A Scheme for Promotion of Innovation, Rural Industry and Entrepreneurship was launched by the Ministry on 18.3.2015 to set up a network of technology centres and to set up incubation centers to accelerate entrepreneurship and also to promote start-ups for innovation and entrepreneurship in agro-industry.
The scheme emanates from the Finance Minister’s budget speech for 2014-15, whereby, he has suggested establishing Technology Centre Network to promote Innovation, Entrepreneurship and Agro Industry with a fund of Rs.200 crore.
ASPIRE is designed to provide necessary skill set for setting up business enterprises and also to facilitate the market linkages available to entrepreneurs and to provide hand holding for a critical period to ensure self-sustainability.
The main objectives of the scheme are to:
(i) Create new jobs and reduce unemployment,
(ii) Promote entrepreneurship culture in India,
(iii) Grassroots economic development at district level,
(iv) Facilitate innovative business solution for un-met social needs, and
(v) Promote innovation to further strengthen the competitiveness of MSME sector.
All the above objectives are interlinked and different tools and methods are there to achieve these objectives. Various ongoing programmes are being implemented by other central ministries and departments which utilize these available tools in isolation to achieve one or more of the objectives.
(ii) Value addition to agriculture and forest produce,
(iii) Recycling of agricultural pre/post-harvest wastages, off farm but farm linked, animal husbandry etc.,
(iv) Business models for aggregation and value addition relevant for rural areas,
(v) Business models for creation of local employment in rural areas, and
(vi) Business models for social impact.
To further the objectives the Scheme provides for to set up a Network of Technology Centres for promoting Innovation, Entrepreneurship and Agro-Industry under which it is envisaged to:
(i) Create a database of technologies available with various Government/ private agencies and set up a Network of Technology Centres for handholding of prospective entrepreneurs of MSME sector. Use the database and network of Technology Centers to incubate and convert the technology into products so that prospective entrepreneurs can set up commercial enterprises with specific outcomes and within a specific time period.
(ii) To develop the required skilled Human Resources necessary for mentoring and handholding the in cubatees in the Incubation centres.
(iii) Implement the Incubation and Commercialisation of Business Ideas Programme through technical / research institutes including those in the field of agro based industry. These would be designated as Knowledge Partners and would incubate new / existing technologies for their commercialization. To provide funds for the incubator / incubation and create necessary synergy between this scheme and the Livelihood Business Incubators / Technology Business Incubators and Incubation schemes of MSME/NSIC/KVIC/COIR BOARD/ Other Ministries/ Departments as well as Private incubators.
(iv) To identify, support and expand the role of competitive Indian MSMEs in a global economy it is proposed to provide mentoring support to MSME’s through NSIC/ other Agencies of Ministry of MSME.
(v) Create a framework for Start-up Promotion through Small Industries Development Bank of India (SIDBI) by using innovative means of finance like Venture capital, Impact funds, Challenge funds etc. to enable ideas/innovation with creativity and scalability to come to the fore and convert these into commercial enterprises with specific outcomes and within a specific time period. Encourage innovative ideas, technologies, and business strategies by instituting awards, programs for entrepreneurs to drive growth and to provide funds for commercialization of such award winning innovative ideas.
The main objective of this component of the Scheme is to set up business incubators to incubate, impart entrepreneurship, skill development training to youth, mentoring and hand holding with facilitation for funding with a view to empower them to set up own business enterprises. The prime focus of these incubators is to create jobs at local level and reduce un-employment by creating a favourable ecosystem for entrepreneurial development in the country. The main focus area under the livelihood incubation is to take up those commercial activities which are already established to create enterprises on a large scale.
Technology business incubators are a powerful economic development tool. They promote growth through innovation and application of technology, support economic development strategies for small business development, and encourage growth from within local economies, while also providing a mechanism for technology transfer. The Technology Business Incubators would primarily focus on those technologies which needs support for commercialization and further proliferation. These can act as a growth driver in the low end spectrum of the incubation eco-system. The components under the program will include mentoring support in business and technology plans, networking of business resources, entrepreneurship cum skill development, identification of appropriate technology, hands on experience on Projects, Projects/Products selection, project report preparation, credit facilitation, seed capital assistance, marketing assistance, professional assistance to make the enterprise successful and achieve higher growth.
Small Industries Development Bank Of India (SIDBI) by using innovative means of finance like Equity, Quasi-Equity, Angel fund, Venture capital fund, Impact funds, Challenge funds etc. to enable ideas/innovation with creativity and scalability to come to the fore and convert these into commercial enterprises with specific outcomes and within a specific time period. A fund of Funds will be created under SIDBI for the purpose and INR 60 Cr earmarked for the same. This start-up promotion targets those knowledge initiatives which need support and nurturing to succeed in developing technology and business enterprise in near future in the areas of Innovation, Entrepreneurship, Forward Backward Linkage with multiple value chain of manufacturing and service delivery, Accelerator support in the Agro based Industry verticals.
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