Bengaluru, Aug 8 (PTI) The second edition of VentuRISE, a global startup challenge will be held in collaboration with TiE Global and TiE Bangalore, said Karnataka's Minister for Large and Medium Industries M B Patil on Thursday.

Patil launched the startup challenge -- which is dedicated to identifying, nurturing and supporting groundbreaking innovations across multiple sectors and has a prize pool of USD 300,000 -- at a curtain-raiser event for the ninth edition of the TIE Global Summit 2024.

Also Read | Ajit Pawar Launches Jansanman Yatra in Maharashtra, Says 'Do Not Fall Prey to Opposition's False Narratives (See Pics and Video).

It seeks to address critical industry pain points by providing a platform for budding startups to showcase their solutions and connect with potential investors and mentors.

"VentuRISE 2024 is a testament to our dedication to supporting innovative entrepreneurs who are driving the future of manufacturing and allied sectors. The startup challenge aims to position Karnataka as a global innovation hub, promoting the state as a preferred destination for startups in manufacturing and allied sectors by facilitating connections with investors and industry partners," said Patil.

Also Read | Gurgaon Horror: Former WCD Staffer Kills Daughter-in-Law Over Suspicion of Affair as Son Watches Crime Unfold, Arrested After Accused Reports Incident.

According to him, this year's event will see new initiatives as well as an expansion of mentorship programmes to attract a wider pool of global investors.

VentuRISE 2024 will focus on three key sectors: electronics system design and manufacturing (ESDM), auto/clean mobility, and aerospace & defence, the minister said.

"All the problem statements for the challenge have been provided by the respective industry players themselves, ensuring that the solutions proposed by startups directly address real-world challenges," he added.

The startup challenge will be a three-round challenge and will be conducted over a period of three to four months, he said, adding that the process will include online application submission and online pitching to the jury.

"The final presentation will be held at the Global Investors Meet 2025, which will be held in Bengaluru between February 12 and 14, 2025," said Patil.

According to him, VentuRISE 2024 aims to attract over 1,000 applications from around the world and engage with marquee PEs, VCs, and angel investors.

Top startups will have the opportunity to win a share of a USD 300,000 prize pool and receive mentorship from industry leaders.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)