By Bizodisha Bureau, Bhubaneswar, August 11. 2015 : Odisha on Tuesday launched a Fund to facilitate youths to come up with innovative ideas in the areas of products and services.

Called “Odisha Youth Innovation Fund Scheme”, the project aims at ensuring evolution and diffusion of grassroots innovations in mission mode to cater socio-economic and environmental needs of the society.

Launching the scheme, chief minister, Naveen Patnaik said, “The role of youth entrepreneurship have not been confined only to create enterprises, but also includes creation of the capacity to produce wealth, jobs and income which are the most direct indicators of economic development. One of the most important aspects of youth entrepreneurship lies in promoting innovation in youth. More than anything, our state needs its youth to stand up and showcase their inherent creativity. The Odisha Youth Innovation Fund is an appropriate initiative in encouraging innovation in youth.”

Initiated by the Micro, Small and Medium Enterprises [MSME] department, the scheme will be implemented through state owned Odisha Small Industries Corporation (OSIC). To avail support for new ideas, innovations and enterprises coming up with those ideas & innovations, application in prescribed form is to be submitted to OSIC. The form is available in Regional/District Industries Corporation.

A youth domicile aged between 13 to 35 years can apply to avail the benefit under this new scheme. Selected applications will be rewarded with Rs.50,000/- for new ideas, Rs.1,00,000/ for any demonstrative product, prototypes, patents, incubated products or services. Besides, three lakh rupees will be provided for development of any enterprise based on eligible innovative idea/products/services as prize money.

MSME sector is likely to gain through this scheme as it will promote non-traditional enterprise utilizing the local resources and raw materials, officials said adding that inculcating creativity and spirit of innovation among the youth for the cause of the socio-economic growth of the state is imperative.

Normally the technical and scientific intellects are encouraged through Science Exhibitions organized at different educational institutions of the State. But there was no formal mechanism to encourage and document new ideas and innovations for promotion of enterprises to utilize those ideas and innovation.

Among others, MSME minister Jogendra Behera, industries, school and mass education minister Debi Prasad Mishra, tourism and culture minister Ashok Chandra Panda and other officials of MSME graced the occasion.