MSME Innovative Scheme (Incubation, Design and IPR)

Context: Recently, Union Minister for MSME has launched the MSME Innovative Scheme (Incubation, Design and IPR) along with the MSME IDEA HACKATHON 2022.
MSME Innovative Scheme

• It is a new concept for MSMEs with a combination of innovation in incubation, design intervention and by protecting Intellectual Property Rights in a single mode approach.
• It will act as a hub for innovation activities facilitating and guiding the development of ideas into viable business propositions that can benefit society directly.
• It will help entrepreneurs in developing new ventures.

Aim- to provide incubation, improve design, commercialise patents for MSMEs, to create awareness amongst MSMEs and motivate them to become MSME Champions.

• Under this, government also announced equity support of up to Rs 1 crore for commercialisation of ideas, designs and patents and also to help MSMEs further scale up to raise subsequent funding.

It comprises of sub-schemes. They are:
1. Incubation:

• It supports engagement with enablers who advises MSMEs in expanding business by supporting them in design, strategy and execution.
• Objective: to promote 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 under the Scheme

• Up to 15 lakh per idea shall be provided for developing and nurturing the ideas.
• Up to 1 crore shall be provided for procurement and installation of relevant plant and machines.

2. Design:

• It provides mentoring and financial assistance towards solving design-related problems for new product development as well as improvement in existing products.
• Objective: to bring Indian manufacturing sector and Design expertise/ Design fraternity on to a common platform.
• Aim: to provide expert advice and cost-effective solution on real time design problems for new product development, its continuous improvement and value addition in existing/new products.

Financial Assistance under the Scheme

• Up to Rs. 40 lakhs for design project.
• Up to Rs. 2.5 lakh for student project will be provided.

3. IPR (Intellectual Property Rights)

• It offers legal and intellectual property filing support including patents, trademarks, copyrights etc.
• Aim: to take suitable measures for the protection of ideas, technological innovation and knowledge-driven business strategies developed by the MSMEs for their commercialization and effective utilization of IPR tools through IP Facilitation Centre.
• Objectives:To enhance the awareness of Intellectual Property Rights (IPRs) amongst the MSMEs and to encourage creative intellectual endeavour in Indian economy.

Financial Assistance: A Grant of up to Rs. 1 crore would be provided to an Intellectual Property Facilitation Centres.

MSME IDEA HACKATHON 2022

• Objective: To invite ideas from innovators, students and MSMEs from all over the India.
• Financial Assistance: Up-to 15 lakh per approved idea shall be provided to Host Institute for developing and nurturing of the idea into prototype