Karnataka’s ‘Quit Job to Become Entrepreneur’ Scheme Receives Strong Response in First Round

Nitin Konde

Sep 14, 2024 — 2 min read

Karnataka’s ‘Quit Job to Become Entrepreneur’ Scheme Receives Strong Response in First Round

There were 192 applications submitted for the first round of the Karnataka government's programme that aims to encourage young graduates to leave regular occupations in favour of starting their own businesses.

It is the intention of the Rajiv Gandhi Entrepreneurship Programme, which is part of the Department of Information Technology and Biotechnology (IT-BT), to provide a monthly grant of INR 25,000 for a period of twelve months to thirty innovators and entrepreneurs. This support would be provided over the course of the following three years. The "first call" for the programme was open from the 14th of July until the 13th of August 2024.

In response to a question from the media, the secretary of the Karnataka Information Technology and Business Technology department, Ekroop Caur, remarked that the reaction to the initiative has been good. This project has been praised by a large number of young graduates and innovators for providing an essential support system for early-stage entrepreneurs. It assists these individuals in overcoming financial obstacles and boosts their confidence to expand their businesses.

Providing Financial Support and Mentorship

Both financial support and mentoring would be provided to individuals who are interested in starting their own businesses. According to Caur, this would ensure that innovators are able to concentrate on creating and expanding their ideas without being hampered by immediate financial restrictions.

After the examination of the proposals that were received in the first round, Caur stated that there is a possibility that the programme will call for additional submissions in the event that it does not accomplish its goal of providing support to thirty innovators in the first round.

Setting a Benchmark for the Entire Nation

In an interview with the media, Karnataka IT-BT Minister Priyank Kharge emphasised the programme's distinctiveness, stating that it is likely the first of its kind in the country. The programme provides a stipend of INR 25,000 per month for a year to individuals who have resigned from their jobs to pursue entrepreneurship.

The NAIN 2.0 (New Age Innovation Network) programme and the ELEVATE programme are two more important efforts that the state government has adopted in order to encourage young people to start their own businesses, according to officials.

Students enrolled in higher education institutions are provided with a foundational platform known as NAIN 2.0, which provides them with a helpful framework to begin their journey as entrepreneurs.

Officials further explained that the purpose of ELEVATE is to provide grant-in-aid funding to the most innovative entrepreneurs, thereby assisting them in making the transition from concept to products that are ready for the market.