The scheme endeavors to provide early stage funding for nurturing innovative business ideas (new indigenous technology, processes, products, procedures, etc.) which could be commercialized in a year. It also seeks to promote networking and forging of linkages with other constituents of the innovation chain for commercialization of their developments. Each BI is expected to help the incubation of about 10 new ideas or units & will be given Rs.4L - Rs.8L per idea/unit nurtured by them, limited to a total of Rs. 62.5 lakh for the ten units.
Who can apply?
- Any technical institution (as given in the EoI) which wants to become host institution can apply to the office of the Development Commissioner – MSME or their nearest MSME-DI for funding support.
- Any individual or MSME having innovative ideas ready for commercialization can apply to the host institution.
Benefits:
1. Financial assistance of 75 % to 85 % of the project cost up to the maximum average of Rs 6.25 lakh per innovative idea.
2. A sum of Rs 37,800/- per idea is released to Host Institute/Business Incubator for infrastructure and training purpose.
How to apply?
1. Application can be made by the technical institution which wants to be host institution, once a Request for Proposal (RFP)/ Expression of Interest (EoI) is released.
2. Any individual or MSME can apply directly to their nearest host institution, a list of host institutions is given on the website.
Add Your Comments