Ministry of Micro, Small and Medium Enterprises (MSME), Government of India has approved the proposal submitted by PES College of Engineering, Mandya to be recognized as Business Incubator (BI) / Host Institute (HI) for implementation of the scheme "Support for Entrepreneurial and Managerial Development of SMEs through Incubators".
The main objective of this scheme which is part of National Manufacturing Competitiveness Programme (NMCP) is to assist incubation of innovative business ideas that could be commercialized in a short period of time, resulting in the formation of MSMEs that have distinctive presence in the market.
The scheme promotes emerging technological and knowledge-based innovative ventures that seek the nurturing of ideas from professionals beyond the traditional activities of Micro, Small & Medium Enterprises (MSMEs). Such entrepreneurial ideas have to be fostered and developed in a supportive environment before they become attractive for venture capital. Hence the need arises for incubation centres to promote and support untapped creativity of individual innovators and to assist them to become technology based entrepreneurs.
This initiative is taken up by the Ministry of MSME – the nodal Ministry for the development of entrepreneurship and creation of self-employment and more employment avenues.
Every year maximum of 10 entrepreneurs per Business Incubator will be supported @ Rs 6.25 lakh per enterprise. 10 entrepreneurs or incubatees can be from student community, innovators or startup companies, people from MSMEs.