Govt launches MGTC to put Mysuru on global digital map
4 min read
Bengaluru: To give a boost to IT and startup ecosystem in the State and to promote initiatives under the ‘Bengaluru & Beyond’, the Department of Electronics, IT/BT launched Mysuru Cluster Seed Fund (MCSF), Mysuru Global Technology Centre (MGTC) and Karnataka Accelerator Network (KAN) on Sunday.
The Mysuru Cluster Seed Fund is the first of its kind where 70+ startups would be funded thereby creating employment opportunities for 1000+ per year in a cluster. With a cluster seed fund of Rs 25cr, the government will facilitate easier access to capital for selected startups in the clusters. This is a great opportunity for budding entrepreneurs which will create new growth centres, employment generation and drive the digital economy for the state. The fund will be managed by the Investment Committee (IC) comprising industry and professionals. The Programme will be implemented by KDEM. About 70-80 startups will be funded through this AIF CAT 1 fund.
Understanding the necessity of a world-class office infrastructure that determines the success of technology industry, a high-quality plug-and-play office infrastructure at 2 lakh sq ft/3000 seater will come up in Mysuru to boost the growth of IT, ITES, GCC, ESDM, startups & all services companies in the region under the Mysuru Global Technology Centre. This will help to get more Investments and employment
opportunities into the cluster.
Following are some of the start-ups/industries that have submitted Letters of Interest to MGTC: Breach point, Cyber range, GIGA Inno Hub, Information Sharing and Analysis Center (ISAC), iSOCRATES LLC, Logically, Proxelera, Velox and International hub for metaverse.
Karnataka Accelerator Network (KAN) is a unique initiative of the Government of Karnataka and one of the first of its kind in the country to boost the accelerator ecosystem in the state. This is to address the challenges involved in the startup journey and augmentation across various sectors that are critical to the startups’ growth. The stakeholders who will be partnering in the initiative would be (not for profit) three accelerators across Bangalore and 3 potential accelerators from Beyond Bengaluru i.e Mysuru, Mangaluru, and Hubballi-Dharwad-Belagavi clusters. The principal objective is to boost the Startup Ecosystem, especially for growth stage Startups, and create a mentor-mentee network between accelerators and incubators in Bengaluru and Beyond Bengaluru regions to share best practices for nurturing startups.
Following is the list of selected organizations for KAN are: From Bengaluru – Jain Incubator, Ginserv and Derbi Foundation. From Beyond Bengaluru: Mysuru Cluster – SJCE STEP, HDB Cluster – ASTRA, UAS Dharwad and from Mangaluru Cluster – SHINE foundation.
Launching the initiatives, Minister for IT and BT Dr. CN Ashwath Narayan said These three critical initiatives – availability of world-class office infrastructure, access to easier capital and business accelerator support will determine the success of any industry and cluster. We are creating a web of support ecosystems. These three programmes will drive over 1,000 new jobs in the State. We want startups and global companies to take this advantage of the Happiest city in India – Namma Mysuru.
BV Naidu, Chairman, KDEM commented “The principal objective of launching these three strategic initiatives is to catalyze the state’s potential in the field of technology. Bringing out the power of startups from emerging tech clusters, creating an equal playing platform with global access to business. This also puts Mysuru on the global digital map which is important for the nation as a whole.”
Dr. E V Ramana Reddy, IAS, Additional Chief Secretary, Dept of Electronics, IT BT S&T, commented that “To address the challenges involved in startup journey and augmentation across various sectors, KAN will support & nurture 306 start-ups over a period of 3 years that are developing products, services, solutions around and are in the growth phase. It will also support the startups to facilitate commercialization of technology solutions for market outreach, and to provide technical and business advisory through a cache of Experts and Mentors.”
“KAN will also help them to create vital inter-linkages/ exchanges of information, to assist in raising venture capital help in gaining customer traction, and to facilitate commercialization of technology solutions for the market outreach along with providing technical and business advisory through a cache of experts and mentors.”
Sanjeev Gupta, CEO, KDEM commented, Mysuru Global Technology Centre (MGTC) will put emerging tech clusters like Mysuru in the next orbit to create a global business ecosystem. Drive global companies to set their back offices with local deployable talent, for startups a vibrant business platform, and pioneer the reverse brain drain drive into India. This MGTC is the foundation that has been set up for digital generations coming up in the future.
-Team Mysoorunews
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