Elevate 2021 & Elevate Unnati seed funding scheme for Startups

Elevate 2021 & Elevate Unnati seed funding scheme for Startups

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Elevate 2021 & Elevate Unnati seed funding scheme for Startups

The government of Karnataka announces a call for proposals under the Elevate Grant-in-aid seed funding scheme for innovative Startups. Elevate 2021 and Elevate Unnati applications are open for Grant in aid up to Rs.50 lakh from 1st September 2021 to18th September 2021. The schemes enable technology innovators and entrepreneurs to pursue a promising technology idea, establish and validate proof of concept (POC) for the idea. The startups, entrepreneurs, individuals, at the Idea2POC stage, can apply for Elevate 2021 & Elevate Unnati Grant-in-aid seed funding scheme.

Elevate 2021

Elevate 2021 is an Idea2PoC Grant in aid scheme for startups as per the Karnataka Startup Policy 2015-2020. Elevate was intended to identify top innovative startups in Karnataka, who would be given Government support to scale up their product or solution so that they can elevate to the next level.

Elevate Unnati

Elevate Unnati is an Idea2PoC Grant in aid scheme for Startups by SC/ST Entrepreneurs. Elevate Unnati is a social inclusion program to promote startups from SC/ST community.

Elevate 2021 & Elevate Unnati seed funding scheme for Startups
Elevate 2021 & Elevate Unnati seed funding scheme for Startups

Benefits of Elevate 2021 & Elevate Unnati

The Idea2PoC/ Elevate Grant-in-aid seed funding scheme for Startups is providing the following benefits to startups:

  • The program offers Grant in Aid up to Rs.50 Lakhs to eligible startups
  • The funding scheme also provides Incubation support to selected startups
  • Mentoring by experts will also be provided to eligible startups
  • Venture capital (VC)  connects also provided to eligible startups
  • Booster Kit and Incentives are also provided under Elevate 2021

Elevate 2021- Eligibility Criteria

The startup should be an entity (Private Limited / OPC / LLP / Partnership Firms) Registered or Incorporated in Karnataka. (Private limited company (as defined in the Companies Act, 2013) or registered as a partnership firm (registered under section 59 of the Partnership Act, 1932) or a limited liability partnership (under the Limited Liability Partnership Act, 2008)

  • Total revenue generated in terms of turnover from the date of incorporation should be less than Rs.100 Crore
  • Startups should not have crossed 10 years from the Date of Incorporation/ Registration Certificate as of 18th September 2021
  • Startups/Entity working towards Innovation, Development or improvement of Products or Processes or Services, or if it is a scalable business model with a high potential of employment generation or wealth creation

Elevate Unnati 2021- Eligibility Criteria

A unique call Open for Startups by SC/ST Entrepreneurs:

  • Elevate Unnati 2021Should be an entity ( Ltd/ OPC/ LLP/ Partnership Firms) Registered or Incorporated in Karnataka. (Private limited company (as defined in the Companies Act, 2013) or registered as a partnership firm  (registered under section 59 of the Partnership Act, 1932) or a limited liability  partnership (under the Limited Liability Partnership Act, 2008)
  • Total revenue generated in terms of turnover from the date of incorporation  should be less than 100 Crore
  • Startups should not have crossed 10 years from the date of incorporation/ RegistrationCertificate as of 18th September 2021.
  • Startups/Entity working towards innovation, development, or improvement of products or processes or services, or if it is a scalable business model with a high potential of employment generation or wealth creation.
  • At least one of the Director(s)/ Partner(s) should belong to the SC/ ST community and should hold a minimum of 70% share in the company/ firm.
  • Such SC/ ST Director(s)/ Partner(s) should possess a valid digital caste certificate issued by the Revenue Department, Govt. of Karnataka with a valid RD NUMBER.!
  • Such SC/ST Director(s)/ Partner(s) should continue to be a part of the  business for at least one year from the date of receiving benefits from  the Department
  • Terms and conditions of ownership should NOT be altered to his/her  disadvantage during the course of the project

Documents Required for Elevate 2021

The following documents are mandatory for applying Elevate 2021:

  • Incorporation/ Registration Certificate
  • Pitch Deck

Documents Required for Elevate Unnati 2021

  • Caste Certificate issued by Government in PDF Format
  • MoA/Partnership Deed
  • Incorporation/ Registration Certificate
  • Pitch Deck

Other Conditions for Elevate Grant-in-aid Funding Scheme

  • Registration with shops and establishments will not be accepted as a certificate of incorporation/ registration to apply for the Elevate 2021.
  • MSME, Udyog Aadhaar GST, Trade Union, KMF, VAT certificates, etc. shall not be considered as certificates of incorporation as per the Karnataka Startup Policy Government Order.
  • The startup cannot be a subsidiary/ franchise/ white labeled reseller/ part of a group company
  • The startup should not have a partnership value with another company/ entity
  • It cannot be a section 8 company or Trust/ Association/Society or a non-profit company
  • The startup cannot be a Merger/ Demerger of a bigger organization
  • It cannot be a part of any Government initiative/ aided partner or public-private partnership company/firm.
  • Applications that do not comply with the mentioned eligibility criteria/ Supporting Documents will be disqualified at any stage of the Selection/ Funding Process resulting in the cancellation of the Application/ Grant
  • Only One application per Startup/Entity will be accepted. In the case of multiple applications from one Startup, only the first application will be considered.
  • The Startup Karnataka Department has come up with Elevate-Unnati 2021 which has separate funds earmarked under SCSP/TSP Funds.
  • Startups that have been winners of Idea2PoC Grant Scheme/ Grand Challenges/ Unnati” earlier will not be eligible to apply “

Application Procedure for Elevate 2021 & Elevate Unnati

The application procedure for Idea2PoC/ Elevate Grant-in-aid seed funding scheme for Startups is explained here:

Elevate 2021 & Elevate Unnati - Homepage
Elevate 2021 & Elevate Unnati – Homepage
  • Sign Up as a Startup by filling an application form based on the instructions provided.
Elevate 2021 & Elevate Unnati - Signup
Elevate 2021 & Elevate Unnati – Signup
  • Existing Users can directly login to the portal
Elevate 2021 & Elevate Unnati - Login
Elevate 2021 & Elevate Unnati – Login
  • Once logged in, select the ‘Funding & Programs’ tab available at the top menu. A small window will open Click on the “Know More option”.
Elevate 2021 & Elevate Unnati - Application1
Elevate 2021 & Elevate Unnati – Application1
  • The link will redirect to a new page, click on apply now option, the application form will open.
Elevate 2021 & Elevate Unnati - Application2
Elevate 2021 & Elevate Unnati – Application2
  • The Eligibility Criteria and other details about Elevate Calls is mentioned on the Landing page of Elevate once you scroll down the page

Selection process

The selection process is done with the help of NASSCOM (1000K Startups), TiE-Bangalore (The Indus Entrepreneurs), Deshpande Foundation, IESA (India Electronics and Semiconductor Association), ABLE (Association of Biotech Led Enterprises), ABAI (Association of Bangalore Animation Industry), Mobile10X, etc.

Pitch an innovative startup idea, top pitches will be selected for Government aided support to scale up their product or solution to the next level.

 

Post by Renu Suresh

Renu is experience content writer specialised in compliances and company rules.