Chandigarh, Oct 25 (KNN) The Chandigarh administration under its proposed Startup Policy, will establish the Chandigarh Innovation Council, an initiative designed to boost innovation and research in sectors such as education, health, and information technology (IT).

This was decided in a meeting, chaired by UT adviser Dharam Pal, on the draft startup policy, held on Monday, reported TOI.

As per reports, the proposed council would allocate a specific portion of the annual startup policy corpus in alignment with the National Innovation and Startup Policy for Students and Faculty, aimed at nurturing research ideas among young innovators within higher educational institutes.

“Collaboration between various government departments and the department of industries, UT, will significantly enhance the incubator ecosystem in Chandigarh,” an official said.

The official added that this initiative will provide early-stage startups with a wide range of resources and services, including physical infrastructure, capital, mentoring, networking, and essential services like legal and corporate support, all essential for developing scalable business models and bringing innovative solutions to the market.

In the Monday’s meeting, the adviser and other senior officials suggested several changes in the draft policy, particularly regarding the funding and financing of the policy.

Under the proposed startup policy draft, the administration intends to establish a distinct legal entity, preferably a Section 8 company under the Companies Act 2013, for implementing and executing the policy. 

Modalities regarding this setup will be explored in coordination with relevant ministries of the Government of India.

“To ensure adaptability in the ever-evolving startup landscape, it was decided that the policy’s tenure would be set at five years from the date of notification, with annual revisions,” said the official.  

(KNN Bureau)