NEWS

Government of India launched the MSME Innovative Scheme

THE SCHEME

AIM

• Guide the MSMEs in developing business ideas into viable business propositions
• Acts as a hub for innovation activities

OTHER DETAILS

• Provide support through guidance, financial and marketing assistance, technical support, etc. to ensure the scaling up of MSMEs
• Launched with the combination of existing sub-schemes around incubation, design, and IPR for MSMEs. These schemes will continue to operate as individual programs.

INCUBATION SUPPORT

• Help MSMEs in adopting the latest technologies
• Only for those MSMEs that seek validation of their ideas at the proof-of-concept stage
• Certain institutes will be recognized by the government to act as business incubators.Such institutes are called host institutes and they will be provided financial support of up to Rs 15 lakh per idea.

DESIGN COMPONENT – Guide towards solving problems related to the design of the product, both new and existing. IISc Bangalore, IITs, NITs, National Institute of Design, etc. would act as partner institutions

INTELLECTUAL PROPERTY RIGHTS (IPR)

• Deal with measures related to the protection and commercialization of ideas of MSMEs
• Consultation support will be provided
• Cost incurred by MSMEs on registration of patent, trademark, geographical indications (GI), and design will be reimbursed

EQUITY SUPPORT – Of up to Rs 1 crore was announced by the government for the commercialization of ideas, designs, and patents