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Priyank Kharge: The young minister who has put Bengaluru back on global start-up stage! Claim

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Some of us know him as the youngest minister to be sworn into the Karnataka Cabinet.

Most of us know him as a minister who holds the Information Technology and Bio-Technology, Science and Technology Department portfolio in the Government of Karnataka

However many of us are unaware of the fact that he has single handedly revamped the start-up sector across Karnataka and has put Bengaluru back on Global start-up stage.

Though Bengaluru was the known as the the IT Capital of the world, when it comes to Start Up Capital, Hyderabad and Delhi NCR region were in close competition.  The city, which is home to headquarters of successful home grown companies like Infosys, Biocon also houses the best of the start-up names like Flipkart, Ola Cabs, etc. However, way back in 2015 data suggested that the NCR region had raced past Bangalore in terms of number of companies being founded. In fact Delhi NCR region had overtaken Bangalore in amount of angel funding. This was when Kharge took over the baton of IT ministry and successfully revamped the entire ministry, set ambitious goals and he did put back Bengaluru as a major start up capital, not only in India but across the Globe.

 

 

Currently Bengaluru is one of the top global start-up destinations. Depending on your source, it is estimated that there are anywhere between 4,000 and 4,900 start-ups here, the largest number in India. It has nearly $2.3 billion in investments, according to Compass. MD of Lightspeed India Partners Advisors,  Mr. Dev Khare, even went on to say that half of startup activity in India happens in Bengaluru!

Bengaluru, as reported in an edition of the Global Startup Ecosystem Ranking by San Francisco-based research firm Compass, has emerged as the world’s second-fastest growing start-up ecosystem, bested only by Berlin.

Statistics apart, it’s a already a well known fact Mr. Priyank Kharge is extremely popular leader among Entrepreneurs and start up community. Entrepreneurs across domains have lauded his efforts to boost the ecosystem.

Dr. Fathima Benazir, CEO Azooka Life Sciences LLP, in a conversation with Entrepreneur India had said, “Innovative programs like Multi Sector Startup fund, clearly breaks the general perception that governments are slow and their processes are long and winding. Karnataka Startup Cell’s approach addresses problems that founders face from company creation, legal, funding to even data storage. Karnataka Government is an active partner in Startup Ecosystem and open and engaging programs like these are the main reason Bangalore remains the startup hub of India.”

 

 

The Single biggest policy that changed the start up scenario for Karnataka was the launch of “Multi Sector Start-up Policy”. Never in the history of India was such a policy implemented by any of the state governments until now! Hence Karnataka became the first state to do so.  Some of the goals of this policy include creation of:

  • 20,000 technology based start-ups including 6000 product start-ups by 2020.
  • 6 lakh direct and 12 lakh indirect new jobs in the sector.
  • Mobilizing INR 2000 crore (USD 333 Mn) funding for start-ups, by leveraging fund of funds.
  • Focus on generation of 25 Innovative Technology solutions with social relevance.

The start up industry now believes that Mr. Priyank Kharge has not only revamped the sector, but also has boosted the sector and has played an instrumental role in keeping Bengaluru as one of the major start-up destination across the globe. Recently completed Elevate 100 program is a testimonial for the same.

With perfect policy implementations and a number of other initiatives to motivate start up community in Karnataka, Start up Karnataka is all set to outpace start up India! And that’s incredible!

  • Person Prashant. M. H.

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