Brihanmumbai Municipal Corporation (BMC) is all set to launch a Business Incubation Centre (BIC) with the help of IIT Bombay’s Society for Innovation and Entrepreneurship (SINE) to train aspiring entrepreneurs in the city. The project, which was approved at the meeting of BMC’s party group leaders in January, will now be tabled before the standing committee on Wednesday. The civic body has also proposed to get a special purpose vehicle (SPV), SMILE (Society for Mumbai Incubation Lab to Entrepreneurship), for this purpose.
While the civic body will provide space, infrastructure and seed fund, IIT experts will train the aspirants. BMC will be providing a seed fund of Rs 15 crore for the incubation centre, officials said.
“As per the policy, BMC will provide infrastructure support and one-time investment to start-ups that will work on solving civic issues rather innovations in civic issues such as sanitation, education, health management or urban planning issues such as parking management, waste management and others,” said Ajoy Mehta, BMC commissioner. “For promoting the business innovation centre, we will provide a seed fund of Rs 15 crore for the project. The money will be deposited directly into a separate bank account of SMILE. This will enable the Centre to act independently. For this, the civic body will form a new head called ‘Innovation Implementation Fund’ in the budget provision,” Mehta said.
SMILE will have a selection panel, comprising of members from the management committee, which includes BMC officials, principals of business schools and the CEO of SINE. Apart from this experts in sectors like public sector, administration, finance, digital administration, renewable energy, water and waste management will also be included in the selection panel.
A panel will select aspirants on the basis of various criteria like uniformity and relevance to BMC’s objectives, which carries 30 per cent weightage, uniqueness, creativity and originality carries 20 per cent weightage, impact of the proposed business of the city carries 30 per cent weightage and its competence, the official added. For the Incubation Centre project, the BMC has already identified a 4,000 sqm plot in Chakala, Andheri (East), which currently has a reservation for a citizen’s welfare centre.
The space has a capacity of housing up to 10 offices. Once the start-ups idea works, the civic body may take some stakes in its profit, said senior civic official involved with drafting the policy. He also said, if the businesses fail to deliver, they will be asked to move out of the centre.