Micro Venture Innovation fund (MVIF) of National Innovation Foundation (NIF) is formed with the assistance of SIDBI. A lot of Small and medium scale enterprises having various innovations find it difficult to get financial assistance at the grassroots level. National Innovation Foundation (NIF) through Micro Venture Innovation fund tries to explore opportunities on behalf of the innovators and TK holders. There are numerous projects sanctioned since 2004 till date.
NIF aims to provide the following assistance through Micro Venture Innovation fund scheme:
Mainly when an application is filled under this scheme, the NIF tries to identify the domain of the innovation, then modify the product if necessary and ascertain techno- commercial feasibility of innovations.
Micro Venture Innovation fund (MVIF) is a loan given to the innovators and TK holder and should not be treated as a grant of the fund. The general aim of the MVIF is to bring the investor to innovators in order to create viable Micro Enterprises at grassroots. Assistance is normally provided to such micro ventures which are generally not given any priority by other Venture Capital. MVIF offers flexible options as per the needs of grassroot entrepreneurs and enables them in minimizing the financial risk associated with their ventures.
An application for a project under MVIF, if sanctioned shall provide financial assistance for managing the technology development and its life cycle which includes the following:
Technical Validations & Benchmarking,
Certification by Regulatory Authorities, , and
Protection of Intellectual Property, Promotions and Dissemination
A Fund management committee consisting of representatives from SIDBI and NIF is formulated to implement the Micro Venture Innovation fund.
Few of the Eligibility Criteria are as follows:
1. An innovator or Small Medium Scale Enterprise etc should be an unaided, Green, Grassroots, technological innovation or a traditional knowledge practice from a person having non-professional background with established ownership of knowledge.
2. The innovation technology has to be partially demonstrated while applying to this scheme.
3. Innovation should be cost effective and solve the problem when compared to existing solutions/products.
4. The project may not have a patentable product or process but it should have novelty criteria either in the form, function or feature.
5. The innovation should have foreseeable market potential.
For list of projects sanctioned and further details regarding process of incubation, please refer to the below mentioned link:
Authored by Ms. Adithi Varna