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Innovation fund: Will it make any difference?
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Bikky Khosla | 03 Dec, 2013
"I have a great idea for a new product but have no funds. Is there any MSME scheme that can help me realise this idea and grow as a business?" -- An enthusiastic young fellow asked me this question a few months ago, and it will come as no surprise for you to learn what I replied, "There isn't any". In India, there has always remained a big, very big gap between government support and industry innovation. Funds and quick effective support can make a critical difference to success when faced with challenges of innovating, but finding this is just next to impossible for us, till now.
But recently the National Innovation Council in its third annual report has informed that it is in the final stages of launching the 'India Inclusive Innovation Fund' for welfare of the Indian micro, small and medium enterprises (MSMEs). Speaking at the event, President Pranab Mukherjee said that the fund would back creative new solutions to developmental challenges -- projects that improve quality of life for the poor. "Many innovative ideas suffer due to lack of funding options. This fund, through appropriate structure, will ensure that this does not happen in India any more," he said.
Some of the points mentioned in the council's 'Report to the People' on the proposed MSME innovation fund sound really good. First of all, it says the fund is built on the principle that innovative enterprise can profitably, scalably, and competitively engage citizens at the bottom of the economic pyramid and help them transform their lives for the better. The fund also proposes to invest in a new generation of Indian entrepreneurs who will focus on the problems of the poor, without compromising on economic success of their business.
The report also mentions that the innovation fund aims at supporting investment at different stages of the enterprise development cycle -- from early stages, through later phases of scaling-up of potentially successful solutions and business models, and it will propose to seek capital from a range of sources: seed fund contributions from the government and its agencies; contributions from various Indian public sector enterprises, banks, and so forth; and contributions from private investors, corporates and investment firms.
Some of these talks, particularly those on 'inclusive growth' and 'growth and equitability' might sound a little bit lofty, but when we take this development -- the first of its kind -- as the first step, however small it is, towards creating a better environment for innovation for the industry -- including the cash-strapped MSMEs in our country -- we certainly have a reason to feel elated. But the future of the 'India Inclusive Innovation Fund' will largely depend on support and commitment of the government. Otherwise, this one too will remain on paper only.
I invite your feedback.
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Innovation.Will it make any difference.
Bhanu Chauhan | Thu Jan 15 05:44:05 2015
It is true.No one is interested in Indian innovation.
Every one is looking out o grab new products from
abroad to make a quick buck , look at my project at
www.junoon92.com. There is no response from any
quarter in last 3 months. It is an innovative idea to promote rural scenery. My write up is quite descriptive.Further more if some one wants I could provide answers to any relevant questions.Bhanu Chauhan New Delhi. # 9871750250
INDIANs r fully innovative bt no fund. no support.
Rajesh poonia Sri Ganganagar | Sat Jan 11 01:44:32 2014
Namskar Sir,
I m a innovative researcher. I prepared a project for every citizens of
world. every one use it in very simple way without purchasing n costing
new materials. ds will b very useful in every person daily life. its bring
awareness in every one. its changing every ones life. its very simply in
uses every child, men, woman, senior citizens use it. uneducated person
also use it . here is no sector left where we not use it. it uses every
sector n matter. its users quantity
large than mobile users. its encourage capabilities of every person n
company. I want contact with u. u send me ur mail id on my address.
sssmni@yahoo.in
plz qvk n urgent rply..
We Have Technologies To Support Jon's
SHansen shutenergy@gmail.com | Tue Dec 10 23:28:40 2013
What is needed is incubation porthole so as to bring technology from concept to completed models and it can now be done very cheaply. You ask us what is needed and have solutions to fit the needs. Climate Energy Technology is on the move and it's going to take communication between Government bodies and Scientists like myself to have the ears of even the UN. We need access to working capital which we can developed food and water supplies and power but we cannot talk about it anymore its time to act. I would like to present a development model that works for the poor nations and it can be done.
new pharmaceutical product
AWH Janssen | Tue Dec 10 23:21:17 2013
Dear Reader, I am an 80 years os age succesfull designer.I am in search for a company or person who is interested to finance me for further devellopment tests and patent applications.
awaiting your reply I meanwhile remain yous faitfully, Aloys W.H.Janssen
Lankforst 1002 6538 GC Njmegen the Netherlands al.janssen@planet.nl
Will it make any difference?
V.MUTHUKRISHNAN | Tue Dec 10 17:41:54 2013
This like any other freebies (usually provided as part of a promotional scheme) for election gimmick. Will not be used by the society, but by the politicians by submitting bogus project reports in connivance with bank officials and swindle few billions.
One dose it and other shun it
Anonymous. | Thu Dec 5 13:55:25 2013
My comments are as follows. These are my personal views and not meant to heart any body.
- Institutions responsible for policy frame work in any discipline are headed/ regulated/ driven by corrupt politicians and are subjected to operational mismatches between institution heads and the ministry as for as subject knowledge, goals, policies are concerned.
- Institutions are formed and operates through defined mechanism, where as ministries changes colors with the change in political structure. Our political structure do not have any defined national goal that remains irrespective of the fact which party rules the nation. Under the circumstances situation remains that ONE DOSE IT AND OTHER SHUN IT.
- Until and unless entire institutions and political structure are covered under apex body to restrict political structure PERFORM UNDER NATIONAL GOALS nothing could be achieved.
- India don't need such LOLLY PUP and can't succeed in a fractured system, which is mercilessly crushed by political bosses, most of them are dead illiterates.
- India needs to redraw its GROWTH MAP from basics remembering that it is population of 120 crores of citizens and still growing.
- We need to learn from China, look at the policy and political stability at top governance. Steady growth of research institutions in government hand and direct support to MSME.
- We in India destroyed all institutions and their status partially because of policy paralysis and rest through quota reservation.
Thanks for the information
KUMAR | Thu Dec 5 09:11:18 2013
Hi, is it going to really work. If so, then many people may be benefited, but the awareness of this scheme to be brought to the notice of layman without which this is not going to help the poor people. Only rich people with get the benefit. When is this planned to start so, we can start circulating to as many as we can thru FB or mails. Thanks for the information
Innovation funding for MSME in India
Praveen | Thu Dec 5 05:29:26 2013
We @ TANSTIA FNF Service centre have been funding for Innovation -R&D @ MSME sector and this may kindly be noted.
We are poor because we are not innovative
Barkat Nida | Wed Dec 4 16:46:40 2013
Dear Editor,
Innovation support is expected from an organisation which understands relevance and importance of the concept.It will take us some more years to realize that we are poor because we are not innovative as a whole society.While as developed countries are better because of their innovative approach.If we have to grow as a developed nation we have to love,respect and provide generous support to innovators.At present most pitiable person in our society is the innovator.As most of the people of our surroundings are ignorant about the importance of innovation,so they think innovators are less talented and hence deserve no encouragement. If a less talented person is discouraged,It is a social service.So we may not blame those who enjoy discouraging innovators.Perhaps we are to be blamed for being failure in creating awareness regarding the importance of innovation for overall development of the nation .I think who helps innovator is the real well-wisher of the country.
Innovative fund
Praveen Shinde | Wed Dec 4 15:25:04 2013
Respected Sir,
This issue has been time and again discussed a lot.Venture Capitalists are to help but for scaling up not for initial stage if u know any kindly convey to -sbccesge49@gmail.com . If call 9922238489 /7395404971
Creative fund to creative people.
D.L.Viswanath | Wed Dec 4 14:35:45 2013
Government is always equivalent to inefficient, corrupt, arrogant set of people pooled.It is foolish to expect anything. if MSME fund for development is created, then politicians and government officials take cuts and loot. only way this can be done is independent fund pool created by a set of industries and allow them to help themselves with innovative people.This is my thought from long time and can be detailed if only interested in pursuing. If govt help comes it should thru a nodal agency answerable overall and not allowing the govt to dip its finger to suck the cream.
India Inclusive Innovation Fund - when?
ASHOK KANKARIYA | Wed Dec 4 14:24:51 2013
This is very very good story, in India, there is no support by government and bank for new idea,which can create history.bank no give loan without guarantee .bank manager have no power to take decision about new idea.i also suffering last ten year, i have a great idea which can remove poverty and unemployment from India and can retail revolution. my name - ashok kankariya contact no -9782893254.email- selfsupershop@yahoo.com please inform me. when National Innovation Council launch the India Inclusive Innovation Fund (IIIF) for welfare of the Indian micro, small and medium enterprises . i have full detail about my idea, text and video.
in USA government guide to banks to take risk.so USA IS developed country,
RSS4 natural smoked ribbed RUBBER FOR EXPORT
RK PILLAI | Wed Dec 4 13:42:17 2013
Any possibility you can get client for subject matter. please find out customers for me
md akhil Ahmed | Wed Dec 4 09:46:10 2013
I think it will be very great if our government supports to small scale and medium Enterprise and it will be helpful for so many people.
We don't have such a scheme in Africa
Edward Young | Wed Dec 4 07:46:43 2013
Dear Sirs,
This is to thank you for this innovation fund. It will really go a long way in promoting and growth of businesses. I hope this will propel India to grow their economy.
It is rather unfortunate that we don't have such a scheme in Africa.
Please I would like to know if this fund can benefit African businessmen who has the desire to buy from India.
Innovation and profit
KCSharma | Wed Dec 4 07:29:30 2013
I like the idea for innovation and inclusive growth funds but am susceptible of the success of such schemes. One reason is that no business can run without profit and hence this would be discouraging to form a policy which ensures that such enterprises do not run into profits. The thrust should be innovation to make life of poor less struggling and more constructive. But innovations can be encouraged but cannot be inclusive. So it is bad idea to keep corporate out of such schemes , on the other hand they should be aggressively involved.Corporate wants upliftment of poor so that they can take part in nation building. Making schemes for poor wont work, making schemes through innovation to get rid of poverty would be better idea. so I feel that innovation and funds for the same should not be allowed to be converted into another charity scheme in the name of poor and not be allowed to become a non starter and another channel to siphon out money through corrupt practices.
FUND FOR INNOVATION
S,P | Wed Dec 4 04:18:35 2013
VERY EXITING TO HEAR THIS AND I HOPE IT WILL MAKE THE NEW GENERATION TO DIVERT THEIR ENERGY,INTELLIGENTS IN PROPER WAY
Innovation Funds
BALWANT SINGH | Wed Dec 4 04:12:33 2013
"The only people that will benefit in any Government scheme is the Corrupt officials", They must be thinking "WoW what a new innovation to Scoop Money" !!
Sucess is thro connection, influence, money & politics
Venkatesha Murthy | Wed Dec 4 04:00:21 2013
In India majority of business in the hands of "FEW PEOPLE" and they run for generations. Due to red tape, influence, money, connections, politics will not allow any new comers to stand up. What is the fun in having great ideas (which I believe millions of ideas generated by Indians and used by American success!).
Most of the Industries run by politicians, influential people who are close to powered people.
We honest common Indians be servants of these "so called no knowledge rich, powered industrialist and intellectuals"
Let us find honest way to support individuals instead asking everyone extend idea's and effort but ultimately ends in Dustbin.
Hope many will agree as I have written such comments and made efforts since years - no success in India!
Innovation fund: Will it make any difference?
Malu Lucas | Wed Dec 4 01:57:21 2013
In answer to that question, "it will", and its not rocket-science for anyone to come up with such a simple Idea that should work with out a shadow of a doubt, let alone a government. In these tough economic times, invest in innovation however small, and it will help itself to prosper, thus benefiting its country has an whole.
Can you say
C. Joshi | Wed Dec 4 00:21:58 2013
While investment in innovation is something that everyone around the world talks about, inherent in "innovation" is also risk of failure. The Indian educational system and business culture, for the most part, does not tolerate someone being wrong and then allows them to correct the error. Yet this is the most essential skill that someone starting a new venture needs. A recent posting by Kiran Mazumdar-Shaw, CMD at Biocon Limited (LinkedIn.com Nov 14, 2013) asked whether India can produce the next Google? Her conclusion is that the venture culture is not inherent in the Indian psychie. So investors look for companies that have established revenue and profit rather that a unique concept. So, unfortunately, unless the innovator at the top of this story has a forward thinking,rich uncle, the idea is likely to die on the vine.
Innovation fund: Will it make any difference?
Bhavesh Ibhrampurkar | Tue Dec 3 16:01:52 2013
For last few months I have been after seed investors to invest in my potentially futuristic, at present not offered educational solution. My project was appreciated by IIT, entrepreneurs, foreign investors. The only issue was reaching the correct investor. The market is full of fraud investors. Reaching good seed capital investor remains a challenge. though not impossible. Again when Government and allied agencies intervene the chances of getting next round of funding becomes a possible dream for genuine entrepreneurs. Most genuine people think a lot before jumping off the cliff mainly because there is a big difference in getting into business just to sell and make money in short term is different from thinking about associated people and their careers, their lives and why you are entering the business. However this is an amazing initiative for small and medium enterprises as well as entrepreneurs with a large socio-economic view. If you are successful the every layer in your business will have a great future. I strongly support the idea and I would like to say that the documentation or procedural hassles should be sorted out and if the project is selected a definite time frame should be taken.
I support this idea
Best wishes.
bhav@weekendentrepreneur.biz.
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