Maharashtra Govt signed a 1st of its kind Memorandum of Understanding(MoU) with Cornell University, to set up a world-class incubation centre in Navi Mumbai, Maharashtra.

• Maharashtra becomes the 1st state in India to set up an incubation centre.

• This is also the first time for Cornell University to set up an incubation centre outside the US.

‘Cornell Maha 60’

Maharashtra Govt signed Memorandum of Understanding (MoU) with XED Institute of Management(Asia Partner for Cornell) to Launch ‘Cornell Maha 60’, an accelerator programme for entrepreneurs. It is a 1st of its kind program in India.

• The programme is in line with Maharashtra State Innovative Start-up Policy 2018.

• Maharashtra government will invest Rs 7 crore in the programme.

• A financial provision of five crore rupees has been done from the Maharashtra Industrial Development Board. While the remaining fund of one crore rupees each will be allocated from the social justice department and tribal development department.

Purpose of Cornell Maha 60:

• To bridge the gap between entrepreneurs’ current entrepreneurial capabilities and the demands of the contemporary startup ecosystem.

• To build the next generation of entrepreneurs in Maharashtra.

Key People

The MoU was signed in a virtual event in the presence of Subhash Desai, Maharashtra INdustries minister and other senior officials.

Point to be Noted

Under the MoU, the Professors of the university and other global professors will guide and mentor the entrepreneurs and innovative start-ups in Maharashtra.

Highlights of the Incubation Centre and Program:

Incubation Centre

i.The centre is being set up on an experimental basis for 3 academic years in a 13,000 sq ft(square feet) facility at Reliance IT Park in Navi Mumbai, Maharashtra.

ii.The university will provide training to 60 entrepreneurs at the incubation centre annually.

Programme

i.XED Institute of Management will provide logistics support to the programme.

ii.The marginalised sections of the society also get learning opportunities through this program.

iii.The program, especially encourages women applicants, applicants from Scheduled Castes and Scheduled Tribes.

iv.From 2021, the 1st batch of the year-long programme will start.

Additional Info

• Cornell University is part of the Ivy Leavy.

• It ranks 4th in the annual list of Forbes most entrepreneurial colleges in America.