bank-of-schemes-ideas-innovation-research-portal-summary

Context: Recently, the Union Minister of Micro Small and Medium Enterprises launched the Bank of Schemes, Ideas, Innovation and Research portal on MSMEs. 

About the portal:

  • The Portal (http://ideas.msme.gov.in/) gives access to all Schemes of Union, State and UT Governments. 
  • It has the provision for uploading Ideas, Innovations & Researches in the sector. 
  • The portal has unique features of not only crowdsourcing of Ideas, but also evaluation and rating the ideas by crowd sourcing. 
  • It can also facilitate inflow of venture capital, foreign collaboration etc.
  • The portal enables category-wise classification and analysis of information and the achievements which may be published so that others learn or take lessons from successful experiences. 

How will the portal work?

  • The online application: The online forms for Idea, innovation and research can be easily filled in 5-6 Minutes. Person can choose Areas (Credit/Finance, Human Capital Development, Technology, Infrastructure, Marketing, Policy, etc)
    • Person can indicate his Sector (Rural Technology Innovation, Waste-to-Wealth, Agro-Processing, Manufacturing, Services, Khadi, Coir, etc)
  • Idea sharing and reviewing: Users who have an idea, innovation or Research with him or her can share it on this platform which will be reviewed by the concerned Officer and published for public view. 
  • Rating the idea: Registered users can rate these ideas (Crowdsourcing) and venture capitalists can connect with users having ideas, innovation and research. 
    • The Rating of Ideas can be seen publicly which will help in decision making. 
  • Stage of idea: The portal has the facility to indicate the stage of Idea (Concept, Prototype or Commercialized) to make it more user friendly. Papers and photos related to Idea and Video and Social Media links can also be uploaded.
  • Capital inflow:
    • Venture capitalists can interact with Person and MSME having Idea or innovation. 
    • Similarly options are available for adding Banks, Government Labs, Incubators, Accelerators, Foreign collaboration in future.

Significance:

  • Will help in converting knowledge into wealth. 
  • Will promote greater work  on Research, Technology, Innovation which can bring down cost and improve quality.
    • This will help in the research activities like those in rural tribal knowledge or skills. 
  • Will help the MSMEs in a big way through information sharing. 
  • It can assist the farmers in planning, production, storage and marketing of their produce.
  • The portal will benefit the potential entrepreneurs as One stop compendium of Ideas, innovation and research ready for commercialization. 
  • The portal will prove to be of great transformational significance to the MSMEs in particular and the economy in general. 

Micro, Small & Medium Enterprises

  • Definitions of Micro, Small & Medium Enterprises In accordance with the provision of Micro, Small & Medium Enterprises Development (MSMED) Act, 2006 the Micro, Small and Medium Enterprises (MSME) are classified in two Classes:
    • Manufacturing Sector (Based on Investment in Plant and Machinery)
      • Micro - Less than 25 lakh
      • Small - More than 25 lakh but less than 5 crore
      • Medium - More than 5 crore but less than 10 crore
    • Service Sector ( Based on Investment in Plant and Machinery)
      • Micro - Less than 10 lakhs
      • Small - More than 10 lakhs but less than 2 crores
      • Medium - More than 2 crore but less than 5 crore 

Source: https://pib.gov.in/PressReleasePage.aspx?PRID=1619559

Image Source: ICSIINDIA