Objectives

• To promote innovations, provide appropriate facilities for development of concept to market, design competitiveness and protection and commercialization of Intellectual creations of MSME sector.
• Promote a culture of innovation and serve as a connecting link between industrial/academia
  leaders and innovators, in order to encourage new product development and hand-holding.
• Developing affordable innovations that can benefit a large number of people and at the same time being commercially viable and sustainable.

Benefits

• Incubation: Financial Assistance for developing and nurturing the ideas (max INR 15 lakh per idea), assistance for procurement and installation of relevant plant and machinery (max INR 1 crore)
• Design Project: For the design projects approved for any MSME, 75% (Micro) and 60% (Small & Medium) of the total project cost will be contributed by GoI up to a maximum of Rs. 40 lakh and the remaining project cost will be borne by MSMEs and deposited to the IA.
• Student Project: 75% of the total project cost will be contributed by GoI up to a maximum of Rs. 2.5 lakhs.
• IPR: Grant upto INR 1 crore to an IPFC in milestone-based (three or more) installments.
  Reimbursement for registration of Patent, Trademark, Geographical Indications (G.I.), Design (foreign patent INR 5 lakh, domestic patent INR 1 lakh, GI registration INR 2 lakh, design registration INR 0.15 lakh, trademark INR 0.10 lakh)

Scheme Applicable For

• Incubation: MSMEs, Individuals, Students who want to develop their innovative ideas can apply through registered HIs.
  Design: The beneficiary unit(s) must typically be a registered micro, small or medium enterprises as per the definition in MSMED Act and should have a valid UAM or Udyam Registration.
  IPR: For Manufacturing MSMEs with UAM/UDYAM Registration.

Detailed Information

Holistic approach to unify, synergize and converge 3 sub- schemes 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.

Financial Assistance

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 to MSME units.

As part of this new scheme financial assistance up to Rs 15 lakh per idea and up to Rs one crore for relevant plants and machines will be provided.