The state government of Maharashtra, on Wednesday, December 9, 2020, decided to set up a world-class incubation centre with an aim to provide the necessary infrastructure and supportive environment to the innovative startups. Following the orders, officials from the government have planned to sign a Memorandum of Understanding (MoU) USA-based Cornell University.
This collaboration will mark the first in the state to set up an incubation centre under an agreement with an international university.
As per plans, this incubation centre will be designed across 13,000 sqft. at the Reliance Corporate Park in MIDC Ghansoli located in the Navi Mumbai area. Officials have decided on the area for the building and more details about the centre and the set up will be decided soon.
Authorities have stated that the agreement will be signed on Thursday, December 10, 2020, in the presence of Industry Minister Subhash Desai. Minister of State for Industry Aditi Tatkare, Vice President of Cornell University Paul Cruz, Principal Secretary of Industry Venugopal Reddy and Industry Commissioner Harshdeep Kamble will also be present at the occasion.
Details revealed about the collaboration state that a total of 60 entrepreneurs will receive training, guidance and financial and administrative support every year based on the MoU with New York-based Cornell University. This has been facilitated under the guidance of Chief Minister Uddhav Thackeray. Furthermore, entrepreneurs holding a domicile certificate in Maharashtra will be able to take advantage of this opportunity.
Besides the United States, this centre will become the first international centre of its kind in India where the budding entrepreneurs will receive a diploma from Cornell University too. Moreover, the trainees will get the benefit of all the facilities associated with this institution as per the MoU signed with the world-class university, whereby a full-time coach will be appointed for assistance.
The incubation centre will also focus on providing training related to start-ups for women entrepreneurs in the open category, SC and ST categories. Entrepreneurs can also seek necessary financial and administrative support if needed.
Data reveals that the program will cost around INR 7 crore per year, and INR 5 crore will be provided as funds from the Maharashtra Industrial Development Corporation (MIDC). Remaining funds of INR 2 crore will be offered from the Social Justice Department and the Tribal Development Department each. Currently, authorities have planned to implement the scheme on an experimental basis for the first three academic years.
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