The Karnataka government recently launched a global startup challenge, VentuRISE, to reward, recognize startups in growth stages in the manufacturing and sustainability sectors.
The startup challenge, VentuRISE, is part of the flagship event Global Investors Meet - "Invest Karnataka 2022" which is being held from November 2 till November 4, 2022, at the Bangalore Palace.
The global challenge will focus on startups in the manufacturing and sustainability-related sectors through a screening and selection process. Entrepreneurs across the globe will be given an opportunity to showcase their products.
The startup challenge will be a 3-round challenge that will be conducted over a span of two months which includes submission of application by September 25, online pitching to the jury and a final presentation at the Global Investors Meet.
Marquee PEs, Venture Capitals (VCs), and Angel Investors are expected to participate
The winners of the startup challenge will get a cash prize of $100,000 (approx. Rs 80 lakh) along with access to customers, exclusive pitch sessions at the Invest Karnataka event and One-on-One investor meetings and sessions by the mentors.
Large and Medium Industries Minister, Murugesh R Nirani said, "Our aim is to promote Karnataka state as the preferred destination for startups in manufacturing and sustainability sectors and to attract investors."
We are consistently working from a policy intervention perspective and towards building state-of-the-art infrastructure to support our entrepreneurs", the minister added.
The industries and commerce department has partnered with TiE, a large network of entrepreneurs, along with TiE Bangalore. E-Commerce giant Amazon is also sponsoring the initiative.
The Vice President of Amazon India's Public Policy said, "Amazon is aligned with Prime Minister Narendra Modi's vision of as the "backbone" of new India and the engine that will power the nation's economic growth in the run-up to the 100th year of Independence".