Odisha Youth Innovation Fund Scheme (OYIF)

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Odisha Youth Innovation Fund Scheme (OYIF)

To motivate and encourage young minds for innovative ideas, the Government of Odisha has launched the Odisha Youth Innovation Fund Scheme (OYIF). The scheme was being implemented by the Micro, Small, and Medium Enterprises Department (MSME) and aimed at inculcating creativity and the spirit of innovation among the young entrepreneurs for the cause of socio-economic growth. As part of this scheme, deserving innovators would be rewarded with Rs 50,000 for new ideas and Rs1 lakh for any product, prototype, and patents incubated products or services. If any enterprise is set up based on any new idea, such innovation will attract the prize money of Rs three lakh.

The Vision of the Scheme

To motivate, facilitate and attract innovative ideas and promote innovative products and services to inculcate the spirit of innovation among the Startups for the cause of socio-economic growth of Odisha

The objectives of  (OYIF)

The primary objective of the Odisha Youth Innovation Fund Scheme (OYIF) is as follows:

  • To help Odisha to become a creative and innovative society and national leader in sustainable technology by scouting, spawning, and sustaining innovations.
  • To ensure evolution and diffusion of grassroots innovations in mission mode to cater to socio-economic and environmental needs of the society.
  • To provide institutional support to grassroots innovation as well as outstanding traditional knowledge and helping the transition to self-sustaining activities
  • To seek self-reliance through competitive advantage of innovation-based enterprises/ Startups and application of sustainable technologies from grass root levels.

Size of the fund

The size of the Youth Innovation Fund Scheme (OYIF) shall be 200 lakhs funded by the State Government of Odisha and the Corporate houses including the cost of management of funds, publicity, and documentation of the program.

Implementing Agency

The implementing agency for the fund is Odisha Small Industries Corporation (OSIC) or “Youth Entrepreneurship Development Agency”(YEDA).

Applicability

The Fund Scheme shall be applicable for the entire young entrepreneurs/Startups in the whole of the State of Odisha.

Eligibility Criteria

Any youth permanently residing in Odisha fulfilling the age criteria of 13-35 years of age as of the date of application is eligible to apply for the scheme

An individual or any legal entity promoted by youths satisfying the age criteria shall be eligible:

  • Proprietorship firm
  • Partnership firm
  • Private or Public Limited Companies
  • Startups and Institutions
  • Co-operative Societies
  • Trusts and NGOs
  • Entrepreneurship clubs

Any Products,  Services, Prototypes, technologies which are new or having significant technical advantage or change and provides an enhancement in measurable economic value & would cover the following areas:

  • Introduction of new or improved product or services
  • Establishment of new or improved processes
  • Introduction of a new marketing network or supply chain
  • Introduction of new or improved packaging
  • Establishment of new or improved organizational or managerial processes
  • Environmentally sustainable technology

Any new idea which has potential commercial value leading to the development of an enterprise/ Startup or reliability for the larger public good

Areas of Focus

Innovations in any area which aims at increasing productivity and profitability, market share, creation of more employment opportunities, and better environment will be eligible for support from the fund with focus areas

  • Education & Life Skills
  • Skill Development, Entrepreneurship, and Employment,
  • Health & Wellbeing
  • Sports & Physical Education
  • Active Citizenship & Community Engagement
  • Environment, Sustainable use & Conservation
  • Heritage, Culture & Diversity
  • Gender Justice & Equality
  • Globalization & Technology

Nature of Fund Support

The Odisha Youth Innovation Fund will support the young entrepreneur by  providing the following fund support :

  • The Government will provide Rs. 50,000 for any new idea
  • The Government will provide Rs 1,00,000 for any demonstrative product, prototypes, patents, incubated products, or services
  • The Government will grant Rs 3,00,000 for the development of any enterprise/ Startup based on an eligible innovative idea, products, services as prize money as a part of state-level felicitation

Selection Criteria

The applications for Odisha Youth Innovation Fund Scheme (OYIF) shall be scrutinized and shortlisted by a Screening Committee constituted under the YEDA.

Documents Required

The following documents to be attached with the application and the documents shall be self-attested by the proposer

  • Document of identification
  • Certificate of Date of Birth of promoter
  • Residential Certificate
  • Education Qualification of the promoter
  • Certificates of Skill Training, if any, of the promoter
  • Certificate of Registration
  • Awards/Recognition by the promoter
  • Documentation of the process involved in innovation
  • Certificate of innovation by any competent Institute/Agency
  • Startup Odisha recognition certificate
  • Affidavit to be sworn before Executive Magistrate/ Notary to the effect that
    • If the information furnished is found to be false/incorrect/misleading or misrepresented and there has been suppression of facts/materials or disbursed more than the amount actually admissible for whatsoever reason.
    • If the enterprise/Startup goes out of production within two years of starting commercial production.
    • That I/We have not availed any similar support from any Govt. /Agency.

Application Procedure

The application procedure for Odisha Youth Innovation Fund Scheme is explained in detail below:

  • Individuals or any legal entity satisfying the eligibility will file applications in the prescribed format along with copies of all relevant documents in duplicate to the Managing Director, OSIC, Khapuria, Cuttack for availing the OYIF support.
Odisha-Youth-Innovation-Fund-OYIF-Scheme (1)-6-10 (1)
  • The applicant can also file an online application by visiting the official webpage of MSME, Government of Odisha. From the homepage click on Odisha Youth Innovation Fund and click on apply now option. The link will redirect to a new page.
Odisha Youth Innovation Fund Scheme (OYIF) - Homepage
Odisha Youth Innovation Fund Scheme (OYIF) – Homepage
  • The applicant needs to register on the portal to apply. Once the registration is completed log in to the portal and apply.
Odisha Youth Innovation Fund Scheme (OYIF) - Login page
Odisha Youth Innovation Fund Scheme (OYIF) – Login page
  • After providing all details in the application, the applicant needs to click on submit option.
  • On receipt of the application, the acknowledgment shall be dispatched to the applicant duly signed by the Authorized Officer of OSIC.
  • On receipt of the application, OSIC will examine the veracity of facts concerning the eligibility of the proposer
  • On scrutiny, if any further documents are found necessary, the same shall be asked within 7 days of receipt of application and on receipt of the required documents, the case will be submitted to the screening committee after preliminary scrutiny
  • The cases found suitable for selection by the screening committee & will be submitted to the Selection Committee for final selection
  • The proposer, if required, would be invited for presentation and demonstration before the Committee.
  • The support fund will be disbursed to the successful proposal by OSIC under intimation to the Director of Industries, Odisha, and MSME Department
  • In case of rejection of the application by the screening or selection committee, the reasons for rejection shall be communicated to the applicant

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Renu is experience content writer specialised in compliances and company rules.