MSME Minister Narayan Rane launches MSME Innovative Scheme & MSME Idea Hackathon 2022
On March 10, 2022, Union Minister Narayan Tatu Rane, Ministry of Micro, Small & Medium Enterprises (M/O MSME) launched the MSME Innovative Scheme (Incubation, Design, and IPR) along with the MSME Idea Hackathon 2022 from Vigyan Bhawan, New Delhi (Delhi).
• It will act as a hub for innovation activities which will facilitate ideas in businesses thus benefiting society.
About MSME Innovative Scheme:
It is a combination of three existing sub-schemes viz. incubation, design intervention, and Intellectual Property Rights (IPR) for MSMEs. However, these three schemes will also continue to operate as individual programs. These sub-schemes are explained below:
i.Incubation: It promotes the adoption of the 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 crore for the relevant plant
and machines
ii. Design: Its objective is to bring the Indian manufacturing sector and Design fraternity onto a common platform. It provides expert advice and cost-effective solution to real-time design problems for new product development,
• Financial Assistance: Up to Rs 40 Lakh for design projects and up to Rs 2.5 lakh for student project
iii. IPR (Intellectual Property Rights): Its objective is to improve the IP culture in India by raising awareness regarding IPRs amongst the MSMEs. It envisages effective utilization of IPR tools through IP Facilitation Centre. It takes suitable measures for the protection of ideas, technological, innovation, and business strategies developed by the MSMEs for their commercialization
• Financial Assistance: Rs 5 lakh for Foreign Patent, Rs. 1.00 lakh for Domestic Patent, Rs. 2.00 lakh for GI Registration, Rs. 15,000/- for Design Registration, Rs.10,000/- for Trademark in the form of reimbursement.
About MSME Idea Hackathon 2022:
The M/o MSME launched MSME Idea Hackathon to invite ideas from MSMEs, innovators, and students through host institutes from March 10 to March 24, 2022. This Hackathon is a part of the MSME Innovative Scheme.
• Financial assistance: Up to a maximum of Rs. 15 lakh per approved idea will be provided to the Host Institute (HI) for developing the idea into a prototype.