The state of Karnataka is all set to launch an initiative to support those aspiring entrepreneurs who have left their jobs to pursue their business ventures.
Karnataka Introduces Rs 25,000 Monthly Stipend for Job Quitters Pursuing Entrepreneurship
As per the recent announcement made by the IT-BT Minister Priyank Kharge at the Moneycontrol Start-up Conclave in Bengaluru on August 9 that the new scheme will provide a monthly stipend of Rs 25,000 for one year to those who quit their jobs to become entrepreneurs.
Though the minister acknowledged that the amount may not fully cover all the expenses of an individual especially given the high inflation, but it aims to provide a financial cushion to cover all the basic domestic needs.
Announced in the 2024-25 budget, this initiative by under the Rajiv Gandhi Entrepreneurship Programme (RGEP), targets young innovators with science or engineering backgrounds. RGEP will offer financial support and mentorship from K-tech innovation hubs.
Karnataka’s Success in Supporting Start-Ups: Elevate Programme, Global Connections, and Comprehensive Support System
The minister also highlighted the success of the Karnataka’s Elevate programme, which supports start-ups by becoming their first customer if they win the programme. He also mentioned that there has been ecosystem wherein many entrepreneurs have been attracted from other regions, which has enhanced the city’s reputation as a leading technology as well as innovation hub.
Not just financial support, Karnataka also fostered global connections through the Global Innovation Alliance and sector-specific corridors, like the AI corridor with San Francisco.
Not just this, the state is also set to host multiple summits which shall focus on various challenges ranging from water management to clean technologies.
The minister praised the states commitment to nurture start-ups, emphasizing that there is no other state government currently which is offering such a comprehensive support system. This also includes public procurement opportunities for start-ups with innovative solutions.
