Bengaluru, India’s Silicon Valley, has solidified its position as a global hub for talent, entrepreneurship, and innovation, according to Karnataka IT Minister Priyank Kharge. Speaking at the TiE Global Summit 2024 in Bengaluru, Kharge highlighted India’s rise as the world’s largest startup ecosystem, with over 1.25 lakh startups and 110 unicorns.

“Indian entrepreneurs are building scalable and cost-effective models for global solutions. Karnataka, with over 18,000 startups, is a powerhouse, and Bengaluru is a melting pot of global talent and innovation,” Kharge stated.

The minister emphasised Bengaluru’s status as one of the top five unicorn destinations globally, trailing only New York, London, and Beijing. “With 16,000 startups, the city accounts for 47% of India’s startup funding and is supported by a robust ecosystem of 1,536 venture capital firms, 2,256 corporate venture funds, and 17,000 angel investors,” he noted.

Highlighting the government’s commitment to fostering entrepreneurship, Kharge pointed to the success of the Elevate programme, a startup grant initiative launched in 2022. “We have disbursed Rs 250 crore to fund 983 startups, with 32% from Tier I and II towns and 24% being women-led startups,” he revealed.

Additionally, Karnataka’s new Global Capability Center (GCC) Policy aims to reskill and upskill talent, attract 500 GCCs, and generate $50 billion in output.

Global Collaboration with New Jersey

In a bid to enhance international cooperation, Karnataka’s Department of Electronics, IT, and BT signed a Letter of Intent (LoI) with New Jersey’s Department of State. Signed by Dr. Ekroop Caur, Secretary of Karnataka’s IT Department, and Tahesha L. Way, Lieutenant Governor of New Jersey, the agreement fosters collaboration between Bengaluru and New Brunswick in sectors like deep tech, life sciences, and electronics.

“This partnership is a milestone in Karnataka’s mission to strengthen its position as a global innovation hub. It aligns with the state’s Global Innovation Alliances (GIA) initiative to drive cross-border knowledge-sharing and technological advancements,” Dr. Caur stated.

Also Read | Karnataka’s GCC Policy Set to Transform Bengaluru and Beyond

The collaboration is expected to boost synergies between the startup ecosystems of Bengaluru and New Jersey, particularly in AI, electronics, and innovation-led sectors.

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