BMC may soon fund start-ups that help solve civic problems
The BMC has tied up with Indian Institute of Technology-Bombay’s (IIT-B) Society for Innovation and Entrepreneurship (SINE) that runs a similar start-up cellUpdated: Jan 17, 2018 00:12 IST
Start-ups with novel solutions to Mumbai's civic problems will soon find a friend in the Brihanmumbai Municipal Corporation (BMC), as the civic body leaders gave a go-ahead to the start-up hub and innovation policy on Tuesday. The policy will now be sent to the general body of elected representatives for approval.
With the startup policy, BMC aims to provide infrastructure support and one-time investment to start-ups that innovate to solve civic issues such sanitation, education, health management, and urban planning issues such as parking management and waste management. The policy aims to encourage young entrepreneurs and boost employment in the city. A senior civic official involved with drafting the policy said, "The policy will help generate employment. But BMC has one more interest in the start up - it will bring novel ideas to solve civic issues. When the entrepreneurial models are successful, BMC may hold some stakes in the profit of the start-ups. Until then, it will support the start-up as a liability."
The BMC has tied up with Indian Institute of Technology-Bombay’s (IIT-B) Society for Innovation and Entrepreneurship (SINE) that runs a similar start-up cell. Yuva Sena chief Aaditya Thackeray, who has been following up on the policy during its planning stages in the civic body, said, "All tie-ups for this policy are approved, as we planned to rope in private hubs with experience in handling this sort of thing. I have spoken to some more private hubs to provide support, but that is in the planning stage. Once the policy is approved by the general body, we will finalise more partnerships.'
The civic body has selected a plot in Andheri admeasuring 4,000 sq m to start its first incubation hub, which will house up to 10 offices. The incubation centre will be handled by IIT-B, and the BMC will provide the infrastructure, and the start-up money for new businesses. Nascent businesses will be able to use this incubation centre until their profit allows them to take care of themselves. If businesses continue to make losses, they will be asked to move out.
It has been part of Shiv Sena's election manifesto to woo young voters. Following civic elections of February, Yuva Sena chief Aaditya Thackeray adopted the idea for providing start up support.
First Published: Jan 17, 2018 00:11 IST