A Scheme for Promoting Innovation Rural Industry and Entrepreneurship (Aspire) Scheme
Aspire Scheme Overview
- Aspire scheme was launched by the Ministry of MSME in 2015. It aims to set up a network of technology centers and incubation centers. This will promote entrepreneurship and innovation in the agro-industry.
- The main objectives of Aspire scheme are:
- Create new jobs and reduce unemployment
- Promote entrepreneurship culture in India
- Grassroots economic development at district level
- Facilitate innovative business solutions for unmet social needs
- Promote innovation to further strengthen the competitiveness of MSME sector
- The ASPIRE Scheme fund has a Rs. 200crore corpus. This fund will be dedicated to the following uses:
- Automation of agricultural practices and other related activities
- Value addition to agriculture and forest produce
- Recycling of agricultural pre/post-harvest wastages, off farm but farm linked, animal husbandry etc
- Business models for aggregation and value addition relevant for rural areas
- Business models for creation of local employment in rural areas
- Business models for social impact.
This above list is indicative only. Any other activity can be taken up with the approval of the Governing Council of the Fund.
- The scheme consists of 3 important components:
(ii)Setting up Livelihood Business Incubators (LBIs)
- The main objective of LBI is to set up business incubators to impart skill development training to youth. There is also facilitation for funding to empower them to set up own business enterprises.
- These incubators will focus on job-creation at the local level and reduce unemployment.
- This will be carried out under National Small Industries Corporation (NSIC)/ Khadi and Village Industries Commission (KVIC) / Coir Board or any other Institution/agency of Government of India (GOI) /State Govt. or under Private Public Partnership (PPP) mode with these institutions.
(ii)Setting up Technology Business Incubators (TBIs)
- TBIs are a powerful economic development tool. They promote growth through innovation and application of technology.
- TBIs focus on those technologies which needs support for commercialization and further proliferation. These can act as a growth driver in the low-end spectrum of the incubation eco-system.
(iii)Creation of a framework for Start-up Promotion
- This targets knowledge initiatives which need support to succeed in developing technology and business enterprise in the areas of Innovation, Entrepreneurship, Forward Backward Linkage with multiple value chain of manufacturing and service delivery, Accelerator support in the Agro based Industry verticals.
- Start-up Promotion will be done through Small Industries Development Bank of India (SIDBI). Innovative means of finance like Equity, Angel fund, Venture capital fund, Challenge funds etc. will be used. This will encourage practical and creative ideas. These ideas can then be converted into commercial enterprises with specific outcomes within a specific time frame.
Documents Required for Aspire Scheme
- Proposal in the prescribed format along with necessary enclosures.
- Endorsement/ letter from the Head of the existing incubator or from the Head of the Institution interested in setting up of new incubator.
Benefits of Aspire Scheme
- ASPIRE Scheme is designed to provide necessary skill set for setting up business enterprises.
- It will also facilitate the market linkages available to entrepreneurs.
- During critical periods hand holding will be provided to ensure self-sustainability.