In a significant push to foster innovation and entrepreneurship, the Chandigarh Administration has officially notified its comprehensive start-up policy and guidelines. The core objective is to establish world-class incubators, aiming to transform the Union Territory into a leading, innovation-driven startup hub.
Financial Incentives and Support for Incubators
The newly notified guidelines outline a robust framework of incentives designed to strengthen the support system for startups. A key highlight is the provision of a grant of up to Rs 7.5 lakh per incubator per year for sustenance and operational costs. This fund can be utilized for a variety of purposes including internet and IT services, minor repairs, mentorship sessions, workshops, and networking events.
Additionally, the policy introduces a separate 'Grant for mentorship programmes' worth up to Rs 5 lakh per incubator annually. This is specifically earmarked for organizing training sessions, workshops, and similar capacity-building activities. The administration has also committed to providing a grant for technology upgradation to keep incubators at the cutting edge.
The distribution of these benefits is strategically planned. A total of three government-owned or aided higher education institutions (HEIs) and one privately-owned or aided HEI will be selected for the sustenance allowance and mentorship grant, ensuring a mix of public and private sector participation.
Eligibility and Recognition Process
To qualify for these financial incentives, incubators must meet specific criteria set by the administration. They must be a registered legal entity in India and operate within the jurisdiction of UT, Chandigarh. A critical physical requirement is the availability of at least 2,000 square feet of built-up space, either owned or leased, dedicated exclusively to the incubator. If the space is leased, the agreement must be for a minimum period of five years.
The process for recognition is clearly defined. Aspiring incubators must apply online through the dedicated Start-In Chandigarh portal. The Startup Cell, Chandigarh, will examine the application and may request clarifications within 30 days. Once the application is deemed complete, the Project Monitoring and Implementation Committee (PMIC) will conduct a physical verification of the premises.
Only after PMIC's approval will the incubator be listed as a 'Recognised Incubator' on the portal and receive a unique ID. It is important to note that recognised incubators must submit a new application each year to avail of the financial benefits, ensuring ongoing compliance and performance.
Building a Transparent and Accountable Ecosystem
The guidelines meticulously detail procedures for application, approval, fund disbursement, and monitoring. This framework is designed to ensure transparency, accountability, and ease of access for all stakeholders involved. The final disbursal of all financial benefits will be based on a formal application and the decision of the PMIC, contingent on meeting all specified conditions.
By promoting synergies between industry and academia and creating a structured support system, Chandigarh's policy aims to mentor startups effectively from their nascent stages. This move is expected to significantly boost the region's economic landscape by attracting entrepreneurial talent and investment, solidifying its position as a premier destination for innovation in North India.
