Welcome Guest

Businessex.Com
Home News NInC, MSME Min. announces creation of India Inclusive Innovation Fund for MSMEs

NInC, MSME Min. announces creation of India Inclusive Innovation Fund for MSMEs

Tags: india inclusive innovation fund, sme, sam pitroda, iiif, venture capital, incubators

January 27, 2014 | COMMENTS ( 0 )

NInC, MSME Min. announces creation of India Inclusive Innovation Fund for MSMEs

The National Innovation Council (NInC) and the Ministry of MSME today jointly announced the creation of the India Inclusive Innovation Fund (IIIF) in New Delhi. IIIF, which has been approved by the Union Cabinet, was conceived and architected by the NInC as a unique concept which seeks to combine innovation and the dynamism of enterprise to solve the problems of citizens at the base of the economic pyramid in India.

 

Speaking about the Fund, Sam Pitroda, Chaiman of NInC and Advisor to the Prime Minister on Public Information, Infrastructure and Innovation said, “The needs of the people at the base of the economic pyramid are today served by philanthropy and government grants/subsidies which can never be either adequate or scalable. IIIF seeks to leverage the model of Venture Capital to transform the lives of the less privileged.”

 

The IIF seeks to create a new class of capital which helps set up and scale entrepreneurial skills and innovation which address the needs of the base of the economic pyramid. The Fund will invest in innovative ventures that are scalable, sustainable and therefore profitable but address social needs of the less privileged citizens in areas such as healthcare, food, nutrition, agriculture, education/skill development, energy, financial inclusion, water, sanitation, employment generation, etc.

 

The Fund will be registered under SEBI’s Alternative Investment Fund Category I guidelines with an initial corpus of Rs 500 crore, with the Ministry of MSME committing to 20% (Rs 100 crore) and the balance being given by banks, insurance companies, overseas financial and development institutions. The Fund’s eventual aim is to expand the corpus to Rs 5000 crore over the next 24 months.

 

“We aim to operationalise the Fund in the coming two months and have received 80 proposals so far. According to me, if we fund even 100 start-ups initially then that will be a good start. We will try to achieve this by connecting to all groups of entrepreneurial ventures,” Pitroda said.

 

Lack of adequate capital is one of the reasons why ventures and entrepreneurs have failed to take off. IIIF seeks to address this gap and therefore at least 50% of its investments initially will be for enterprises that fall in MSME stage.

 

IIIF will also partner with the entire ecosystem in this space, including incubators, angel groups and public R&D programmes to support the commercialisation and deployment of socially relevant innovative technologies and solutions.

Please add your comment

Rating
Not readable? Change text.
Enter the characters as seen on the image (case insensitive)
  Notify me of followup comments via e-mail   Subscribe for daily newsletter

Other NEWS

Delhi based startup i2e1 raises $5,00,000

Delhi based startup i2e1 raises $5,...

December 10, 2015

Delhi-based i2e1, a smart network player platform which aims to provide low-cost and free internet to consumers and actionable ana....

Cab aggregators collaborate with state governments to boost entrepreneurship

Cab aggregators collaborate with st...

November 06, 2015

Ola and Uber, cab aggregators have signed agreements with Rajasthan government for skill development and creation of entrepreneuri....

Phase II of startup incubator T-Hub to be operational soon

Phase II of startup incubator T-Hub...

November 04, 2015

Telangana government is planning to expand T-Hub, its ambitious incubator programme, in its second phase with about Rs 150 crore i....

Sabse Technologies receives investment from Ratan Tata

Sabse Technologies receives investm...

November 04, 2015

Global telecom carrier, Sabse Technologies Inc, started by Hotmail Founder Sabeer Bhatia today announced that Tata Sons' Chairman ....

Mobile startup BlackNGreen seeks international expansion

Mobile startup BlackNGreen seeks in...

November 02, 2015

Buoyed by a strong demand for value added services, mobile startup BlackNGreen is eyeing revenue of Rs 350 crore in the next one y....

Startups seek better future under Hay Group's programme

Startups seek better future under H...

October 30, 2015

Global management consultancy, Hay Group will help 100 selected entrepreneurs transform their startups into successful companies o....

Quintype raises USD 3.25 million for product enhancement

Quintype raises USD 3.25 million fo...

October 27, 2015

Quintype, a data-driven publishing company raised USD 3.25 million to enhance product and business development. ....

Hospitality aggregator startup Qik Stay raises $250K

Hospitality aggregator startup Qik ...

October 27, 2015

Delhi-based Qik Stay, a hotel branding and aggregator startup, has raised $250K in seed round of funding from venture capital firm....

Milk Mantra targets a turnover of Rs 150 crore this fiscal

Milk Mantra targets a turnover of R...

October 26, 2015

Odisha-based startup dairy firm, Milk Mantra is targeting a turnover of Rs 150 crore this fiscal.....

Vista Rooms creates app on Instagram, targets tier II & III cities

Vista Rooms creates app on Instagra...

October 23, 2015

Mumbai-based online budget accommodation aggregator, Vista Rooms has created an app-like experience on Instagram where travellers ....

Jiyo Natural receives funding from Indian Angel Network

Jiyo Natural receives funding from ...

October 23, 2015

Indian Angel Network (IAN) has invested an undisclosed amount in Bengaluru-based consumer health food startup, Jiyo Natural.....

​​Vodoo raises USD 1 million from SAIF Partners

​​Vodoo raises USD 1 mi...

October 15, 2015

Deals and price comparison application, Vodoo has raised USD 1 million (around Rs 65 lakh) from SAIF Partners in a seed funding ro....

IBM launches public data centre in Chennai, partners with Nasscom to boost start ups

IBM launches public data centre in ...

October 15, 2015

Technology giant, IBM today launched public data centre in Chennai to tap into growing demand from financial services and governme....

For Nasscom, PPP will boost startups in India

For Nasscom, PPP will boost startup...

October 14, 2015

In the wake of some reservations over the central government creating startup funds, Nasscom's "10,000 startups" Vice President, R....

WalmartLabs to seek partnership with Indian startups

WalmartLabs to seek partnership wit...

October 14, 2015

WalmartLabs, the digital arm of US-based retailing major Walmart Stores, is scouting for startups in India for partnership and wor....