Karnataka govt launches programme to support new entrepreneurs

PTI, Jul 20, 2024, 11:25 AM IST

The Karnataka government on Friday announced the launch of the Rajiv Gandhi Entrepreneurship Programme (RGEP), which is aimed at cultivating innovation and fostering entrepreneurship among young and talented graduates.

The initiative by the Department of Electronics, IT and Biotechnology signifies a strategic shift from traditional job-seeking to entrepreneurship, offering viable career options, stimulating job creation, and promoting technological advancements.

By doing so, RGEP aims to drive innovation-led economic growth within Karnataka, officials said.

According to an official statement, RGEP is set to support 30 innovators by providing a monthly stipend/subsistence grant of Rs 25,000 for a duration of 12 months. This financial support is intended to help these innovators navigate the uncertainties of the ideation phase.

The programme culminates in the development of a Prototype, Minimum Viable Product (MVP), or Proof of Concept that demonstrates business potential.

“Innovators participating in RGEP will be required to collaborate with designated K-Tech partners (Centres of Excellence, TBIs and Innovation Hubs). These hubs will closely monitor the progress of each innovator throughout the 12-month programme, ensuring support and guidance during their entrepreneurial journey,” it stated.

The last date for submission of application form would be August 13, it added.