Delhi University's Executive Council has approved the sanctioning of INR 1 crore per year for the Udhmoya Foundation to encourage innovations, entrepreneurship and startup culture in the university.
To promote innovation and encourage new startups, the Delhi University's Executive Council has approved the sanctioning of INR 1 crore per year for the Udhmoya Foundation.
"The Executive Council has approved the recommendation of the Board of Directors of Udhmodya Foundation, (meeting held on 5 July 2022, regarding sanction of Rs 1 crore) every year with an annual increment of five per cent for sustaining the activities of Udhmodya Foundation," said DU Registrar Vikas Gupta, as reported by Times Now.
The Council has approved INR 1 crore annual amount with an annual increment of 5% for sustaining the activities of not-for-profit start-ups.
About Udhmodya Foundation
It is a DU-constituted company for fostering innovations, entrepreneurship and startup culture at Delhi University. The sum will be furnished from the University Development Fund (UDF) to start the activities as envisaged in the Memorandum of Association (MoA) of the company, a senior varsity official said.
Out of the funds provided, 60% will be invested in incubation activities and nearly 40% will be used for administrative activities, including salary, the official added.
DU to create Section 8 company for funds generation
Vice-Chancellor Yogesh Singh had announced the setting up of two companies in DU and besides the Udhmodya Foundation, they are also working towards creating a Section 8 company for generating funds for the university.
“The Section 8 company will ask for funds from alumni and from companies under their CSR activities. It will be an independent company of DU and will have a professional CEO. The funding will be used for developing the university,” he said.
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