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Karnataka To Fund Startups From Across The Country

Ramya GovindRaj

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The Karnataka Government will fund startups from pan India by calling them to register in Karnataka. According to IT Minister of Karnataka, Priyank Kharge, entrepreneurs and startups across the country seeking funds can soon look up to the Karnataka government.

The IT Minister further added, “We want to take our startup policy to the national level this year. We will support startups from across the country provided they pay taxes here.” For this purpose, entrepreneurs registered in Karnataka under the Shops and Commercial Establishment Act, 1961 can apply for funds and other initiatives. The Minister, however, did not elaborate on when this new phase will kick off and whether more funds will be allocated.

The Karnataka government was one of the first governments in India to launch their startup policy in 2015 in line with Prime Minister Narendra Modi’s Startup India initiative. Since then, the government has set up several funds with a corpus of over Rs. 300 crores to back startups across different sectors such as biotechnology, tourism and animation. In accordance with their five year startup plan, the State Government is aiming to boost 20,000 technology based startups by 2020 in Karnataka and create 6 lakh direct and 12 lakh indirect new jobs in the sector. In 2017 alone, 250 startups received funding from the from the Government while 5000 startups were registered under the policy.

In October last year, the Karnataka government also invested Rs. 40 crores in the construction of a state of the art artificial intelligence (AI) and data science capabilities center. The Centre of Excellence for Data Science and Artificial Intelligence aims to help global companies create approximately 35,000 jobs over the next five years for data science and artificial intelligence professionals. In August, the State government also provided funding worth Rs. 35 crores to 100 innovative startups through its Elevate 100 program.

According to the data from research firm Tracxn, till date, Karnataka has funded 890 startups while Maharashtra funded 645 and Delhi NCR funded 419. Currently, 7909 startups were founded in Karnataka following Maharashtra with 8117 startups.

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Marissa Mayer Creates Tech Startup Incubator

Smruthi Kishore

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Marissa Mayer, the former chief executive officer (CEO) of Yahoo, is starting a brand new business incubator called Lumi Labs in partnership with long time colleague, Enrique Munoz Torres. According to reports, the new business incubator will aim to focus on consumer media and artificial intelligence.

While the incubator in itself is extremely intriguing, what makes the idea all the more exciting is the fact that Mayers is going back to the roots of her work. It is a homecoming of sorts for her as Mayer has rented out Google’s original office in Palo Alto, California, where she had started her career as a 24 year old Stanford University graduate.

This particular Google office has a lot of special things attached to its name. The office was home to online payments company, PayPal, which was started by a host of co founders including Tesla founder, Elon Musk. Marrisa was selected as the 20th employee of Google in the year 1999 and was in fact, the first female engineer to get a job at the largest search engine!

Mayer left the Google office after 13 long years and joined Yahoo in the year 2012 for five long years! Despite being regarded as the Geek Goddess at Google, she failed to revive Yahoo’s stalled business even after trying her best. While not a lot has been revealed about the new business incubator Mayer’s and Torres are working on, the premise in itself looks extremely exciting. With more and more people venturing into the field of artificial intelligence, the fact that Mayer’s business will be combined with consumer media is what will eventually make all the difference!

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Facebook Embroiled In Yet Another Controversy

Smruthi Kishore

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Just days after Mark Zuckerberg appeared in front of the Senate, our favourite CEO seems to have gotten himself involved in yet another controversy. The two days of hearing confirmed that Zuckerberg would make sure the Cambridge Analytica data leaks issue would be resolved as soon as possible. While this may have temporarily satiated the growing unrest faced by Facebook, a seemingly off handed made by Zuckerberg sparked off yet another serious issue.

Zuckerberg while responding to U.S. Representative Ben Luján sparked another controversy, as he revealed, “For security reasons, Facebook also collects data of people who have not signed up for Facebook.” While the concerns over the security of WhatsApp’s payment based data appear to be settling down, Facebook’s scenario is different. The matter seems too deep to settle down.

Clarifying the issue, Zuckerberg made a statement saying, “When you make a payment, WhatsApp creates the necessary connection between the sender and recipient of the payment, using Facebook infrastructure. We pass the transaction information to the bank partner, which is called a PSP (payment service provider) and to the NPCI (National Payment Corporation of India,) so they can facilitate the movement of funds between the sender’s and receiver’s bank accounts.”

Furthermore, WhatsApp said it does not divulge all the data revealed by the users and said in a statement, “In some cases, we may share limited data to help provide customer support to you or keep payments safe and secure.” While this may seem like a tender coating on a serious issue, the controversies just seem to keep increasing for Zuckerberg. During the two days Congressional grilling session, it became very apparent that Facebook is primarily owned by the founder.

Thanks to the firm’s stock structure, its public investors, even those with $1 billion (£ 70 million) holdings, do not have much say on the company’s future. So far, the investors haven’t raised their voice over the structuring of the shares. However, with the Cambridge Analytica issue blowing up in his face like it has, the time is now ripe to on the tyranny that has become Zuckerberg. By the looks of things, however, it seems the eccentric founder isn’t ready to give up control just yet. Now, only time will tell about the online social media’s platforms future.

 

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Ola Launching 100,000 Electric Vehicles In The Next 12 Months

Smruthi Kishore

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The SoftBank backed cab aggregator, Ola, announced its plan of adding 100,000 electric cars to its existing fleet. With a majority of these e vehicles being electric rickshaws, the cab aggregator wants to get this process sorted within the next 12 months as a part of the Mission Electric program.

The Bengaluru based company is aiming to get one million electric vehicles on its platform by 2021, to boost the electric vehicle ecosystem in the Country. “Three wheelers are a vital means of transportation and a source of livelihood for millions of people every day. It also represents an immediate opportunity to improve outcomes for all stakeholders while reducing pollution across towns and cities,” Bhavish Aggarwal, Ola co founder and CEO said in a statement.

Ola launched its first pilot electric vehicle program on 26 May, 2017. These pilot vehicles included electric cabs, electric auto rickshaws, electric buses, rooftop solar installations, charging stations, and battery swapping experiments. However, the pilot vehicles failed to take off when they were launched. According to several reports, Ola cab drivers did not like the long waiting time and said the charging centres were not sufficient.

Furthermore, the report also said the drivers wanted to go back to the electric vehicles. More than a dozen electric car drivers of the 20 drivers interviewed in Nagpur, have either returned their electric taxis and switched to diesel, or are planning to do so. Ola also faced several other hurdles with electric vehicles and was even forced to close one following protests from residents angered by traffic jams caused by the taxi drivers.

“The EV program in Nagpur has provided Ola with significant insights into effectively managing vehicles, batteries, and operations. The company plans to continue its experimentation with ways to optimize batteries and charging, to develop a strong business model for EV deployment in the country” the company said in a statement.

The Bengaluru based cab aggregator has also said it is in talks with several state governments to make sure the electric vehicles are deployed properly. The policies used are going to make sure the electric three wheelers are going to be as per the environmental regulations.

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