NIT Srinagar calls for MSME proposals for Idea Hackathon-2022

16 March 2022

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Srinagar, Mar 16: National Institute of Technology (NIT) Srinagar’s Innovation Incubation and Entrepreneurship Development (IIED) Centre on Thursday launched MSME’s Idea Hackathon-2022 to invite ideas from innovators and students till March 24, 2022.

Director NIT Srinagar, Prof. Rakesh Sehgal said the prime objective of the scheme is to promote and support untapped creativity of individuals. It will also promote the adoption of latest technologies in manufacturing as well as knowledge-based innovative MSMEs, he said.

Prof. Sehgal said it is a proud moment that NIT Srinagar is the host institution for MSME Idea Hackathon-2022 in J&K and incubatees’ selected ideas will be provided funding support up to Rs. 15 lakhs per approved idea, to develop a prototype, he said.

Institute’s Registrar, Prof. Syed Kaiser Bukhari said Idea Hackathon is the endeavour of the Ministry of MSME to enable MSMEs to put on their thinking caps.

“To create innovative solutions while looking out for local solutions to the local problems, that could be the generation leap country’s needs, to transform its social, cultural and economic ecosystem into a world leader,” he said.

Head IIED Centre, Professor Saad Parvez said ideas in ‘MSME Idea Hackathon 2022’ are being invited from idea generators, students with great ideas, Innovators and MSMEs from all over J&K and incubatees’ selected ideas will be provided funding support up to Rs. 15 lakhs per approved idea.

He said mind to market is a journey for all start-ups and entrepreneurs. The IIED Centre is implementing Ministry of MSME initiatives for mentoring and supporting students, entrepreneurs, idea generators, innovators and local MSMEs (unit holders), to develop their ideas, establish economic units and enterprises for economic augmentation, Prof. Saad said.

He said earlier during the first phase, the institute had supported two ideas under incubation scheme and five ideas under design expertise scheme.

Prof. Saad said recently ministry of MSME has opened the second phase of Idea Hackathon-2022 under a modified scheme called “Champion Scheme” wherein any individual or MSME can apply for grants under incubation, design and IPR schemes.

“The main objective of the scheme is to promote and support untapped creativity of individual and MSMEs to promote adoption of latest technologies in manufacturing as well as knowledge-based innovative MSMEs,” he said.

Prof. Saad Parvez said any person as an individual or as MSME, having innovative ideas are eligible to avail the benefits of this scheme. The person should have an innovative and implementable idea which after converting into a prototype can further be converted into business activity. The person is being called Incubatee and there is no qualification bar to become incubatee, he said.

Head IIED, Prof Saad said “MSME should have valid Udyog Aadhar Memorandum (UAM) while individual should have Aadhar card number. The person (incubatee) should get attach to NIT Srinagar as the Host Institute (HI) for nurturing of his or her idea in Business incubator (BI) established at the Institute,” he said.

He further said NIT Srinagar has set up MSME (BI) in the campus and provides the space, equipment, lab and all the auxiliary support to the incubatee for nurture of his ideas for the business activities. Incubatees and eligible institutes of all states, UTs can take benefit of the scheme, he said.

As per the Ministry of MSME, financial support up to Rs. 15.00 lakh to HI for nurturing of an idea and this support will be given in two instalments of 70% and 30%.

“Financial support up to Rs. 1.00 cr. to HI for procurement of plant and machinery for BI to strengthen their technology-related R&D activities. This support will be given in two instalments of 50% each,” it said.

Similarly, financial support up to Rs. 1.00 cr to HI as Seed fund for converting deserving ideas into successful start-ups. The person (incubatee) should get attached with the HI for nurturing of his or her idea in a Business incubator (BI) being set up by HI.

“Financial support for all activities will be given to HI only and no funds can be transferred to incubatee’s account. Incubatee can get support from BI on all issues related to technology, innovation, mentor, plant & machinery required for nurturing of idea,” he said.

Prof. Saad said, 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.

“Incubatee can utilize these facilities on a pay as usage basis through HI/BI only. 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,” he said.

However, all such components should be mentioned in the proposals which need the approval of competent authority, Prof. Saad said.

After the initial scrutiny of ideas, IA will recommend them to National Monitoring and Implementation Unit (NMIU) New Delhi for final selection. A committee at NMIU will further examine and recommend eligible proposals to O/o DC (MSME) for the final approval of PMAC.

The status of the application/proposal can be seen on MIS and the outcome of the proposals will be communicated to the applicant through online MIS.

The scheme is valid till 25 March 2022. For any further assistance individuals or MSMEs can call Dr Saad Parvaiz Head IIED Centre (9797757234) or Er. Shahrukh Mushtaq, Incubation Manager, IIED Centre (7006486498).

-For submitting ideas as an individual or as an MSME one has to log on to https://my.msme.gov.in/inc/.