A Scheme for Promoting Innovation, Rural Industry & Entrepreneurship (ASPIRE)

ASPIRE scheme was launched on 16th March 2015 by the Ministry of MSME to set up a network of technology centers and to set up incubation centers to accelerate entrepreneurship and also to promote start-ups for innovation and entrepreneurship in agro-industry with a corpus of Rs 200 crore.  This scheme is launched to improve the ease of doing business and to make Micro, Small, and Medium Enterprises more competitive. Suggestions made to put in place a program to facilitate forward and backward linkages with multiple chains of manufacturing and service delivery and also to take up nationwide "District level Incubation and accelerator program" for incubation of new ideas and providing necessary support for accelerating entrepreneurship.

The main objective of this scheme is to create employment, promote entrepreneurship culture, boost grassroots economic development and to promote innovation to further strengthen the competitiveness of the MSME sector. These can be done by implementing incubation and commercialization of business ideas program through technical/research institutes, including those in the field of agro-based industry. The three important components of ASPIRE are:

 

  1. Livelihood business incubator(LBI)
  2. Technology-based incubator (TBI)
  3. Small Industries Development Bank of India(SIDBI)

The main objective of LBI is to set up business incubators and train eligible youths in various skills and provide an opportunity to set up their own business enterprises. The objective of TBI is to set up a technology-based incubator for innovative ideas/technology in the agro-based industry, technology commercialization, and to provide aided services mainly legal, financial, technical, etc. The last important component is to create a framework for Start-up promotion through SIDBI by using innovative means of finance like equity, quasi-equity, angel fund, venture capital fund, impact funds, challenge funds, etc. to enable ideas/innovation with creativity and scalability and convert these into commercial enterprises with specific outcomes and within a specific time period.

So far around 40 technical institutes have availed the benefits under ASPIRE and “the Ministry plans to add at least 200 additional technical institutions under the scheme during the current financial year.”

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