Idea2POC (Proof of Concept) Fund Launched

IAS Prelims 2023

The Karnataka government has selected eight startups in the tourism space for grants ranging between Rs 5 lakh and Rs 50 lakh as part of its multi-sectoral startup policy.

The government will disburse the funds under its Idea to Proof of Concept (Idea2POC) Grant Scheme, which is part of the broader Karnataka Startup Policy 2015-20.

Karnataka government has announced an Idea2POC (Proof of Concept) fund of ₹10 crore for women entrepreneurs.

Under this (Idea2POC) scheme, the Karnataka Department of IT, BT and S&T will fund upto ₹50 lakh for any woman innovator looking for funds for Proof of Concept validation, certification, and cover costs in manufacturing of pilot devices.

The IT/BT Department, under the Multi-Sector Startup Policy of Karnataka, created the Idea2PoC Fund.

The fund corpus under Idea2PoC is dedicated to startups in the field of technology, agriculture and tourism. Funds will be given in the form of grant-in-aid, but limited to a one-time grant of Rs 50 lakh. The funding is released in tranches based on the lifecycle of the business plan.