Time to make Karnataka the premier innovation hub of the world. Karnataka Innovation Authority (KIA) is the beginning of that journey.
It is a matter of common knowledge to all of us that Namma Bengaluru is the techtown of the modern world. It is my firm belief that once a successful brand is created, the next objective should be to scale up the limits of success, creating a new zenith led by constant hustle and innovation. Hence the next aim for us all should be to make Karnataka be the tech hub of the world.
We highlighted our commitment to foster tech entrepreneurship in Karnataka by organising a grand event in the form of the Bangalore Tech Summit last November.
In the realm of the technology sector, one of the most important aspects for its growth is fostering innovation. To support the latest methods in the field of innovation, we have set up the ‘Karnataka Innovation Authority’ with CM Shri B. S. Yediyurappa as the Chairman. Certain revolutionary measures to reform the regulatory framework will be undertaken under this authority.
The KIA provides the enabling framework for the creation of Regulatory Sandboxes in the state which would enable startups to get exemptions from state and municipal laws which might impede their innovations for a limited and defined test period. Regulations can catch up with the same if the results of the said test are positive. Karnataka has obtained the distinction of establishing the first Non-Sector-Specific (i.e All Sector) Regulatory Sandbox in the world.
A legal sandbox regulatory framework is important for Karnataka on its high tech trajectory (about $60 billion or more than 40% of India’s software exports find root in the state). The state is in a prime position as India’s information technology hub to promote cutting edge innovation in areas across many sectors, which can improve the lives and livelihoods of Karnataka citizens through both direct and indirect employment.