Entrepreneurship Industry News

Maharashtra to promote incubators for success of start-ups

The Maharashtra government has formulated a draft Maharashtra State Innovation and Start-up Policy which envisages setting up of incubators across the state to help new start-ups by providing work space, mentoring, and training to entrepreneurs.

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The draft policy also proposes “entrepreneurial development” classes in all schools to foster an entrepreneurial streak among students. The policy prepared by the Government of Maharashtra Skill Development and Entrepreneurship Department says innovation is the antidote to economic recession. The policy aims at fostering a start-up culture that encourages innovative ideas, transforming novel concepts into practical industry solutions and mentoring aspiring entrepreneurs.

The draft plan proposes incubators in 12 prominent high demand sectors including construction, production and manufacturing, textile, automotive, hospitality, health care, banking, finance and Insurance, organized retail, pharmaceuticals and chemicals, information technology and enabled services, agro-processing and bio-technology.

There will be a maximum of only three incubators for each of these selected sectors. The government plans to set up an incubator in each district of the state on a public-private partnership model with lead industries from relevant sectors. Ten per cent of the incubators for each administrative division will be built on the premises of reputed educational institutions with each incubator having the capacity to service at least 10 start-ups. Each incubator would have an incubation space of at least 10,000 sq. ft.

The policy says that the state through these centres is planning to attract an investment of Rs 5,000 crore with the aim of developing at least 2000 start-ups in the next five years. “Start-ups will be provided services of top-class management and administrative experts through accelerators. This will help start-ups avoid mistakes, function efficiently, and reduce the risk of their failure,” the draft policy states.

The state, in order to create an atmosphere which will facilitate innovative thinking, also plans to start an optional subject “Entrepreneurship Development” in school and college curriculum. It will also allow gap year concept where students working on projects can take a small break to work on these projects.

The present policy is in the draft stage and the state will soon put it out in the public domain to seek suggestions and objections from the public.

Read More: indianexpress.com