Karnataka to launch India's first angel fund for women entrepreneurs | SupportBiz

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Karnataka to launch India's first angel fund for women entrepreneurs

Karnataka is all set to launch India's first state-sponsored angel investment network for women entrepreneurs, revealed M.N. Vidyashankar, Additional Chief Secretary, Commerce and Industries Department.

Speaking at the WEConnect Think Big! Women in Business Forum in Bangalore, Vidyashankar said the state plans to start the angel fund with an amount of Rs 25 Crores initially which will be professionally managed by noted entrepreneurs and industrialists. “As part of this, we will also create an incubator facility for women entrepreneurs which will encourage and cover all areas of business endeavors except real estate,” he said.

The government of Karnataka has also struck a deal with the Visvesvaraya Technological University (VTU) to allocate one semester in the curriculum for industrial orientation whereby students can have hand-on experience in the industry. This will gradually expanded to other educational institutions across the state. In addition, Karnataka also will launch a first of its kind R&D funding initiative to encourage innovations from colleges and schools across the state.

Commenting on the recently announced India’s first country-specific industrial hub, he said the government has already allotted 300 acres of land for the facility dedicated to Taiwanese companies.  “Taiwan accounts for nearly 90 percent of world's laptops and is the leading supplier of computer chips, smartphones and GPS devices etc. We want to get the best of their hardware expertise. We are also in the process of setting up an office in Taipei to attract more Taiwanese companies to Karnataka. We want them to replicate their success here too,” Vidyashankar said.

He assured the women entrepreneurs that the government will do everything necessary to help them. “Our business is to help your businesses,” he said. Vidyashankar also clarified the government initiatives on the single-window policy and said that all the government applications are now moved online and that with one single application, one can get clearance for a project from all the various departments.