News for budding entrepreneurs have been quite good lately.
This got sweeter as the Govt. of India, in association with Jawaharlal Nehru
Technological University, Hyderabad (JNTU), has announced to fund innovative
business ideas to the tune of Rs. 6.2 lakh – 10 lakh.

The Ministry of micro, small and medium enterprises (MSME)
has collaborated with JNTU to encourage budding entrepreneurs in their business
plans. The scheme will provide funding to the engineering and allied
industries; bio-technology; pharmaceuticals; information technology, and
nanotechnology domains. Products and processes not related to these domains but
innovative in nature will also be eligible to apply for the funding.

Business ideas near the commercialization stage within 12
months will be eligible to apply for the scheme by February 5, 2016. The scheme
will find 10 shortlisted ideas that will be approved by the MSME-TBI management
committee at JNTU.

“As Hyderabad has turned into an innovators hub, funding
through this scheme will help budding entrepreneurs set up their business
plan,” said N Yadaiah, JNTU registrar.

The university will conduct an innovators camp on February
13, where aspirants will have to present their ideas to the local screening
committee of MSME. “During the screening process, the committee will look into
details, like if the idea involves use of existing intellectual property;
potential of commercialisation; uniqueness; if it’s already available in the
market; design; prototype; test and trials involved, among many others,” said a
co-ordinator of the scheme. Once finalised, the committee will then look into
the level of funding required for the business idea.

Incidentally, the university is planning to have several
such schemes for budding entrepreneurs in the future. “We will be collaborating
with a few more funding agencies this year to encourage amateur entrepreneurs,”
confirmed Yadaiah.

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