To boost startups, Chandigarh Administration mulls setting up innovation council
Chandigarh, October 23
In a ground-breaking move, the UT Administration will establish the Chandigarh Innovation Council, a strategic initiative designed to boost innovation and research in sectors such as education, health and IT.
The council will allocate a specific portion of the annual startup policy corpus in alignment with the National Innovation and Startup Policy for students and faculty, aimed at nurturing research ideas among young innovators in higher educational institutes.
A pivotal meeting, presided over by UT Adviser Dharam Pal, marked a significant step towards the formulation of a forward-thinking startup policy for the city.
Key to the discussion was the presentation of a draft proposal for the startup policy by the Department of Industries, UT. The proposed policy is structured around four core pillars: Ecosystem mobilisation, mentorship and linkages, funding support and incentives, and academic interventions. The focus was on developing a robust support infrastructure, including incubators, co-working spaces, and mentorship programmes, to nurture soft skills and innovation in emerging startups.
The meeting highlighted the importance of strengthening existing incubators within technical education institutes in the city, emphasising innovation, research, and entrepreneurship.
To ensure adaptability in the ever-evolving startup landscape, it was decided that the policy’s tenure would be set at five years from the date of notification, with annual revisions.
Collaboration between various government departments and the Department of Industries will significantly enhance the incubator ecosystem in Chandigarh. This initiative will provide early stage startups with a wide range of resources and services, including physical infrastructure, capital, mentoring, networking, and essential services like legal and corporate support, all essential for developing scalable business models and bringing innovative solutions to the market.
Under the proposed startup policy draft, the UT Administration intends to establish a distinct legal entity, preferably a Section 8 company under the Companies Act 2013, for implementing and executing the policy. Modalities regarding this setup will be explored in coordination with relevant ministries.
The meeting was a pivotal moment in city’s journey towards becoming a thriving hub for innovation, startups, and entrepreneurial excellence. The UT started drafting the policy in 2018, two years after PM Narendra Modi unveiled the Startup India Policy and directed UTs and states to frame their own policies tailored to the needs of entrepreneurs in their regions. However, after several flip-flops, the UT missed multiple deadlines for enforcing the policy.
City’s startup ecosystem
Early-stage financing: To establish seed fund with initial corpus of Rs 10 crore and total Rs 50 crore within 5 years
Start-up ecosystem: Dedicated startup fund to be set up to promote incubation centres, and scale up funding for startups
Women entrepreneurs: A minimum of 33% of seed fund and interest-free loans for women-led startups
Intellectual property rights: Provision of access to high-quality intellectual property services and resources
Easier norms: For procurement by public entities from startups but no relaxation in technical/quality aspects
