Karnataka launches Rajiv Gandhi entrepreneurship program

Karnataka is preparing to introduce a groundbreaking initiative focused on promoting entrepreneurship through the Rajiv Gandhi Entrepreneurship Program, which offers financial assistance to those who resign from their jobs to establish their businesses or startups. This program was unveiled by Karnataka IT-BT (Information Technology and Bio-Technology) Minister Priyank Kharge at the Moneycontrol Startup Conclave on August 9, 2024. Eligible aspiring entrepreneurs will receive a monthly stipend of ₹25,000 for one year. This initiative, which may be the first of its kind in India, aims to ease the financial burdens that accompany the shift from traditional employment to entrepreneurial ventures.

The recently launched initiative, known as the Rajiv Gandhi Entrepreneurship Programme (RGEP), specifically aims to support young innovators who possess qualifications in science or engineering. Participants will receive a stipend in addition to access to mentorship and resources provided by K-tech innovation hubs. Kharge highlighted that although the stipend of ₹25,000 may appear limited in light of current inflation, it is intended to assist with essential living costs, enabling entrepreneurs to concentrate on developing their ventures without the pressing concern of financial uncertainty.

Kharge emphasized the achievements of the Karnataka government’s ELEVATE program, which has garnered positive feedback from the startup community. He mentioned that startups registered with the state that have thrived in the ELEVATE program will have the government as their initial customer, thereby easing their entry into the market and promoting their growth. ELEVATE was initiated by the Government of Karnataka in 2015 to foster and support innovative startups within the state. The program offers funding, mentorship, and access to a robust entrepreneurship platform to assist these ventures.

Karnataka has positioned itself as a premier destination for startups in India, with Bengaluru often dubbed the “Silicon Valley of India.” The state holds the top position in the Innovation Index and excels in service exports. Kharge indicated that this initiative is part of a comprehensive strategy aimed at strengthening Karnataka’s startup ecosystem, which has drawn entrepreneurs from all over the nation. The state’s transformation from a center for back-office operations to a frontrunner in research and development has been crucial to this progress.

The government of Karnataka has established the Global Innovation Alliance, partnering with 32 nations to develop international corridors for startups. This initiative is designed to facilitate market access for local entrepreneurs in foreign markets, with particular corridors being created for sectors such as artificial intelligence, connecting Bengaluru with cities like San Francisco.

Alongside the RGEP, Kharge introduced a series of forthcoming summits focused on tackling real-world issues and promoting innovative solutions. These summits include the Bengaluru Technology Summit, Social Innovation Summit, Urban Solutions Summit, Clean Water Summit, and Circular Economy Summit, all set to take place in November. The government is dedicated to financing pilot projects that arise from these gatherings, thereby enhancing the entrepreneurial ecosystem in Karnataka.

To be eligible for this Rajiv Gandhi entrepreneurship program, applicants are required to fulfill certain criteria:

The individual must be an Indian citizen and a resident of Karnataka.

Applicants should be aged between 18 and 45 years.

Candidates are expected to hold at least a graduate degree in any field of study.

Applicants must submit a feasible business plan that showcases innovation or the potential for economic development.

This program is intended for those who are presently employed and are prepared to leave their jobs to embark on an entrepreneurial journey.

You might also be interested in – Local Job Reservations in Karnataka: 86% employees in state industries are Kannadigas