MSME Idea Hackathon 2022
The Ministry of Micro, Small and Medium Enterprises has announced the MSME Hackathon for ideas 2022 to promote the good and benefits of new concepts that are trying to get to the MSME sector.
The main reason behind organising this event was encourage the growth of fresh and inventive ideas across different disciplines to help the MSME sector, and produce products and services that aid in helping the economy to grow at a higher rate.
Who is eligible to take part in to participate in the MSME Idea Hackathon 2022 ?
1.) Any businessperson with an email address that is valid and a mobile number.
2.) Current MSME who have the UDYAM Number of registration and want to be a part of the.
The MSME idea Hackathon was announced on the 10 March 2022. March , 2022. Anyone with an innovative idea may create and submit their business plan using the internet.
MSME's play an essential contribution to the achievement of the dream that is ' AatmanirbharBharat that is moving ahead. The advantage that comes from Idea Hackathon 2022 is primarily financial. The winning ideas will receive financial aid up to a maximum of 15 lakh rupees. 15 lakhs to the Host Institute for developing and growing the concept into prototype. Moreover, up to Rs. 1 crore can be granted for the applicable machine and plant setup.
MSME Idea Hackathon 2022 Registration Procedure :
1.) The first step to register is to register to participate at hackathon Hackathon through the official website of the Government of India Ministry of Micro, Small and Medium Enterprises.
2.) On the homepage that is on this portal click the MSME Idea Hackathon Join page and then click on the open button and fill out the application form thoroughly.
3.) Following the successful submission of details as well as following the OTP verification, the next process is to submit the necessary documents in the format specified and then look over the entire application and making any changes required.
4.) The last step is taking an image of the completed application form and storing it for later use.
Financial grants totalling close to Rs.34 Crore have been approved under the MSME Idea Hackathon 2022during the current fiscal year, according to the minister of state for Micro, Small and Medium Enterprises, Bhanu Pratap Singh Verma.
The Minister informed Lok Sabha in a letter addressed to Lok Sabha that 257 ideas in the MSME Idea Hackathon 2022, reimbursement of 1196 trademarks, patents for 186 53 designs, and eleven Geographical Indication(GI) were granted financial grants.
The idea behind the hackathon was conceived to assist entrepreneurs develop new ventures and increase the creative potential of the sector . In addition, various other initiatives, including Entrepreneurship as well as Skill Development Program (ESDP), MSME Champions Scheme and the Prime Minister's Employment Generation Programme (PMEGP) have been introduced to aid MSME's.
Its activities are based on the following :
1.) Recognition of institutions that are eligible to be Host Institute (HI) to be a the Business Incubator (BI).
2.) The approval of Ideas of Incubates submitted through Host Institute (HI).
3.) Help in nurturing ideas to Hi.
4.) Assistance for 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. Here are a few terms discussed for further clarification :
Host Institute(HI) : Institute that established Business Incubator and provides the infrastructure and facilities to support the developing new ideas. is known as Host Institutes (HI).
Business Incubator(BI) is a specific location/workshop in HI that provides facilities for the nurturing of the idea of Incubates known as Business Incubator.
Institutions can be eligible for registration as HI via the MIS portal on the DC MSME website. Host Institutes (HIs) will remain as HI to enable the scheme's implementation. Host Institutes are set to establish the Business Incubator (BI) as well. It provide the equipment, space lab, and all additional support needed to the incubate to help develop his ideas for business actions. Financial support for all actions will be provided exclusively to the HI and will not be transferred to an incubates' account.
Incubate will receive support from BI regarding all matters concerning innovation, technology and mentorship, as well as the plant and machines needed for the nurturing of ideas. If there are facilities of plant and machinery that are necessary for the development of an idea and they aren't available through the HI/BI, then incubate may make use of the facilities of machines that are available elsewhere . Incubate has the option of using these facilities on a pay-as-you-go the basis of usage through HI/BI.
Project Monitoring and Advisory Committee(PMAC)headed by DC(MSME) is the final authority for approving proposal as per guidelines of scheme. The expense can be incurred for things that are essential to the development of an the idea, such as plant and equipment, raw materials and testing costs marketing support, costs to mentorship and mentoring, etc. But, all of these components should be listed in the plans that require the approval by the authority above.
HI will submit its proposal to be considered for approval as HI Idea, seeking help for capital grant, Seed, etc. via MIS online, that will be analyzed first by the Implementing Agency(IA) within 15 days. After the initial examination, IA will recommend it to the National Monitoring and Implementation Unit (NMIU) .A committee of NMIU will examine further and suggest eligible propositions to the MSME's O/O DC (MSME) to ultimate approval by PMAC.A National Monitoring and Implementation Unit (NMIU) will be set up within the office of DC(MSME) to be responsible for the of the facilitation, implementation, and monitoring of the scheme, which includes Implementing Agencies in accordance with the directives of PMAC. Instigating Agencies (IAs) are located at MSME DIs/ TCs and the Govt. of Indiaand the State Government and its organizations.
The initiatives taken by the Government in offering ideas for this MSME Idea Hackathon 2022 is highly commendable. These initiatives by policymakers help to promote the entrepreneurial spirit of the nation and inspires young people to be part of the development of new and exciting products and services that are geared towards large-scale acceptance.
