India’s MSME Ministry has introduced an innovative scheme that aims to improve design, provide incubation and commercialize patents among MSMEs. Meanwhile, the Ministry will also provide equity support of up to Rs 10 million to commercialize designs, ideas, and patents and enable MSMEs to scale up further to raise subsequent funding. Called the MSME Innovative Scheme, the new scheme will promote innovation activities and facilitate and guide the development of ideas into viable business propositions to be marketed successfully so that they benefit society directly. The new scheme will also offer guidance and technical and financial support, and more to MSMEs to enable them to scale up.
