Idea2PoC (Proof of Concept) Fund for Women Entrepreneurs in Karnataka

March 16, 2017 | Last Modified: March 16, 2017 at 12:21 pm | Category: Karnataka

Information Technology (IT) Department of Karnataka has announced a fund of Rs. 10 crores to engage more women in entrepreneurship. The announcement was made during an event organized for the celebration of International Women’s Day.

Idea2PoC (Proof of Concept) fund will benefit the women entrepreneurs by providing them a support of upto Rs. 50 Lakhs for ideas that disrupt technologies. Besides the complete funding, the scheme would also provide legal, and mentoring support to the women willing to start a business in the information technology space.

Idea2PoC (Proof of Concept) Fund

Female entrepreneurs would also be provided an assistance with Proof of Concept validation, certification, and cover costs in the manufacturing of pilot devices under the scheme.

The purpose of promoting women entrepreneurship is to inculcating a culture of entrepreneurship among women and facilitating them by providing an environment to shape up their ideas into workable models of business. The scheme will also help improve confidence level of women entrepreneurs to face the society which always pillars an obstacle in achieving their target.

Under Multi-Sector Startup Policy of Karnataka, IT/BT department has introduced the Idea2PoC Fund which would enable the creative technology innovators and entrepreneurs to pursue a promising technology idea and validate proof of concept (PoC). The state government of Karnataka is actively participating in the task of encouraging the startups and also made the announcement to set up about four technology business incubators across the state in 2016-17.

Last year in July month, a number of schemes were announced in the support the startup ecosystem in Karnataka state with the financial funding of $60 Million along with the launch of a startup cell in Karnataka Biotechnology and Information Technology Services (KBITS).

Later, a fund of Rs. 8 crores was announced towards the Karnataka’s Startup Cell and in the same month, the government has supported eight startups by providing them a fund of Rs. 2 crore. These startups built a unique tech solution for changing the tourism industry in India.

Women Entrepreneurship in India

India has a big count of women entrepreneurs and there are lots of developments being made towards increasing the participation of women in entrepreneurship.

In March 2016, the government launched ‘Mahila E-Haat’ program to strengthen women entrepreneurship in the country. Mahila E-Haat is an online marketing platform, offers a facility to women entrepreneurs to sell the products online across the country.

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