The KLE Centre for Technology Innovation and Entrepreneurship (CTIE), in a strategic partnership with Mundhe Banni and Avantro Labs, has announced a significant push to empower startups in India's tier-2 and tier-3 cities. The launch of the RiNK Initiative–Rise in North Karnataka was a key highlight of the 'Mundhe Banni Startup Meetup' held at the KLE BVB campus in Hubballi.
VCs Debunk Myths for Regional Entrepreneurs
The event featured a pivotal session titled 'Venture Financing for Founders', where entrepreneurs from smaller cities directly interacted with seasoned investors. The panel, moderated by Vasant Shetty of Mundhe Banni, included Vinod Shankar, co-founder of Java Capital, and Nihal Shetty from Rainmatter, Zerodha. They strongly countered the notion that language or location is a barrier to founding a successful startup.
Vinod Shankar provided crucial pitching advice, stating that a concise 10-slide presentation covering the team, problem, and solution is often sufficient. He emphasised the dynamic nature of the market, advising founders to focus on addressing a fundamentally large opportunity. "The market is like an amoeba," he noted, "it doesn't have a fixed figure."
Practical Advice on Funding and Founder Salaries
The venture capitalists offered grounded, practical guidance for early-stage founders. A key takeaway was their advice on founder compensation. The panelists recommended that a founder's monthly salary should not exceed Rs 2 lakh, stressing that investor capital is primarily for company growth. They clarified that only essential logistical expenses would be considered for grants.
The interactive session saw active participation from attendees like Shivashankar Aiholi, Dr. Shivaji, V.S. Hiremath, and student-entrepreneur Zalaki. The dialogue clarified a common misconception: while banks are hesitant to fund mere ideas, SEBI-regulated venture capitalists are structured to take such early-stage risks.
RiNK Initiative Aims to Reverse Brain Drain
The cornerstone announcement was the official launch of the RiNK Initiative. This program has a clear, ambitious mission: to reverse talent migration from North Karnataka. It aims to attract tech professionals back from metropolitan cities and simultaneously encourage Global Capability Centers (GCCs), startups, and larger enterprises to set up and scale operations in the region.
Ashok Shettar, Pro-Chancellor of KLE Technological University, underscored the region's potential, highlighting that North Karnataka produces about 10,000 engineering graduates annually from premier institutions. The full-day event also featured high-impact masterclasses, including one by Raffic Aslam, former creative director at Zoho, on brand storytelling for early-stage startups.
The gathering saw the presence of key dignitaries including Prakash Tewari, Vice-Chancellor of KLE TU; Police Commissioner N. Shashi Kumar; Devaraj R, Special Land Acquisition Officer, NHAI, Dharwad; Vinayak Hosamani, Director of KLE CTIE; and Chethan Shettar, founder of Avantro Labs. The collaborative effort signals a strong, structured push to build a vibrant and sustainable innovation ecosystem beyond India's major tech hubs.
