Karnataka, known as the tech-savvy state will have 20,000 start-ups by 2020. This will not only enrich the industry but will also create six lakh direct jobs and 12 lakh indirect jobs. According to IANS, the Karnataka government has recently unveiled a start-up policy 2015-2020 to promote entrepreneurship, set up incubation centres, boost partnerships between research and development (R&D) and industry and provide early stage funding to start-ups.
"We are setting up a start-up cell as a one-stop-shop to help young entrepreneurs float start-ups and guide them in launching their ventures as they will have little knowledge of corporate affairs", Chief Minister, Siddaramaiah said, flagging off the 18th edition of Bangalore ITE.biz 2015.
"With hundreds of entrepreneurs with creative ideas setting up start-ups here, Bengaluru is also emerging as the country's start-up capital over a decade after it became the IT capital," the Chief Minister added.
Start up policy covers IT, BT and manufacturing sector
Noting that the start-up policy covered information technology, biotechnology and manufacturing sectors, Siddaramaiah said that a start-up council under his chairmanship would review implementation of the policy on a regular basis for feedback and suggestions. The start-up policy is an outcome of the state government's 'Karnataka I-4' initiative launched in 2014, spanning IT, IT-enabled services (back office and business process outsourcing), innovation and incentives.
The three-day annual event showcases the state's prowess in the knowledge sector, with over 2,000 firms, including 500 global IT majors, multinationals and offshore software development centres for services and products, operating from in and around this tech hub, providing 1.5 million direct jobs and 2.5 million indirect jobs.
"Bengaluru has the distinction of being the country's largest IT cluster, with 350 of the Fortune 500 firms locating their R&D and offshore development operations, thanks to its talent pool, research and academic institutions in the government and private sectors and best higher education system, including universities," the Chief Minister addressed about 500 delegates at the inaugural event.
The country's first electronic city, which was set up in the 1980s on the outskirts of southern Bengaluru across 400 acres of land, has become a major hub for about 200 software and hardware firms, including home-grown Indian IT bellwethers like Infosys and Wipro.