To encourage youth entrepreneurship and innovation, Chief Minister Naveen Patnaik launched a Rs 3-crore Odisha Youth Innovation Fund on Tuesday.The scheme would be implemented by the Odisha Small Industries Corporation (OSIC) as the nodal agency.
“The Odisha Innovation Fund is an appropriate initiative in encouraging innovation in youth as it has been created to motivate youths to come out with new ideas and promote innovative products and services for the cause of socioeconomic development of the State,” said Patnaik.
Under the scheme, a youth of the State aged between 13 and 35 years can apply to avail the benefit.The deserving innovators would be rewarded with Rs 50,000 for new ideas and Rs 1 lakh for any demonstrative product, prototype, patents and incubated products of services.
If any enterprise is set up basing on any new idea, such innovation would attract prize money of Rs 3 lakh.The form is available at the all Regional/District Industries Centres.Patnaik suggested that the MSME Department develop technology incubation centres and livelihood business incubation centres with the schemes available with the Union Government.
Among others, Industries Minister Debi Prasad Mishra, MSME Minister Jogendra Behera, Tourism and Culture Minister Ashok Chandra Panda and MSME Secretary Panchanan Dash were present on the occasion.