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. The scheme also supports engagement with enablers who will advise such MSMEs in expanding the business by supporting them in design, strategy and execution.
Chhattisgarh Swami Vivekanand Technical University (CSVTU), Bhilai, is recognized as Host Institute (HI)/Business Incubator (BI) for implementation of the Incubation component under MSME Innovative Scheme.
Ideas are being invited under MSME Idea Hackathon 3.0 from Women Innovators, Women Students and Women owned MSMEs from all over India to get funding support under the MSME Innovative Scheme (https://my.msme.gov.in/inc/). Selected ideas will be provided funding support upto Rs. 15 lakhs per approved idea, through the Host Institutes chosen by them. For implementation of the scheme the Host Institutions (HI) approved for the scheme will be supported by the Office of DC-MSME.
Financial support under the MSME Incubation Scheme will be available in the following two ways:
Financial Assistance up to maximum of Rs. 15 lakh per idea shall be provided to Incubatee/Startup through HI. Funds will be released after the approval of the idea by Project Monitoring and Advisory Committee (PMAC). For the ideas approved of any MSME/others, 15% of the total approved cost will be borne by them and deposited to the HIs. The remaining 85% will be contributed by Ministry of MSME up to a maximum of Rs. 15 lakh per idea. However, if the Incubatee/Startup is a student, then he/she will not be required to pay any amount and the entire cost of idea will be borne by Ministry of MSME up to a maximum of Rs. 15 lakhs per idea.
Funds will be released in following two installments:
Table: Indicative list of activities and likely expenditure for the idea/ project are as below (GoI assistance will be spent on pro-rata basis in the ratio of expenditure mentioned in the table below, if the assistance is less than Rs. 15 lakh):
| S No | Items | Likely Expenditure (Rs in lakh) |
|---|---|---|
| 1. | Technology related expenditure like machine usage charges, electricity charges, procurement of raw materials, testing/calibration charges and any other technology related expenditure essential for development of idea. | 10.00 |
| 2. | Charges for mentors/handholding supporting team | 3.00 |
| 3. | Travelling Expenses or any other overhead/administrative expenditure not covered above may be allowed as per need for development of the idea. | 2.00 |
Note: - After approval of idea/ project, variation up to 25 % of expenditure under various subheads is permitted within the total budget of maximum up to Rs. 15.00 lakh per idea.
Financial Assistance for Plant and Machinery to HI up to Rs. 1.00 cr. (max) shall be provided for procurement and installation of relevant plant and machines including hardware and software etc. in BI for R&D activities and common facilities for incubatees of BI. This assistance will be applicable to HIs who’s minimum two or more than two ideas have been approved under the Incubation Scheme. The financial assistance will be applicable for procurement of Plant and Machinery for development of those specific approved ideas. The approval of proposal for plant and machinery will be done by PMAC on recommendation of a Domain Expert Selection Committee (DESC), specifically set up for the purpose.
Ideas are being invited under MSME Idea Hackathon 3.0 from Women Innovators, Women Students and Women owned MSMEs from all over India to get funding support under the MSME Innovative Scheme. The application format and other guidelines can be found in the following link:
https://my.msme.gov.in/inc/Last Date for Application: 11th July 2023.