Continuing their relentless efforts to convert innovative ideas into path-breaking products/projects, IIT Kanpur’s technology business incubator Startup Incubation and Innovation Centre (SIIC) has partnered with the Ministry of Micro, Small and Medium Enterprises, Government of India, to facilitate the MSME Design Innovative Scheme and leverage design expertise/design fraternity for the betterment of the Indian Manufacturing Sector. Under this partnership, select startups would be given grant-in-aid for developing prototypes.
The Design Innovative Scheme by the Ministry of Micro, Small, and Medium Enterprises, Government of India, provides grants to the final year UG and PG students engaged in design development and MSMEs working in the design domain. The grant for the students is up to Rs. 1.5 Lakh, while it ranges between Rs. 15 to 40 Lakh for the MSMEs. These funds are awarded for one year for the development of select prototypes.
Prof. Ankush Sharma, Prof-in-charge, Innovation and Incubation, IIT Kanpur said: “IIT Kanpur is paving the path to promote the manufacturing industry by developing innovative technologies that will bring a significant global revolution to strengthen the self-reliant initiative.” Startup Incubation and Innovation Centre (SIIC), IIT Kanpur, is one of the oldest incubators in the country. It was established in 2000 when the entrepreneurial ecosystem was still at a nascent stage in India. The multifaceted and vibrant incubation ecosystem at IIT Kanpur, nurtured for over two decades, prospers to fill the gaps on the road to converting an idea into a successful and meaningful business model. The domain expertise combined with the infrastructural prowess of the academic institute has collectively demonstrated a knack for tremendous social impact and technological advancement over the years.
Dr. Nikhil Agarwal, CEO SIIC & AIIDE CoE added: “With the great synergy between IIT Kanpur and the Ministry of MSME, we are looking forward to taking a giant leap ahead with their forthcoming MSME Innovative Design Programme MIDP. This initiative will provide excellent support to budding entrepreneurs.”
SIIC has been continuously striving to bridge the gap between innovators, startups, and government bodies. The portfolio is currently running with over 155 startups and MSMEs. These startups are developing solutions that are sustainable in nature and enable sound development through their innovative ideas.
Mr. Piyush Mishra, COO, SIIC said: “We are pleased that our startups are being recognised by the Ministry of MSME, and we believe that these notable enterprises will create an everlasting impact in the innovation space through these grants.” IIT Kanpur is an implementing agency for the Design Innovative Scheme by the Ministry of MSME. During the 3rd PMAC (Project Monitoring and Advisory Committee), seven projects by seven enterprises have been approved for prototype development which includes M/S Asatrobo Technologies Pvt. Ltd., M/S Kanpur Writers, M/S Water N Spices Foodsz Pvt. Ltd., Villa Mart Pvt. Ltd., M/S Agronxt Services Pvt. Ltd., M/S LCB Fertilizers Pvt. Ltd, M/S Acquafront Infrastructure Pvt. Ltd.
These seven enterprises will get the grant-in-aid to develop the following prototypes:
Design Innovative Scheme by the Ministry of Micro, Small, and Medium Enterprises, Government of India, is a unique scheme that provides grants to the final year UG and PG students engaged in design development and MSMEs working in the design domain. The grant range for the students is up to Rs. 1.5 Lakh, while it ranges between Rs. 15 to 40 Lakh for the MSMEs. These funds are channeled towards prototype development for one year. Mr Ankit Saxena, Assistant Vice President at SIIC IIT Kanpur, leads the MSME Design Innovative Scheme, which is currently accepting proposals.
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Ministry of MSME, IIT Kanpur to support seven micro enterprises MSME – The Plunge Daily