Delhi Govt to Set Up Go-Delhi Foundation with Rs 50 Crore Initial Budget to Support Startups

New Delhi, Oct 19 (KNN) The Delhi Cabinet has approved the establishment of the Go-Delhi Foundation with an initial budgetary outlay of Rs 50 crore to promote startups, innovation and entrepreneurship in the national capital, the Delhi government said on Sunday.

The foundation will be set up as a not-for-profit company under Section 8 of the Companies Act, 2013, and function under the Delhi government's Department of Industries.

It will provide entrepreneurs, students and researchers with support for product development, prototyping, testing, incubation and access to investors, helping them turn ideas into market-ready businesses.

Focus On Product Development And Market Access

Chief Minister Rekha Gupta said the initiative would bring together Delhi's entrepreneurial ecosystem, educational institutions and research facilities on a common platform.

Delhi has nearly 21,000 startups recognised by the Department for Promotion of Industry and Internal Trade (DPIIT), she said, adding that the foundation would focus on developing new enterprises, attracting investment and creating employment opportunities.

The foundation will also help startups and micro, small and medium enterprises (MSMEs) access product engineering, laboratories, testing facilities, technical guidance, mentorship and assistance with intellectual property rights and certification.

Government Departments To Engage With Startups

The foundation will also connect innovators with government departments to develop solutions to practical challenges. Products and technologies developed through this process will be tested through pilot projects, with successful solutions considered for wider adoption.

The initiative is expected to strengthen collaboration among government departments, industry, educational institutions, investors and startups.

Builds On Delhi's Rs 400 Crore Startup Policy

The initiative follows the Delhi government's approval of the Delhi Start-up and Incubation Policy in July, with a proposed investment of Rs 400 crore over five years.

The policy envisages setting up incubation centres in 11 state universities, 13 government-aided colleges, polytechnic institutions, Industrial Training Institutes (ITIs) and government schools in its first phase.

Startups associated with these centres will receive milestone-based financial assistance at different stages of growth.

(KNN Bureau)