As per the Global Startup Ecosystem Ranking Report 2015,”Bangalore is home to approximately 3,100 to 4,900 active tech startups and has achieved the second highest growth rate for exit volume and VC investment among the top 20.
As a result, Bangalore moved up four positions to #15 in 2015, advancing from #19 in the 2012 ranking”. As per this report, Bengaluru is the only Indian city to be ranked within the best twenty startup ecosystems across the world.
The State’s long and sustained leadership in driving the IT economy and conducive R&D ecosystems have contributed to this. The existing policy framework of Government of Karnataka, mainly the i4 (IT, ITES, Innovations and Incentives Policy 2014-2019), ESDM, AVGC policies and the Industries Policy 14-19, recognized the importance of promoting startups and the need to give the necessary impetus to tech-entrepreneurship early in the day, and has invested on building incubation spaces in partnership with industry bodies; encouraging innovation in educational institutions through its New age incubation network; providing seed capital and other incentives. In 2015, close to 35% of Indian startups functioned from the state, making it the single largest startup hub in the country.
- Stimulate the growth of 20,000 technology based startups including 6,000 product startups by 2020 in Karnataka.
- Achieve creation of 6 lakh direct and 12 lakh indirect new employments in the sector.
- Mobilize Rs. 2,000 Cr funding for investment in startups through Government intervention alone, by leveraging the Fund of Funds proposed to be put in place by the State Government.
- Facilitate generation of at least 25 Innovative Technology solutions with a social impact in sectors like Health care, Food Security, Clean environment and Education for all etc.