With reference to the Gyan Circle Ventures, consider the following statements:
1. Gyan Circle Ventures would function as a Technology Incubation and Development of Entrepreneurs (TIDE 2.0) incubation center as approved by the Ministry of Information Technology (MeitY).
2. The Gyan Circle Ventures will serve as a hub for innovation and startups by providing support, in various phases, via investments, infrastructure and mentoring.
Which of the statements given above is/are correct?