The union ministry of micro, small and medium enterprises (MSME) has granted funds to the National Design Business Incubator (NDBI) to incubate ideas from young entrepreneurs.
An amount of Rs 62.5 lakh has been given to the NDBI to select and incubate 10 entrepreneurial ideas. The step has been taken with an objective of promoting design focused innovative ventures and to improve the competitiveness and survival instincts of MSMEs.
The selected incubatees will be given grants between Rs 4lakhs and Rs 8 lakhs each including facilities like studio, workshop and similar requirements.
NDBI already has 14 operational incubatees and six are in the waiting from the earlier schemes. Ten more are to be absorbed to reach the total of 30 incubatees.