Reward: 15 lakh INR
Last Date to Enrol: 26th Sep 2024 (at time of Launch)
Contest Background:
In keeping with the objective of the Hon. Prime Minister, “Youngsters from India are doing wonderful things both in India and internationally. I dream of Yuva Shakti that is filled with self-belief, has the power to think big, and is hardworking to realize that aspiration”. I envision Yuva Shaktiprakali as someone who exudes confidence, possesses the capacity for huge ideas, and works tirelessly to fulfill her dreams. In pursuit of the Prime Minister's "Viksit Bharat @2047: Voice of Youth" objectives, the government will continue to channel the energies of youth, MSMEs, and students toward the common goal of realizing a Viksit Bharat.
The MSME Idea Hackathon 4.0 invites young innovators to submit innovative and workable solutions across a variety of issues, offering them a special chance to support India's economic growth and sustainable development. The goal of the Hackathon is to utilize the enthusiasm and abilities of young people from diverse backgrounds by providing a forum for them to turn creative concepts into real-world business results. By concentrating on a particular age range, the Hackathon seeks to capitalize on opportunities that have not yet been fully realized within this dynamic demographic and address distinct difficulties.
Under the MSME Idea Hackathon 4.0, people in India between the ages of 18 and 35 are asked to submit ideas for the MSME Idea Hackathon 4.0. The Office of DC-MSME will provide support to the Host Institutions (HI) approved for the scheme in order to facilitate their implementation. The ideas picked by the incubators will receive financial support from their chosen host institutes, up to a maximum of Rs. 15 lakhs per approved idea.
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Primary Themes for Ideas:
PM Vishwakarma – 18 Trades: Concepts should support and enhance the traditional skills and trades recognized under the PM Vishwakarma scheme, which includes 18 trades like carpentry, blacksmithing, and pottery. By modernizing traditional trades, promoting skill development, marketing approach, entrepreneurship / entrepreneurial ideas, marketing ideas and creating sustainable livelihoods for artisans and craftsmen, these innovations can reduce the need for imported goods and boost local craftsmanship and production capabilities.
Frontier Technology in MSME: Participants should present ideas that advance the fourth industrial revolution by integrating smart technologies, IoT, AI, and automation in manufacturing and other industries. Innovations that improve efficiency, productivity, and connectivity within industries can decrease dependence on foreign industrial technologies and machinery, promoting the development and adoption of locally made smart solutions and automation systems.
Export enhancement and Indigenization: Proposals should focus on ideas that would enhance export competitiveness for MSMEs engaged in manufacturing and services. This may also be targeted towards indigenizing of components / parts / products for the domestic industry to quickly absorb and adopt. Special focus may also be given on innovations towards cutting down the reliance on imports that are strategic in nature.
Sustainable Development: Promote green energy solutions and circular economy by integrating renewable energy technologies with systems designed to maximize resource efficiency. Innovations could include creating systems for energy production and material use, where renewable energy powers recycling processes and refurbishing operations that can reduce waste and reliance on imported resources while promoting local economic growth, decarbonization and Atmanirbhar Bharat.
Guidelines for Ideas:
Marketing & Branding: Innovation related to the customer experience.
Ideation: Innovation related to the product idea & concept.
Technology: Innovation related to the product functionality.
Co-creation: Innovation related to the customer involvement.
Social Innovation: Innovation related to the corporate culture.
Entrepreneurship: Innovation related to through entrepreneurial thinking.
Open Innovation: Innovation related to stakeholders.
Business Model Innovation: Innovation related to the purpose and strategy.
Contest Stages:
Stage 1 - Evaluation by the Host Institutes
Ideas selected by the applicant will be sent to the respective HI. (HIs all across the country will shortlist meritorious ideas and will be forwarded to MoMSME). No request for change of HI by the applicant shall be entertained.
For evaluation, each HI will identify and create a pool of experts from different domains/ areas of expertise, for e.g., entrepreneur, technical expert, financial expert, thematic expert, etc.
From this pool of experts, a panel of minimum 3 and maximum 5 experts will be selected by the HI to evaluate each idea.
After evaluation, each HI will submit the shortlisted applications on the https://innovative.msme.gov.in/ and will upload the scores & details of shortlisted applicants theme-wise. During evaluation, HIs shall adhere to the guidelines/modalities decided by Ministry of MSME.
Stage 2 - Evaluation by the Ministry of MSME
After receiving shortlisted ideas from HI, the PMU will carry out the first stage screening. Only those ideas which have been received with relevant and appropriate information, fulfilling all the obligatory conditions as per the scheme guidelines, will be processed. If the idea uploaded is incomplete/or with incoherent information, the idea will be liable for rejection.
This will then be counter-checked by the programme division to ensure that no eligible idea has been left out. Thereafter the screened ideas will be forwarded to the Domain Expert Selection Committees (DESCs).
Stage 3 – Selection of Ideas by Domain Expert Selection Committee (DESC)
The ideas received would be segregated into the following four verticals, which will be evaluated by respective DESCs.
The thematic Domain Expert Selection Committees (DESCs) will comprise experts from Industry/Academia/Government. DESCs will select the ideas, from the ideas forwarded to them after the first stage screening.
The DESC will evaluate the ideas as per the criteria decided by the Ministry and would select ideas for recommending to PMAC for final approval. To ensure that all the sectors and verticals get adequately represented, the number of ideas recommended shall be in the ratio of them being received. However, the cut off ratio will be indicated by the programme division
Stage 4 – Final Selection by Project Monitoring & Advisory Committee (PMAC)
After detailed evaluation by DESCs, the recommended ideas would be forwarded to the PMAC for final approval. PMAC will be the final authority to approve the ideas.
The approved ideas will be granted financial assistance as per scheme guidelines.
PMAC has the right to reject any idea without assigning any reason
Who can Apply:
a. Any innovator of Indian origin- having e-mail and mobile number.
b. You can apply under three categories – MSME, Student and Others.
c. Under MSME category, register for MSME Idea Hackathon using Udyam Registration number.
d. Under Student category, a Student Identity Card valid for FY 24-25 must be submitted.
How to Apply:
Ministry of MSME will receive ideas from 11th September to 26th September on the dedicated Portal through the link: https://innovative.msme.gov.in/.
In the Application Form, the applicant has the option to choose the Host Institutes (HI) in their State/UT. In case there is no HI, the applicant may choose an HI of their choice from any other State/UT. Before choosing the HI, applicant may explore information about the HI regarding the viability of developing the idea and then make a decision. This will form the basis of segregating the applications regionally for evaluation and later providing incubation support. The ideas shared by the applicants will undergo two stages of rigorous evaluation at Host Institute & MoMSME level and one-stage of final selection by PMAC MoMSME
Rewards:
Financial assistance up-to maximum of Rs. 15 lakh per approved idea shall be provided to Host Institute for developing and nurturing of the idea into prototype.
.............INNOVATE TO WIN..............
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