The University of Delhi has decided to set up two not-for-profit firms seeking funding for innovation from its alumni. This will help in promoting innovation. DU Vice-Chancellor said there must be policy reforms as the University is already in its centenary year.
Last week, DU VC Yogesh Singh said, “We should look towards policy reforms as the university enters its centenary year. To make the varsity a happening place, we are moving towards doing investments. Moreover, the University has asked for a loan from the Higher Education Funding Agency (HEFA).”
Further, last month, the DU Executive Council approved a loan of more than Rs 1000 crore. The loan has been taken from HEFA. The loan is for infrastructure development and capital assets. According to the VC, University has planned to create a Section 8 company for generating funds.
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He said, “The Section 8 company will aim to raise funding for innovation through asking from alumni. Also, it will ask for funds from companies which are involved in CSR activities.” He added, “These companies will be independent and will have a professional CEO. All the funding will come in use to develop the university.”
On the other hand, the second company will assist in developing incubators and enhancing innovation. The university will advertise for the CEO posts for both companies after approval. Therefore, the companies’ forms will be submitted shortly. Yogesh Singh also talked about the new idea of raising funds which is ‘Funding Mela’ on the line of ‘Job Mela’.
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