the last few weeks and it concluded on August 30, 2017 at Hotel Lalit Ashok, Bengaluru. ABAI helped Government of Karnataka to curate the AVGC piece at the “Elevate 100 event”.
These six startups from the AVGC industry will be supported by Government of Karnataka based on their respective needs:
Upon the tremendously successful response received, Information Technology and Tourism minister Priyank Kharge said, “The efforts of the Karnataka government doesn’t stop at elevating the chosen 100. We see Elevate 100 as a continuing process where the best ideas from the state gets the support and guidance it deserves.”
This is the 1st time in Indian AVGC industry that start-ups would receive such support. Karnataka has been leading the way in supporting AVGC Industry in a big way and truly providing the impetus that this industry deserves.
The idea behind this one of its kind of platform was to elevate start-ups across various industry sectors to the next level by assessing them and supporting the promising ones based on the need. The support could be either through idea validation, funding, or facilitating access to funds, mentoring, access to market etc.
With no less than 1700 start-ups across industry sectors like IT, biotech, aerospace, agritech, semiconductor and many more applied as a part of the Elevate 100 program of which 40 AVGC start-ups applied, 15 start-ups were shortlisted after first round of pitching. The AVGC applications included a very interesting mix of animation IP, gaming, edtech, comics, AR/VR and mo-cap related start-ups.
Six AVGC start-ups featured in the top 100 start-ups across all industry sectors. The figures were filtered down to 270 by the final round. Additionally, 300 women entrepreneurs and 400 applicants from rural areas participated in the programme.
The Elevate 100 roadshow traversed all nooks and crannies of the state in search of 100 innovative start-ups.These will bag home $20,000 worth of credits as per the deals that the government signed with private firms.
The 100 start-ups were bifurcated as 27 electronic semi-conductor design, 26 from IT, 19 from life sciences, 11 from bio-tech and agri-tech, and four each from animation, gaming and clean tech.
Below is the list of the firms that made the cut into top 100: