Launch of Financial Assistance Scheme by Hon’ble Chief Minister Shri Uddhav Thackeray-Intellectual Property Rights Support Scheme & Quality Testing and Certification Support Scheme for startups

Shruti Devasthali

Maharashtra State Innovation Society (MSInS) is pleased to announce the launch of 2 key schemes to support startups in Maharashtra.

Below are some details of these schemes:

 

  1. Intellectual Property Rights Support Scheme: With the objective of spreading awareness and providing assistance for IPR (Intellectual Property Rights), this scheme aims to offer financial assistance of up to INR 2 Lakhs for a domestic patent application and up to INR 10 Lakhs for an international patent application, subject to 80% contribution by MSInS, on a reimbursement basis.

 

Under this scheme, DPIIT-registered startups incorporated in Maharashtra, with a lifetime annual revenue of less than Rs. 1 crore and funding of less than INR 3 crores shall be eligible for domestic patent support. DPIIT-registered startups incorporated in Maharashtra, with a lifetime annual revenue of less than INR 5 crores and funding of less than INR 3 crores shall be eligible for international patent support.

 

In case the startup has raised funds of more than INR 3 crores, MSInS shall support up to 50% of the total cost (instead of 80%).

 

Apart from financial support, technical assistance (for example access to empaneled attorneys, etc.) will also be provided in this scheme.

 

 

  1. Quality Testing and Certification Support Scheme for startups: Testing and certification of products for quality and assurance are an important and critical part of business for startups. However, these costs are high for startups in their formative years. The Scheme ensures that Government of Maharashtra will be reimbursing a part of quality testing costs incurred by Startups at NABL or BIS recognised labs.

Under this Scheme, DPIIT-registered startups incorporated in Maharashtra, with a lifetime annual revenue in any financial year of less than INR 1 crore and funding of less than INR 3 crores shall be eligible for support of maximum up to INR 2 lakhs, subject to maximum 80% contribution by MSInS.

 

This Scheme shall increase the competence of startups in product development and will also help them become more competitive in the domestic and export markets.

 

Applications will be open post launch of the scheme. Please visit www.msins.in to check for eligibility and apply.