New Delhi: Delhi govt has approved setting up of Go-Delhi Foundation with an initial corpus of Rs 50 crore to empower young innovators and startups, chief minister’s office (CMO) said Sunday.
Delhi is home to nearly 21,000 startups recognised by department for promotion of industry and internal trade (DPIIT).
Gupta said the foundation will help startups and micro, small and medium enterprises (MSMEs) access product engineering, prototyping, laboratories and testing facilities. Govt departments will be able to bring their real-world challenges to Delhi’s innovators through the foundation, Gupta said, adding that products and technologies being developed to address these challenges could be tested through pilot projects, with successful solutions taken forward. This will give govt departments an opportunity to access new technologies and practical solutions, while allowing the startups to demonstrate the usefulness of their products, she said.
The nod came at a recent cabinet meeting chaired by CM Rekha Gupta, sanctioning the fund to help turn ideas into products and take them to market. Go-Delhi Foundation aims at promoting startups, innovation and entrepreneurship while providing young people, researchers and entrepreneurs with integrated support to turn their ideas into practical products and successful enterprises. It will also give them technical guidance, mentorship, incubation, business support and opportunities to connect with investors, helping turn early-stage ideas into market-ready products.
The foundation will be established as a not-for-profit company under Section 8 of Companies Act, 2013, and will function under Delhi govt’s department of industries. You Can Also Check: Gold Rate in Delhi | Silver Rate in Delhi | Bank Holidays in Delhi | Public Holidays in Delhi | Delhi AQI | Weather in Delhi | Petrol Price in Delhi | Diesel Price in Delhi | CNG Price in Delhi | LPG Price in Delhi Stay updated with the latest Delhi news.
Through the foundation, these resources will be brought together on a common platform, with a focus on developing new enterprises, attracting investment and creating employment opportunities, according to CMO. The initiative will support entrepreneurs at different stages — from product development and testing to certification preparation and market access. Its aim is to reduce dependence on scattered facilities for varied needs and make it easier to set up and grow enterprises in Delhi, the CM added. The foundation will also work with industry, educational institutions, investors and other partners. It will adopt a hub-and-spoke model, delivering programmes through existing facilities and partner institutions across Delhi. Download the TOI App.