Cabinet approves Go-Delhi Foundation to help young innovators, startups
Delhi is home to nearly 21,000 startups recognised by the Department for Promotion of Industry and Internal Trade.
The Delhi government has granted approval for the establishment of Go-Delhi Foundation, a Rs 50 crore initiative aimed at supporting young innovators and startups, according to a statement from the Chief Minister's Office (CMO). This decision was made during a recent Cabinet meeting chaired by Chief Minister Rekha Gupta. The foundation's primary objective is to assist in transforming ideas into products and facilitating their entry into the market.
Delhi boasts approximately 21,000 recognized startups, as per the Department for Promotion of Industry and Internal Trade (DPIIT). The foundation intends to promote startups, innovation, and entrepreneurship within the city, offering comprehensive support to young individuals, researchers, and entrepreneurs. It seeks to turn their ideas into viable products and successful enterprises.
The Delhi CMO statement explained that the Go-Delhi Foundation will consolidate resources under one platform, with a focus on fostering new enterprises, attracting investment, and generating employment opportunities. The initiative will provide startups and micro, small, and medium enterprises (MSMEs) access to product engineering, prototyping, laboratories, and testing facilities.
Additionally, it will offer technical guidance, mentorship, incubation, business support, and networking opportunities with investors, enabling early-stage ideas to evolve into market-ready products.
The foundation will cater to entrepreneurs at various stages, from product development and testing to certification preparation and market access. Its goal is to streamline access to diverse facilities and simplify the process of setting up and growing enterprises in Delhi. The government departments can leverage the foundation to address their real-world challenges, with promising solutions tested through pilot projects and potentially adopted for broader implementation.
The foundation will collaborate with industry, educational institutions, investors, and other stakeholders. It will adopt a hub-and-spoke model, delivering programs through existing facilities and partner institutions across Delhi, as stated in the CMO statement. The foundation will be formed as a not-for-profit company under Section 8 of the Companies Act, 2013, and will operate under the Delhi government's Department of Industries.
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