Delhi govt approves Start Up and Innovation policy; to spend Rs 400 crore in 5 yrs

New Delhi, July 16 (PTI) The Delhi government has approved the Start-Up and Incubation policy, earmarking more than Rs 400 crore in funds to be invested over five years for innovation and self-employment, Chief Minister Rekha Gupta said on Thursday. The policy will cover 11 state universities, 13 government-aided colleges, ITIs and polytechnic institutions of the government which will be covered by the policy. Students of Delhi government schools can avail the policy's benefits at these institutions. Successful students will be provided with financial assistance, the Delhi Chief Minister's Office (CMO) said in a statement. A panel, State Incubation Policy Monitoring Committee (SIPMC), will be set up to oversee implementation of the policy. The committee will include representatives from the government, educational institutions, industry and the start-up ecosystem. Under the policy approved by the Delhi Cabinet, the government will also organise an annual 'Delhi Start-up Youth Festival,' which will bring young innovators, educational institutions, start-ups, investors, industry representatives and policymakers on a common platform. Gupta said the policy is designed to develop Delhi into one of the country's leading hubs for innovation and entrepreneurship while ensuring that young people receive support to turn their ideas into successful start-ups. "The initiative is not just about helping people launch start-ups, but about transforming Delhi's youth from job seekers into job creators," Gupta said. The government will provide one-time financial assistance to eligible institutions for setting up and strengthening incubation centres. In addition, these centres will receive annual support for mentoring, networking, innovation activities and the development of the start-up ecosystem, the CMO said. Start-ups associated with these incubation centres will receive milestone-based financial assistance at different stages of their growth. The support will cover various phases, including prototype development, proof of concept, product development, market validation and commercialisation. Gupta said that the incubation centres will provide young entrepreneurs with modern infrastructure, expert mentoring, access to laboratories and testing facilities, among other host of services. The policy will strengthen Delhi’s culture of innovation, create new employment opportunities, encourage research-driven innovation, deepen collaboration between industry and educational institutions, and accelerate the capital's knowledge-based economy, she said. PTI VIT VIT AMJ AMJ