Karnataka Invests Rs1000 Crore LEAP to promote entrepreneurship beyond Bengaluru

The Government of Karnataka is implementing Local Economy Accelerator Programme (LEAP) in form of a Rs1, 000 Rs1, 000-crore project that will take place throughout the State, geographically decentralizing the idea of innovation and entrepreneurship. LEAP, which is a five-year plan, aims to create robust technology many years in Tier-2 and Tier-3 cities so that Bengaluru cannot buffer most of the economic growth.

Building Innovation Hubs

LEAP centre focuses on the establishment of plug-and-play offices, co-working centres and innovation hubs in smaller towns. The programme does not only offer infrastructure, but also mentoring and funding assistance as well as market interconnections to start ups. The government believes it can develop successful entrepreneurial hubs throughout Karnataka by developing local talent.

Highlight regarding Mangaluru and Coastal Karnataka.

Among the grandest announcements made in LEAP include the coming technology park in Mangaluru of 3.5 acres with a 3.5 lakh sq. ft. workspace to house 3,500 professionals. The project will act both as a hub with regards to the Mangaluru-Udupi-Manipal cluster which already has a rich array of academic enterprises and industry partnerships. The idea is to make Okhaneelke powered by an innovation economy that can be a rival to Bengaluru.

Beyond Bengaluru Vision

As it stands, Bengaluru, and Mangaluru each contribute 40 percent and 5.4 percent of GDP in Karnataka respectively. The State aims to replicate the success story of Bengaluru through LEAP across many cities in a decentralisation of economic growth and opportunities. This project fits into a bigger project, the Beyond Bengaluru, and its vision of having mini-Bengalurus to drive the State digital economy.

Sustainable growth 3P Strategy.

The development strategy in Karnataka is based on the 3P: People, Policy and participations. Also progressive policies exist but the government stresses the participation by industry leaders, academia and local communities to have inclusive and sustainable growth.

Increased Sectoral opportunity.

The State already leads in IT, biotech, EVs, space technology and cybersecurity. Karnataka plans on the go to establish 500 Global Capability Centres (GCCs) over the next four years which allows it to create more than 5 lakh employment opportunities. The government is also concerned with sustainability based on plans on a circular economy policy.

Role of KDEM

The Karnataka Digital Economy Mission (KDEM) is the key player in the various initiatives such as the Mangaluru Technovanza where the role of the government is to ensure that academics work with industries so that the region initiates excellence and creativity.

LEAP is sending a big signal to Karnataka: that innovation and entrepreneurship is ceasing to be the preserve of Bengaluru but becomes a formula of inclusive growth across the state.