The brainchild of Yuva Sena chief Aaditya Thackeray, the policy envisages supporting start-ups.(HT Photo)
The brainchild of Yuva Sena chief Aaditya Thackeray, the policy envisages supporting start-ups.(HT Photo)

1 year later, BMC’s start-up policy still awaits state nod

Officials said that the approval is for a special purpose vehicle (SPV) – a legal entity created to fulfil specific objectives without financial risk to the parent body.
Mumbai | By Sagar Pillai
UPDATED ON JUL 08, 2019 09:10 AM IST

Nearly a year after it was sanctioned by the general body, the much-awaited incubation centre policy of the Brihanmumbai Municipal Corporation (BMC) still awaits approval from the state government. The brainchild of Yuva Sena chief Aaditya Thackeray, the policy envisages supporting start-ups.

Officials said that the approval is for a special purpose vehicle (SPV) – a legal entity created to fulfil specific objectives without financial risk to the parent body. A senior civic official said, “To create an SPV, a final nod from the state urban development department (UDD) is required. The SPV will expedite the functioning of the incubation centre.”

The BMC’s SPV, which will implement the start-up policy, will be called Society for Mumbai Incubation Lab to Entrepreneurship (SMILE). The civic body will provide funds, infrastructure and mentoring to start-ups, especially those working on focused on civic and urban planning issues. For the start-up hub and innovation policy, the BMC has tied up with the Indian Institute of Technology-Bombay’s (IIT-B) Society for Innovation and Entrepreneurship (SINE).

The civic body has selected a plot in Andheri admeasuring 4,000 sqm to start its first incubation hub. A response from UDD principal secretary Nitin Kareer is still awaited.

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