The Brihanmumbai Municipal Corporation, in collaboration with IIT-Bombay, will start a Special Purpose Vehicle (SPV), to support out-of-the-box start-up ideas
This plan of supporting start-ups has been the pet project of Yuva Sena chief Aaditya Thackeray
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The Brihanmumbai Municipal Corporation, in collaboration with IIT-Bombay, will start a Special Purpose Vehicle (SPV), to support out-of-the-box start-up ideas. The BMC has also set aside a budget of Rs 25 crore for the same. This plan of supporting start-ups has been the pet project of Yuva Sena chief Aaditya Thackeray, who has been pushing for it for more than a year.
It is proposed that the SPV should have expert members from various fields such as finance, law and industries, apart from the BMC and IIT officials. Management experts will also be needed to help support an out-of-the-box idea, and help a start-up grow into a large business. The SPV will be headed by the municipal commissioner and will work independently, so that it stays away from the routine business of the municipal corporation. Once the SPV is constituted, a citizen can put forth his/ her idea, which will be thoroughly scrutinised by the committee of experts and it is only after their approval, that the start-up will be promoted. The BMC will help a start-up with a maximum investment of Rs 25 lakh.
The start-ups will be provided technical support with the help of IIT, and financial support along with space to put up their business which will mainly be in the welfare and community centres of the civic body. The SPV is based on the IIT-B's Society for Innovation and Entrepreneurship (SINE) model and the technical support will come from SINE.
Deputy Municipal Commissioner, Chandrashekhar Chore said, "Yes, the members have referred back the proposal and we will give them written replies in the next meeting on their queries."
Rs 25 lakh The maximum investment the BMC will help a start-up with
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