Startup Karnataka, the Karnataka Government’s startup initiative has released a “booster kit” (pdf), a host of packages ranging from cloud, internet, telephony, software, payment gateway, finance and funding, incubation, marketing, tax and patent incentives and accounting services. Startup Karnataka states that the packages are subject to modification based on its agreements with Karnataka Biotechnology and Information Technology Services (KBITS) and the partner companies. Interestingly, the initiative also has the following funds worth Rs 385 crore or $57 million overall: - The Karsemven Fund is worth Rs 100 crore and startups under semiconductor, electronics system design & manufacturing (ESDM), Embedded Systems and related sectors. - The Kitven-3 (BioVenture Fund) is wroth Rs 50 crore and covers sectors: biotechnology, life sciences and related fields. - The Idea2PoC fund is worth Rs 10 crore and covers all technology sectors. - Another Idea2PoC fund is worth Rs 2.5 crore and specialises in agriculture. - The third Idea2PoC fund is worth Rs 2.5 crore and deals in tourism. - The Karnataka Fund of Funds is worth Rs 200 crore and valid across all sectors. - The government sponsored AVGC Venture Fund is worth Rs 20 crore for MSMEs in sectors like animation, visual effects, gaming and comics - The Channelizing Innovation for Social Impact fund is worth Rs 15 crore which will be used for 5 challenges every year. Winners will qualify for incubation at Government of Karnataka supported incubators. Tax and marketing incentives for startups: - Reimbursement of VAT/CST paid in Karnataka up to a maximum…
