The Ministry of Micro, Small and Medium Enterprises has launched the MSME idea Hackathon 2022 for the welfare and benefit of the new upcoming ideas that are trying to find its way into the MSME sector.
The prime motive behind organizing this hackathon was to boost the emergence of new innovative ideas from various fields to embrace the MSME sector and thus produce goods and services that helps the economy grow at a faster rate.
Who can join the MSME Idea Hackathon 2022 ?
1.) Any entrepreneur with a valid e-mail address and mobile number.
2.) Existing MSME – having their UDYAM Registration number and wish to participate.
The MSME idea Hackathon was launched on 10th March 2022. Any innovator who has an idea can design and submit their business plan via online mode.
MSME’s play a vital role in the fulfilment of the vision of ‘ AatmanirbharBharat ’ moving forward. The benefit of the Idea Hackathon 2022 is primarily financial. The ideas that are selected will be provided financial assistance up to maximum of Rs. 15 lakh to the Host Institute for developing and nurturing of the idea into a prototype. Moreover, up to Rs. 1 Cr will also be sanctioned for the relevant plant and machinery setup.
For more information also read – https://smeventure.com/credit-schemes-for-women-owned-msmes/
MSME Idea Hackathon 2022 Registration Procedure :
1.) The first step for registration is to get enrolled for participation in the Hackathon by visiting the official website of Government of India Ministry of Micro, Small and Medium Enterprises.
2.) From the home page of the portal, go to the join MSME Idea Hackathon and click open and fill the application form in detail.
3.) After the successful details submission and the OTP verification, next step is to upload the required documents in the prescribed format and then reviewing the full application and making changes if necessary.
4.) The final step is taking a printout of the fully filled application form and keeping it for future use.
Financial grants worth nearly Rs.34 Crore have been approved under the MSME Idea Hackathon 2022during the current financial year, according to the Minister of State for Micro, Small and Medium Enterprises, Bhanu Pratap Singh Verma.
The Minister wrote in a letter to Lok Sabha that 257 ideas under the MSME Idea Hackathon 2022, reimbursement of 1,196 trademarks, 186 patents, 53 designs and 11 Geographical Indication(GI) have been approved for financial grants.
The Idea of the hackathon was initiated with the aim to help entrepreneurs in developing new ventures and boosting the untapped creativity of the sector and there were several other initiatives including Entrepreneurship and Skill Development Programme (ESDP), MSME Champions Scheme and Prime Minister’s Employment Generation Programme (PMEGP) have been launched to help MSME’s.
Activities under the scheme :
1.) Recognition of eligible institutions as Host Institute (HI) to act as Business Incubator (BI).
2.) Approval of Ideas of Incubates submitted through Host Institute (HI).
3.) Assistance for nurturing of Ideas to HI.
4.) Assistance towards Capital Support to HI for Plant and Machinery.
Institutions such as Technical Colleges, Universities, other Professional Colleges/Institutes, R&D Institutes, NGOs involved in incubation activities, MSME-DIs/ Technology Centres or any Institute/Organization of Central/State Government may apply for registration as a Host Institute(HI) and act as a Business Incubator (BI) for nurturing of ideas from the initial stage of conceptualization to the commercialization stage through HIs/ BIs. Following are some of the terms explained for further understanding :
Host Institute(HI) : Institute which set up Business Incubator and provides the infrastructural and technical facilities for nurturing of new innovative ideas is called Host Institutes (HI).
Do watch – https://www.youtube.com/watch?v=A2vnP425SOM
Business Incubator(BI): A specific place/workshop located in HI having facilities for nurturing of idea of Incubates called Business Incubator.
The institutions may apply for registration as HI through the MIS portal of the DC MSME website. All earlier approved Host Institutes (HIs) will be continued as HI for scheme implementation. Host Institutes will set up Business Incubator (BI) and provides the space, equipment’s, lab and all the auxiliary support to the incubate for nurture of his ideas for the business activities. The financial support for all the activities will be given to the HI only and no funds can be transferred to incubates account.
Incubate can get support from BI on all issues related to technology ,innovation, mentor, plant & machinery required for nurturing of idea. If any facilities of plant & machinery which are essential for nurturing of idea and same are not available in HI/BI , then incubate can utilize the facilities of machines available in other places . Incubate can utilize these facilities on pay as usage basis through HI/BI only.
Project Monitoring and Advisory Committee(PMAC)headed by DC(MSME) is the final authority for approving proposal as per guidelines of scheme. Expenditure can be incurred on items essential for nurturing of idea like using plant& machinery , raw material , testing charges, marketing support, charges towards mentoring etc. However, all such components should be mentioned in the proposals which needs approval of above mentioned authority.
HI will submit its proposals for approval as HI, idea, seeking assistance for capital grant and Seed etc. through online MIS which will be examined initially by Implementing Agency(IA) in 15 days. After its initial scrutiny, IA will recommend it to National Monitoring and Implementation Unit (NMIU) .A committee at NMIU will further examine and recommend eligible proposals to O/o DC (MSME) for final approval of PMAC.A National Monitoring and Implementation Unit (NMIU) shall be setup in the O/o DC(MSME) to take care of facilitation, implementation and monitoring of the scheme involving Implementing Agencies as per directions of PMAC. Implementing Agencies (IAs) shall be at MSME DIs / TCs / Govt. of India/ State Government and its organizations.
The steps taken by the Government by introducing ideas like conducting the MSME Idea Hackathon 2022 is commendable. Such efforts from policymakers push the entrepreneurial culture of the country and motivates the youth to contribute towards the successful development of new and innovative products and services for mass adoption.