Business Development & Micro Venture Innovation Fund

Scouting and documentation of innovations and traditional knowledge will serve little purpose if these are not disseminated through commercial or non-commercial channels. Not many of these technologies would make it to market successfully without value addition and design inputs. But to do that, benchmarking these with other available alternative is essential. Tying up with private designers as well as other public design and technology institutions/individuals also facilitates the improvements in design. Most innovators are not able to become successful entrepreneurs. Linkages with entrepreneur/industry associations, management institutions and incubators helps in mobilizing mentoring and management support for grassroots innovators and TK holders. NIF has set up a Micro Venture Innovation Fund ( MVIF) with the assistance of SIDBI. It helps in extending risk capital to many ventures which otherwise are too risky for financial institutions to fund in the beginning. For licensing innovations to small and medium enterprises, or bigger companies, NIF tries to explore opportunities on behalf of the innovators. It also organizes clearing houses for business development, and blends several technologies to generate new synthetic market friendly designs. It also tries to ensure that the benefits are shared in an equitable and fair manner with the innovators and TK holders besides other stakeholders in the value chain. In addition, a share may be contributed towards conservation of nature, innovators association, and for the community development. NIF extends given its limited resources, some financial assistance to innovators, TK holders and other players in the supply chain for all activities related to technical and business incubation. It has also helped operationalize the g2G model that is 'Grassroots to Global' model of exploring global markets for grassroots innovations and tk.

The Business Development cell at NIF aims at:

 • Identifying application domains, conduct market benchmark studies, modify the product and ascertain techno- commercial feasibility of innovations.

 • Coordinating with various entrepreneur/industry associations, management institutions and incubators to mobilize mentoring and management support for grassroots  innovators and TK holders.

 • Coordinating with private and public sector industrial and financial institutions and associations to link innovations with investment and enterprise wherever possible.

 • Encouraging various industry associations and other developmental bodies to set up mechanisms for licensing innovations for business development. The benefits      may be shared in an equitable manner with the innovators and TK holders. In addition, a share may be contributed towards conservation of nature, innovators      association, and for community development.

 • Providing financial assistance to innovators, TK holders and other players in the supply chain for all activities related to technical and business incubation.

 • Helping promote various innovations and outstanding TK through market and non-market channels.

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The broad purpose behind MVIF was to bridge the glaring gap in completing the Golden Triangle of Creativity by bringing in Investments to Innovations in order to create viable Micro Enterprises at grassroots. However, specific objectives of MVIF are spelt as below;

•Provide a means of finance for innovation and traditional knowledge-based micro-ventures, which are generally not given any priority by other Venture Capital.Funds and Financial Institutions (FIs).

 •Provide a means of finance for managing the technology development life cycle which includes Prototype Development, Technical Validations & Benchmarking,      Field Trials, Market Research, and Certification by Regulatory Authorities, Protection of Intellectual Property, Promotions and Dissemination.

 • Offer innovative and flexible Financing Options for the seed capital and working capital requirements. These could be tailor-made to the needs of grassroots’      entrepreneurs and enable them in minimizing the financial risk associated with their ventures.

The MVIF operates within the guidelines and the framework prepared by NIF under the guidance provided by governing board and incubation committee. However the delivery functions like project appraisal, disbursement, monitoring & mentoring and recovery are being taken care by the regional arms of NIF e.g. Grassroots Innovation Augmentation Network (GIANs) and collaborators.

For the proper implementation of MVIF, the Fund Management Committee has been created constituting executive body of the following representatives from SIDBI and NIF

The MVIF would invest in all domains and sectors, which are categorized as below in the NIF’s National Register of Grassroots Innovations;     • Agriculture      • Engineering     • Animal Science     • Forestry     • Transport     • Human Health Practices     • Energy Conservation/Generation     • Natural Resource Management     • Innovations from Artisans and Households     • Idea

Eligibility Criteria for MVIF Support:

   •Should have novelty either in Form, Function or Feature or all of the above, but may or may not be a patentable item

   •Having high social impact would be advantageous.