The Indian government continues to ramp up engagement and funding support to young companies, with the Union Ministry for MSMEs launching a scheme this week offering Rs 15 lakh and incubator support for aspiring entrepreneurs who have innovative solutions in focus areas like water and waste management.
According to a ministry statement, applications from start-ups, MSMEs, students and technocrats are being sought to source business solutions for a ‘New India’. “Ideas received as fully completed applications as on February 20, 2020, will be considered for incubation support under the scheme,” the ministry said, adding, “Incubatees’ selected ideas will be provided funding support upto Rs 15 lakh per approved idea”.
The applications are being sought under one of the ministry’s entrepreneur assistance schemes called ‘Support for Entrepreneurial and Managerial Development of MSMEs through Incubators’.
The assistance will be provided through incubators approved for the scheme by the Office of Development Commissioner, MSME.
“It’s the endeavour of the Ministry of Micro, Small and Medium Enterprises to enable MSMEs to put on their thinking caps and create innovative solutions while looking out for local solutions to the local problems, that could be the generation leap India needs,” the ministry said.
A long list of focus areas for which ideas would be preferred have also been released by the government, including water recycling and management, e-waste management, alternatives to plastics, crop residue use, biofuels and medical devices.
Basic eligibility criteria include conditions like a minimum age of 18 years and required documentary proof.
“Students of the third and fourth year of undergraduate, graduate, postgraduates of professional courses as well as researchers are allowed,” the ministry added.
However, an applicant can apply for only one idea and can submit only one project for consideration by the jury.
“The main objective of the scheme is to promote and support untapped creativity and to promote adoption of the latest technologies in manufacturing as well as knowledge-based innovative ventures. The scheme also supports engagement with enablers, who will advise such MSMEs in expanding the business by supporting them in design, strategy and execution. The enablers will play a pivotal role and would be an integral part of the business development,” it said.