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Micro Venture Innovation Fund (MVIF)

In his budget speech in 2002, the Finance Minister had announced his decision to establish a micro venture and innovation fund to grassroots innovators. National MVIF of Rs 4 crore for ten years has been launched on the eve of Gandhi Jayanti with the help of SIDBI in October 2003 and operationalised in January 2004, to be managed by NIF.

Since its inception, a total of 191 projects have been supported under MVIF, which are at different stages of incubation. The total amount disbursed till date amounts to Rs. 3,40,37,637 (Three Crores Fourty Lakhs Thirty Seven Thousand Six Hundred and Thirty Seven only). Several incubates have already started repaying back the MVIF assistance provided to them. This initial market assessment has to be followed by Micro Venture Innovation Fund (MVIF) support for converting innovations into products, and products into enterprises. The various activities needed for the purpose are:
  • To coordinate with various entrepreneur/industry associations, management institutions and incubators to mobilise mentoring and management support for grassroots innovators and TK holder.
  • To involve private and public sector industrial and financial institutions and associations in linking innovations with investment and enterprise at individual or group level.
  • To help promote various innovations and outstanding TK through market and non-market channels.
  • To encourage various industry associations and other developmental bodies to set up mechanisms for licensing innovations for business development and equitable benefit sharing with the innovators and TK holder.
  • To help raise resources for pursuing various activities and developing innovation value chain.
  • To support the operations of the National Micro Innovations Fund through public and private participation and mobilise the incubation fund and venture capital for innovators and TK holders.
  • To develop business plans, market research plans, reports and training material as well self learning material for GIANS and others involved in promoting innovation based entrepreneurship
It is important to note here that support from MVIF is available to innovators and entrepreneurs who are associated and involved with GIAN NIF for technology commercialisation.

GIAN is a regional implementing agency of NIF for innovators and entrepreneurs from Gujarat, Maharastra and GOA only