Government Initiative Sparks Innovation in Mining and Recycling: Startups and MSMEs Offered Support
Ministry of Mines is driving innovation in the mining, mineral processing, metallurgy, and recycling sector by inviting proposals from startups and MSMEs. The newly introduced guidelines, titled 'S&T-PRISM,' aim to fund projects with a two-year duration, focusing on applied and sustainable aspects of mining and industrial applications. Chosen entities not only receive financial support but also benefit from extended incubation, bridging the gap between development and commercialization.
In a significant move aimed at fostering innovation and research in the mining, mineral processing, metallurgy, and recycling sector, the Ministry of Mines announced on Wednesday its intention to solicit proposals from startups, micro, small, and medium enterprises (MSMEs), as well as individual innovators. This initiative, designed to propel advancements in the industry, will provide selected startups and MSMEs with valuable mentorship, incubation support, and technical advisory assistance throughout the entire project development phase.
Under the newly introduced guidelines titled 'Promotion of Research and Innovation in Startups and MSMEs in mining, mineral processing, metallurgy, and recycling sector (S&T-PRISM),' the government is set to invite proposals for projects with a duration of up to two years. These projects are expected to directly impact the mineral sector, focusing on applied and sustainable aspects of mining and industrial applications.
In a statement, the mines ministry expressed, "Proposals will be invited from startups, MSMEs, and individual innovators for up to two years duration, which has a direct bearing on the mineral sector, applied and sustainable aspect of mining and industrial applications, for funding."
The chosen startups and MSMEs stand to benefit not only from financial support but also from a two-year extension of incubation support provided by a facilitation and mentorship team within the implementing agency, commencing from the date of technical completion. This strategic decision by the government aims to empower these entities to advance to a stage where they can attract investments or secure loans from commercial banks and financial institutions. The funding mechanism is positioned as a crucial bridge between the developmental phase and the commercialization of innovative technologies, products, and services, offering a streamlined pathway for progress in the sector.
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