Narayan Rane launches MSME Innovation Scheme and Idea Hackathon 2022

Union Minister for MSME, Narayan Tatya Rane, today launched the MSME Innovative Scheme (Incubation, Design and IPR) along with the MSME Idea Hackathon 2022.

Speaking on the occasion, Rane said that MSMEs have an important role to play in Aatmanirbhar Bharat. Minister of State of MSMEs, Bhanu Pratap Verma, said that the MSME Innovation Scheme will help entrepreneurs in developing new ventures.

MSME Secretary, B.B Swain, gave the keynote address during the launch of MSME Innovation Scheme and said that it will act as a hub for innovation activities facilitating and guiding development of ideas into viable business proposition which benefits society directly.

MSME Innovative is a holistic approach to unify, synergise and converge three sub-components and interventions with a single purpose. 

“MSME Innovative is a new concept for MSMEs with a combination of innovation in incubation, design intervention and by protecting IPR in a single mode approach to create awareness amongst MSMEs about India’s innovation and motivate them to become MSME Champions. This will act as a hub for innovation activities facilitating and guiding development of ideas into viable business propositions that can benefit society directly and can be marketed successfully.”

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The details of the schemes 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 one 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. It aims to provide expert advice and cost-effective solutions on real time design problems for new product development, its continuous improvement and value addition in existing/new products. 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 endeavour in the Indian economy. It also aims to take suitable measures for the protection of ideas, technological innovation, and knowledge-driven business strategies developed by the MSMEs for their commercialisation and effective utilisation of IPR tools through IP Facilitation Centre. Financial assistance upto Rs 5 lakh for foreign patent, Rs one lakh for domestic patent, Rs two lakh for GI registration, Rs 15,000/- for design registration, Rs.10,000/- for trademark in the form of reimbursement.