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.Updated: Jul 08, 2019 09:10 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.