WORLDTECHDelhi approves Rs 50 crore Go-Delhi Foundation to back young innovators
Delhi's government has cleared the setting up of the Go-Delhi Foundation with a Rs 50 crore corpus, according to a statement from the Chief Minister's Office issued on Sunday. The body is meant to help young inventors and new companies convert their concepts into workable goods.
Confirmed details of the foundation
The statement from the Chief Minister's Office said the Delhi government has approved the creation of the Go-Delhi Foundation with a Rs 50 crore corpus. An initial budget outlay of the same amount has also been earmarked for it.
According to the statement, the foundation will promote startups, innovation and entrepreneurship in the capital. It intends to give young people, researchers and founders joined-up support so that their ideas can become practical products and profitable firms.
Approval came at a Cabinet meeting
The decision was taken at a recent Cabinet meeting chaired by Chief Minister Rekha Gupta. The sanction releases the fund for the purpose of carrying ideas through to products and onto the market.
Scale of Delhi's startup sector
Around 21,000 startups in Delhi are recognised by the Department for Promotion of Industry and Internal Trade, a figure that indicates the size of the ecosystem the foundation is intended to serve.
Open questions
- How will the Rs 50 crore corpus be divided among the foundation's support activities?
- Which selection criteria will the foundation apply when choosing whom to support?