Context
The Union Minister for MSME has launched the MSME Innovative Scheme (Incubation, Design and IPR) along with the MSME IDEA HACKATHON 2022.
About the scheme
- MSME Innovative Scheme aims to guide the MSMEs in developing business ideas into viable business propositions.
- Thus the scheme acts as a hub for innovation activities.
- The scheme will provide support through guidance, financial and marketing assistance, technical support, etc. to ensure the scaling up of MSMEs.
- This new scheme was launched with the combination of existing sub-schemes around incubation, design, and IPR for MSMEs.
- These schemes will continue to operate as individual programs.
- This comes under the Ministry of MSME.
- This scheme aims to promote and support untapped creativity of the MSME sector.
- This scheme aims to act as a hub for innovation activities, facilitating and guiding the development ideas into a viable business proposition that benefits society directly.
The three sub-schemes under this scheme include-
- Incubation: The primary objective of the scheme is to promote and support untapped creativity and to promote adoption of latest technologies in MSMEs that seek the validation of their ideas at the proof-of-concept level. Financial assistance up to Rs. 15 lakh per idea and up to Rs. 1.00 crore for relevant plants and machines will be provided.
- Design: The objective of this component is to bring the Indian manufacturing sector and Design expertise/ Design fraternity on to a common platform. Financial assistance up to Rs. 40 lakh for design projects and up to Rs. 2.5 lakh for student projects will be provided.
- IPR (Intellectual Property Rights): The objective of the scheme is to improve the IP culture in India with a view to enhance the awareness of Intellectual Property Rights (IPRs) amongst the MSMEs and to encourage creative intellectual endeavor in the Indian economy.
