DU to set up not-for-profit company to promote innovation and encourage new startups

The setting up of a second company for funding is also in the final stage. It will ask for funds from alumni and companies under their CSR activities. It will be an independent company of DU (Delhi University) and will have a professional CEO. The funding will be used for developing the university, the VC said.

DU to set up not-for-profit company to promote innovation and encourage new startups

Delhi University Vice Chancellor Yogesh Singh has announced that the varsity has set up a not-for-profit company to promote innovation and encourage new startups. He also added that another Section 8 firm to generate funds for the company is in the final stage. Section 8 companies are generally those that are set up for charitable objectives and prohibit payment of any dividend to its members, as per the Companies Act, 2013.
"We have set up one company to encourage new startups and innovation in the varsity and we are in search for its CEO. The company will work on incubators and promote innovation," Singh said as reported by the TimesNow. 
"The setting up of a second company for funding is also in the final stage. It will ask for funds from alumni and companies under their CSR activities. It will be an independent company of DU (Delhi University) and will have a professional CEO. The funding will be used for developing the university," he added.

Delhi University is looking forward to funding from the alumni and corporate social responsibility (CSR) activities of business firms. The varsity has also sought a loan of INR 1,000 crore from the Higher Education Funding Agency (HEFA) for infrastructure development and creation of capital assets. The varsity in its loan proposal to the Education Ministry stated that it had been receiving a very limited allocation for the creation of capital assets for the last three to five years and has been unable to purchase lab equipment.

It also stated that several of its buildings are in a dilapidated state. "We are waiting for the HEFA (Higher Education Financing Agency) loan. Moreover, we are hopeful that these two companies will help in the generation of funds. We are hoping that alumni will contribute and CSR activities of the companies will help in generation of funds," he said.

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