The Department of Electronics, IT/BT has launched three critical initiatives in Karnataka to boost the IT and startup ecosystem of the state. These three initiatives are the Mysuru Global Technology Centre (MGTC), Mysuru Cluster Seed Fund (MCSF), and Karnataka Accelerator Network (KAN). The Mysuru Cluster Seed Fund will fund over 70 startups, creating more than 1,000 job opportunities every year in the cluster. The government will establish a high-quality plug-and-play office infrastructure at 2 lakh sq ft/3000 seater in Mysuru under the Mysuru Global Technology Centre to boost the growth of IT, ITES, GCC, ESDM, startups, and all service companies in the region. Karnataka Accelerator Network is a unique initiative to boost the accelerator ecosystem in the state. KAN will support & nurture 306 startups over a period of 3 years that are developing products, services, solutions around and are in the growth phase. The government aims to promote the ‘Bengaluru & Beyond’ initiative, create new growth centers, employment opportunities, and drive the digital economy of the state.
Govt Launches MGTC to Put Mysuru on Global Digital Map
The Department of Electronics, IT/BT has launched the Mysuru Global Technology Centre (MGTC), Mysuru Cluster Seed Fund (MCSF), and Karnataka Accelerator Network (KAN) on Sunday to boost the IT and startup ecosystem in Karnataka. The initiative aims to promote ‘Bengaluru & Beyond’ and drive the digital economy of the state.
Mysuru Cluster Seed Fund
The Mysuru Cluster Seed Fund is the first of its kind, where the government will fund over 70 startups, creating more than 1,000 job opportunities every year in the cluster. The government has allocated a seed fund of Rs. 25 crore to provide easier access to capital for selected startups in the cluster. The Investment Committee (IC), comprising industry professionals, will manage the fund. About 70-80 startups will be funded through this AIF CAT 1 fund, which will create new growth centers and employment opportunities for budding entrepreneurs.
Mysuru Global Technology Centre
To boost the growth of IT, ITES, GCC, ESDM, startups, and all service companies in the region, the government will establish a high-quality plug-and-play office infrastructure at 2 lakh sq ft/3000 seater in Mysuru under the Mysuru Global Technology Centre. This move will attract more investments and employment opportunities into the cluster. Several startups and industries, such as Breach point, Cyber range, GIGA Inno Hub, Information Sharing and Analysis Center (ISAC), iSOCRATES LLC, Logically, Proxelera, Velox, and International hub for metaverse have submitted letters of interest to MGTC.
Karnataka Accelerator Network
The Karnataka Accelerator Network is a unique initiative by the Government of Karnataka, aiming to boost the accelerator ecosystem in the state. The initiative aims to address the challenges involved in the startup journey and augmentation across various sectors that are critical to the startups’ growth. The government has partnered with three accelerators across Bengaluru and three potential accelerators from Beyond Bengaluru, such as Mysuru, Mangaluru, and Hubballi-Dharwad-Belagavi clusters, to create a mentor-mentee network between accelerators and incubators in Bengaluru and Beyond Bengaluru regions to share best practices for nurturing startups.
Selected organizations for KAN include Jain Incubator, Ginserv, and Derbi Foundation from Bengaluru and SJCE STEP, HDB Cluster, UAS Dharwad, and SHINE Foundation from Beyond Bengaluru. The initiative will boost the Startup Ecosystem, especially for growth stage startups, and create job opportunities for the region.
Karnataka Government Launches Three Critical Initiatives to Boost IT and Startup Ecosystem in the State
The Department of Electronics, IT/BT has launched three initiatives in Karnataka to drive the IT and startup ecosystem of the state. The three critical initiatives launched are the Mysuru Global Technology Centre (MGTC), Mysuru Cluster Seed Fund (MCSF), and Karnataka Accelerator Network (KAN). These three initiatives aim to drive the digital economy of the state and promote the ‘Bengaluru & Beyond’ initiative.
Mysuru Cluster Seed Fund
Mysuru Cluster Seed Fund, the first of its kind, will fund over 70 startups, creating more than 1,000 job opportunities every year in the cluster. The government has allocated a seed fund of Rs. 25 crore to provide easier access to capital for selected startups in the cluster. About 70-80 startups will be funded through this AIF CAT 1 fund, which will create new growth centers and employment opportunities for budding entrepreneurs.
Mysuru Global Technology Centre
The government will establish a high-quality plug-and-play office infrastructure at 2 lakh sq ft/3000 seater in Mysuru under the Mysuru Global Technology Centre to boost the growth of IT, ITES, GCC, ESDM, startups, and all service companies in the region. This move will attract more investments and employment opportunities into the cluster. The startups and industries that have submitted letters of interest to MGTC include Breach point, Cyber range, GIGA Inno Hub, Information Sharing and Analysis Center (ISAC), iSOCRATES LLC, Logically, Proxelera, Velox, and International hub for metaverse.
Karnataka Accelerator Network
Karnataka Accelerator Network is a unique initiative by the Government of Karnataka to boost the accelerator ecosystem in the state. The government has partnered with three accelerators across Bengaluru and three potential accelerators from Beyond Bengaluru, such as Mysuru, Mangaluru, and Hubballi-Dharwad-Belagavi clusters, to create a mentor-mentee network between accelerators and incubators in Bengaluru and Beyond Bengaluru regions to share best practices for nurturing startups. KAN will support & nurture 306 startups over a period of 3 years that are developing products, services, solutions around and are in the growth phase.
Dr. CN Ashwath Narayan, Minister for IT and BT, commented that “These three critical initiatives – availability of world-class office infrastructure, access to easier capital, and business accelerator support will determine the success of any industry and cluster. We are creating a web of support ecosystems. These three programmes will drive over 1,000 new jobs in the State. We want startups and global companies to take this advantage of the Happiest city in India – Namma Mysuru.”
These initiatives are expected to catalyze the state’s potential in the field of technology and put Mysuru on the global digital map. The launch of these initiatives was supported by BV Naidu, Chairman, KDEM, Dr. E V Ramana Reddy, IAS, Additional Chief Secretary, Dept of Electronics, IT BT S&T, and Sanjeev Gupta, CEO, KDEM.
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