MSME

What is MSME Hackathon 3.0 2023 & Registration Process

Introduction

MSME Hackathon: The Ministry of Micro, Small, and Medium Enterprises is working to make it possible for MSMEs to put their concepts into practice and come up with solutions while looking for answers to local issues that could be the generational leap India needs to transform its social, cultural, and economic ecosystem into a global leader.

Women students, women-owned MSMEs, and women entrepreneurs from around India are asked to submit ideas as part of the Bureau of Development Commissioner’s MSME Innovative Programme.

Guidelines for Ideas:

• Innovation in marketing and branding that improves the customer experience.
• Creation of new concepts and ideas for products.
• Product functionality-related innovation.
• Innovation with client participation.
• Corporate culture-related innovation.
• Innovation connected to entrepreneurial thought is called entrepreneurship.
• Innovation involving stakeholders is known as open innovation.
• Innovation in business models: Innovation in goals and tactics.

Who Can Apply in MSME Hackathon

• Any female inventor who has a phone number and email.
• MSME owned by women and registered with Udyam. If you don’t register for Udyam Registration, you can participate the MSME Idea Hackathon 3.0 (Women) if you have an innovative idea.
• Divided into Student and Others, the Individual category. Women Owned MSME, Women Students, and Other Women are the current three categories.

MSME Hackathon Application Process

In this article, we will delve into the essential information regarding the application process for the MSME Idea Hackathon. We will cover the following key aspects:

• Finalizing your idea before drafting your application: Life’s challenges aren’t always as great as we make them out to be. It’s not difficult to take part in innovation competitions like the MSME Idea Hackathon. By offering assistance in the beginning, these programmes spark an entrepreneurial ambition. Participation in this financing opportunity is open to even enthusiasts with undeveloped ideas. It also considers the innovation by the Prime Minister, its effect, and the enthusiasm for continuing entrepreneurial activities. It should go without saying that anyone with a valid idea can submit their application by giving a few specifics regarding the desired outcome. Let’s delve deeper into these specifics.

• Understanding the Scheme:
  • Start by becoming familiar with the specifics of the scheme. Explore the information that is offered, including flyers, registration links, sector focuses, necessary paperwork, and deadlines.
  • Start by generating a compelling idea Keep an idea journal or book where you can record creative concepts. Choose an idea that fits with the goals of the plan if you already have a few.
  • Perform research Investigate your target market’s needs and the competition in-depth before submitting your proposal. This will provide you the opportunity to explain the advantages of your concept, emphasise its distinctiveness, and demonstrate why it is a wise investment.
  • Beginning the application, start writing your application after copying the questions from the official portal into a word document. Keep it concise, organised, and clear by using bullet points rather than lengthy paragraphs. Remember that reviewers will read a lot of applications, so make yours simple to read and understand.
• Support your arguments with facts and proof:  To make your application more convincing, support your assertions with statistics and proof. Instead of just pleading with them to believe your proposal, convince them of its viability.
• Budgeting:  When submitting your financing claim, abide by the scheme’s rules. It is advised to deduct charges for product testing, development, and IP protection while keeping the whole sum under Rs. 15 lakh. If your claim is for more money than this, you might need to deposit the extra money into a different bank account and show documentation of the deposit.
• Ask for opinions from others:  Once you have a draft of your application, ask someone else for input, such as a friend, family member, mentor, or colleague. Their suggestions could help raise the standard overall.

The benefit of submitting an application is that your idea will be improved and suggested for subsequent evaluation rounds.

• Use appropriate keywords: Use pertinent keywords in your application’s wording to make it easier for reviewers to find it.
• Observe directions precisely:
• Make sure you carefully follow all guidelines before submitting your application. With this, you can be sure that your application will be sent on time and in full.
• The crucial elements of your grant application will be covered in more detail in the following section.

Important MSME Idea Application Requirements

This section will discuss the key aspects and individuals involved in the selection process.

• Host Institutes (HIs): HIs are essential in the evaluation and recommendation of your application, in the completion of documentation requirements after sanction, and in offering support services such grant disbursement, mentoring, office and fabrication space, technical support, and progress report filing. You must choose a HIS during the application process based on a variety of criteria, including your relationship with the institute, your technical knowledge, your location, and more. Strategically selecting a HIS can help you avoid conflict, as well as improve your chances of being recommended for the following rounds.
• Evaluation and Selection Procedure:
  • After you’ve submitted your proposal on the official MSME portal, the particular HIS you’ve chosen will review all of the submissions made before the deadline and suggest a handful that they think the Ministry of MSME should consider.
  • The Project Management Unit (PMU) and Domain Expert Selection Committees (DESCs) will perform the second round of evaluation at the local MSME DFO level and recommend potential ideas to the Ministry of MSME.
  • The list of approved ideas will be released by the Ministry of MSME on a certain date or a noteworthy occasion for the country based on the final scores.

MSME Hackathon Registration Procedure:

• Go to the official MSME website.
• Choose “Registration” and enter your information, which should include your Full Name (as it appears on your Aadhar), Email, Phone Number, State, and District. Additionally, you must choose your category:
  • If your small business is owned by women and qualifies for this grant.
  • Female Students
  • If you are a female professor, inventor, worker, unemployed, or housewife.
• Application Methodology: Once more, pick “Sign In” from the drop-down menu after clicking the “JOIN MSME IDEA HACKATHON 3.0 (WOMEN)”.
• To log in, enter your email address, password, and the verification code shown in the blue box.
• Once you’ve logged in, select “Submit Idea” and then “Apply.”
• It will be possible to see the application pro-forma with its numerous information areas.
• Choose the Idea sector next from among the aforementioned five groups.
• We will now talk about the key components of the application.
• Create a short, clear title for your suggested concept or invention.
• Before submitting your application, double-check that all fields have the allotted word count. The data for your application should be saved to your computer.

Conclusion

The MSME 3.0¹ strategy in India is a thorough and forward-thinking initiative that aims to address the difficulties experienced by the nation’s micro, small, and medium-sized firms. The policy intends to increase these businesses’ competitiveness and give them the resources they need to contribute more effectively to the economic development of the nation.

Overall, MSME 3.0 marks a significant advancement in the evolution of the MSME sector in India and is anticipated to positively affect these businesses’ expansion and development in the years to come. However, the policy’s effectiveness will depend on how well it is put into practice and on the Government’s and other stakeholders ongoing support.

FAQs

1. https://my.msme.gov.in/inc/BenefitHackathon.aspx