THE Mines Ministry on Wednesday said it will invite proposals from startups, micro, small and medium enterprises (MSMEs) and individual innovators in a bid to promote research and innovation in the mining, mineral processing, metallurgy, and recycling sector. The selected startups and MSMEs will be provided mentorship or incubation support and technical advisory support during the entire project development period. Besides from the date of technical completion, the selected startups and MSMEs will be provided additional two years of incubation support by a facilitation and mentorship team under the implementing agency.
The Centre has decided to promote research and innovation in startups and MSMEs and “has brought out guidelines for ‘promotion of Research and Innovation in Startups and MSMEs in mining, mineral processing, metallurgy and recycling sector (S&T-PRISM)’. “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 Mines Ministry said in a statement.
This will enable them to graduate to a level where they will be able to raise investments or they will reach a position to seek loans from commercial banks, and financial institutions. The funding is positioned to act as a bridge between the development and commercialisation of innovative technologies, products, and services in a relatively hassle-free manner.