Ministry of MSME to provide financial support to 7 IIT Kanpur startups

The Ministry of Micro Small and Medium Enterprises (MSME) has joined hands with the Startup Incubation and Innovation Centre (SIIC) of the IIT Kanpur in a bid to provide a boost to the works of budding entrepreneurs and innovators of India. The collaboration will aid the design fraternity resulting in the betterment of the manufacturing sector of India.

Furthermore, this arrangement will leverage select startups of IIT-K by the provision of grant-in-aid for developing prototypes under the Design Innovative Scheme of the ministry.

IIT Kanpur is one of the oldest and the most renowned incubators of the country. The campus provides a vibrant ecosystem and mentorship for the growth of startups and to nurture the innovators of the institute. While there is no dearth of bright and scalable ideas, often times, lack of funds is what prevents them from going big. And this collab is here to change that.

This year seven enterprises from the institute have been approved by the MSME Ministry for prototype development which includes Asatrobo Technologies Pvt. Ltd., Kanpur Writers, Water N Spices Foodsz Pvt. Ltd., Villa Mart Pvt. Ltd., Agronxt Services Pvt. Ltd., LCB Fertilizers Pvt. Ltd and Acquafront Infrastructure Pvt. Ltd. These ventures will get a grant-in-aid for the development of their prototypes under the Design Innovative Scheme.

The Design Innovative Scheme of the MSME Ministry, Government of India aims to aid the final year undergraduate and postgraduate students engaged in design development and MSMEs of the domain by providing financial support.

Under this scheme, students are subjected to a grant up to Rs. 1.5 Lakh, while it ranges between Rs. 15 to 40 Lakh for the MSMEs. These funds are given by the MSME Ministry for one year for the development of select prototypes.