Mangaluru
The number of startups in coastal Karnataka has doubled to around 400, with efforts underway to build a stronger startup ecosystem across the Mangaluru-Udupi region. The target is to increase the number to more than 4,000 startups and create at least five unicorns by 2034.
TiE Mangaluru has been selected to lead Karnataka’s first ‘K-Combinator’ startup acceleration programme under the state government’s ‘Beyond Bengaluru Mission’ and LEAP initiative, TiE Mangaluru president Shyam Prasad Hebbar said at a press conference in Mangaluru.
He said more than 15 incubators, over 35 engineering colleges, eight medical colleges and more than 150 degree colleges were supporting the development of startups in the coastal region. The initiative aims to strengthen entrepreneurship from the college level itself.
The K-Combinator programme is designed to help startups that have moved beyond college incubators and are preparing to test products and expand into markets. Three batches will be conducted every year, with four to six startups selected per batch. Founders will undergo a 16-week bootcamp, mentoring sessions and investor interactions with industry experts.
TiE Mangaluru founding president Rohit Bhat said the government has sanctioned Rs 9.26 crore for five years, with the first instalment of Rs 1.89 crore already released. Selected startups will receive free workspace and infrastructure for up to eight months.
The top two startups from each batch will receive performance-based grants of Rs 10 lakh each without equity dilution. The programme will also provide access to global markets through the TiE network.
Vice-president Suyog Shetty said 15 companies completed the programme last year, with three startups securing seed funding of more than Rs 50 lakh each.
