Propel, a platform comprising representatives from the industry, policy-makers and interested tech stakeholders, is being launched on January 26. The aim is to provide funding, mentorship, idea validation and cross-border support, and to give a boost to the start-up ecosystem in Bengaluru.
The platform is backed by a team of pioneers of IT, academics and tech policy. It will help Karnataka remain a top contender for the title of global innovation capital, and give a boost to the start-up ecosystem in the State’s big cities, said Srinivas Moramchetty, Propel board member.
Propel will offer pre-seed and seed funding as well as strategic support. From identifying gaps in the market to understanding the technology scenario and the needs of the extended customer base, fine-tuning and sharpening business case studies, and identifying strategic partners as well as funding opportunities, Propel will support start-ups and incubators, it said.
“The idea of offering pre-seed or seed funding came from the need to encourage young innovators whose ideas could make a great change in the world of innovation,” said Moramchetty. “Our like-minded team intends to supports the entrepreneurs to scale up as well as accelerate the growth of their start-ups.”
With a focus on hi-tech businesses including security, semicon and embedded devices, Propel aims to build diverse competencies in Karnataka, he added.
Seed partner
Propel will also act as a ‘co-founder/seed partner’ in technology and technology-enabled areas across various sectors in India.
Additionally, Propel will offer support through its advisory team. The team has brought in the start-up ecosystem’s most admired policy maker, Priyank Kharge, former Karnataka Minister of IT & BT, as an advisor, according to Propel. His experience in shaping the business environment in the State and in understanding the needs of the start-up world will add value to the Propel initiative, it said in a statement.
“The start-up ecosystem in the State needs comprehensive support in the form of fund support, idea validation and access to the market,” said Kharge. “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. Programmes like Propel will take our State ahead in the field of technology.”
Propel is slated for launch on January 26 and interested start-ups are invited to apply for the programme between January 26 and February 29 at www.propelup.in
Source: The Hindu
