Karnataka is a top contender of the title of innovation capital of the world, and to help the next generation cement this position, and to give a boost to the startup ecosystem in the state’s big cities, a new fund is providing a unique edge. Mentorship, idea validation, cross border support and funding.
Propel, an initiative of industry, policy makers and interested tech stakeholders, is a strategic programme that supports aspiring entrepreneurs with great ideas. Backed by a team of pioneers of IT, academics and tech policy, it provides small business innovators with complete, structured support to help navigate the unique challenges of building a sustainable growth business in India.
Speaking about the startup fund, Srinivas Moramchetty, board member of Propel, said, “The idea of offering pre-seed or seed funding came from the need to encourage young innovators whose idea could make a great change in the world of innovation. Our like-minded team intends to supports the entrepreneurs to scale up as well as accelerate the growth of their startup.”
Propel, as the name suggests, will assist talented entrepreneurs financially by offering pre-seed and seed fund at the early stages of their startups. Further, Propel supports budding entrepreneurs both at the Strategic as well as Seed-funding level. From identifying gaps in the market, understanding the technology scenario and the needs of the extended customer base, to fine tuning and sharpening the business case studies, to identifying the strategic partners and funding opportunities, as well as providing the required seed fund to deserving entrepreneurs, Propel will travel the distance with new startups and incubators. With a focus on High Technology Businesses including Security, Semicon and Embedded Devices, Propel aims to build diverse competencies in Karnataka.
Propel acts as a “Co-Founder/Seed Partner” in helping innovation to succeed in the Technology and Technology enabled areas across sectors in India. Propel provides small business entrepreneurs with structured help to enter the startup ecosystem. It also helps them navigate through the unique challenges of building sustainable growth in businesses in India. Propel enables support in the areas of VC connect, veteran mentorship, legal support, industry connect depending on product and service, access to startup tools to reduce the burden on startups, policy advocacy, branding and digital strategy, marketing and sales strategy.
Another unique edge that Propel offers is by way of its advisory team. In a coup of sorts, the team has brought in the startup ecosystem’s most admired policy maker, Priyank Kharge, former Minister of IT & BT, Government of Karnataka as an advisor to Propel. His experience shaping the business environment in the state and in understanding the needs of the startup world will add value to Propel initiative.
Priyank Kharge said, “Startup ecosystem in the state needs a comprehensive support in the form of fund support, idea validation and access to the market. It is indeed wonderful to see newer programmes arising to help support talents in the state. This will give innovation and technology the necessary push in the state. Programmes like Propel will take our state ahead in the field of technology.”
Propel is slated to be launched on 26 January 2020.